Business Standard

Co-op banks: Interest on savings a/c freed

Related News

The Reserve Bank of India (RBI) on Monday deregulated in all state and central co-operative banks, a move that would fetch better returns for depositors.

had freed these rates for scheduled commercial banks in October. In a notification addressed to all state and central co-operative banks, RBI said these were free to determine their savings bank deposit interest rate subject to two conditions. On the first, the notification said, "Each bank will have to offer a uniform interest rate on savings bank deposits up to Rs 1 lakh, irrespective of the amount in the account within this limit".

The other states for savings bank deposits over Rs 1 lakh, a bank may provide differential rates of interest, if it so chooses. This would, however, be subject to the condition that banks would not discriminate over the interest paid on such deposits, between one deposit and another of similar amount accepted on the same date, at any of its offices, it said.

Read more on:   
|
|

Read More

Going out of Citi Suvidha? Keep higher balance

Citi India’s ‘Suvidha’ salary account holders will need to maintain a monthly net relationship value of Rs 1 lakh if their salary is no longer ...

Quick Links

More news from Finance Rss icon

Fortnightly bank credit growth at 4-year low

Bank credit had earlier grown 11.3 per cent in the fortnight ended December 18, 2009, in the wake of the global financial crisis

FinMin backs banks on capping free ATM usage

The cap includes transactions such as balance enquiry and cheque book request

Need to tweak policies for affordable housing: R Gandhi

We will review the definition of affordable housing on a regular basis on account of inflation and other factors: R Gandhi

Back to Top