Your funds in savings a/cs will now fetch you more
Ending years of controlled interest rate regime, the Reserve Bank of India (RBI) deregulated savings deposit interest rate, a move which will push up the cost of funds for banks. Individual depositors, though, will benefit from this as a number of banks may raise interest rates.
The central bank has said banks will have to offer a uniform rate of interest on savings bank deposits up to Rs 1 lakh, and for anything above that, they may provide differential rates of interest. The current savings rate is 4%, which was last raised in May after it remained unchanged for as long as eight years.
Source: Economic Times
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