Friday, April 2, 2010

More Interest for your savings bank account from this April onwards + Fund transfer

From this April, the balance in your savings account will earn interest on a daily basis, following the Reserve Bank of India’s decision to implement new interest calculation methods on such accounts.

The payment of interest on SB accounts (3.5 per cent at present) would be calculated on a daily product basis with effect from April 1, 2010. For Rs 1,000, you will get an annual interest of Rs 35 which will be divided into per day interest to be credited to one’s account.

At present, banks calculate interest on SB accounts on the minimum balances held during the period from the 10th day to the last day of each calendar month. This means that one would end up either in not getting the interest for money kept from 1st to 10th or only on the minimum balance maintained during the last 20 days of the month.

NEFT - Fund Transfer

Reserve Bank of India has waived the processing or service charges for member banks till March 31, 2010. Accordingly, member banks participating in NEFT need not pay any processing or service charges to Reserve Bank of India. But from April 1,2010 onwards , member banks have to pay some amount to RBI ,who in turn will turn to us for the charges. So u have to pay some extra charge for each transfer . Very soon u will get intimation from all banks . HDFC is already chargeing Rs 5 per transacton

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