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Account holders to get interest every 3 months

Tue, Mar 15, 2016, 06:02 PM
The Reserve Bank of India has directed banks to pay interest every 3 months for account holders. The RBI move is expected to benefit million of savings account holders.

At present the banks add interest every 6 months. Private banks give interest at the rate of 6% and public sector banks at 4%.

Since millions of families have been financially empowered under cooking gas and Aadhaar card schemes, the RBI move is expected to benefit the common man immensely and help him in the savings habit.

The difference of 2% between the private and public sector banks also needs to be filled by public sector banks. At least this will make them be more responsible than giving away bad loans to big shots.
Agency: Ap7am Desk

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