SPONSORED BY

Auto Segment
Mutual Fund Segment
My Budget
Expert Speak
In Association With
 
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 ...

Recommended for you

Advertisements

Quick Links

More news from Finance Rss icon

Expect another 50 bps rate cut this year: Keki Mistry

Hopes to reduce home loan rate in 'near future'; to be applicable for all customers

New method to calculate GDP gets RBI pat

Thumbs-up for consolidation map but will watch action; sceptical on CSO's revised growth estimate painting economy as robust

Axis Bank raises $ 250 million via bonds

Axis Bank has priced a $ 250 million bond issue via a tap of its existing 3.250 per cent senior unsecured notes due 2020. The notes, issued in ...

Back to Top