great news for Indians : Now, savings accounts to get daily interest

rajanurs, you are not right. Because banks also got interest from other resources and do you know from the last couple of months banks have been increased their interest rates on numbers of stuffs like car loan, home loan etc.

 

He meant to say banks will take your money in some other way so that will be bad.

I don't think that is possible. We all know that's all about business but no one can take your money unless and until you can't take care of it. So that depends upon us about how to protect our money and how to get benefited from it.

 

So increase of interest rate for car loan or home loan is good or bad for the customers ?

 

The banks will try to take money from the customers in other ways because this creates additional financial burden on them.

True it depends on the customer to take care of the money....but in Indian millions of people are not even capable enough to fill a challan or withdrawal slip. What about their fate ?

I have personally seen state banks forcing innocent customers to take a FD or extend the FD for another term though there was no rule requiring them to do it. In one case a pension arrears of more than a lakh was never credited to the account for several years. The pensioner came to know about it only when some body informed her the government had revised the pension.

 

I think some of you are mistaken
Interest will be calculated on a daily basis but will be credited only after 1/2 fiscal year.
Analysts expect that nearly 20 - 30% rise will be there in the income via interest.

 

That has nothing to do with this move.

Interest rates in the systems (loans and fixed deposits) are going up because of RBI tightening.

With such high inflation, RBI has to suck out the excess liquidity and thus is slowly increasing repo, reverse repo and CRR rates.