I hope people will now start parking most of their cash in savings accounts. After the RBI advising the banks to change the way the interest is calculated for the funds parked in a savings account, the common man should now feel much happy about piling more cash in their savings accounts. After all, savings account is intended to provide some savings!!!
Banks used to calculate the interest only for the minimum amount or balance present in a savings account starting from 10th day of a month till the last day of the same month. This will now be changed. The interest will now be calculated on a daily basis. Reserve Bank of India brings owes this change to the increased computerization in the public and private sector banks in india.
This change is supposed to be implemented from April 1st, 2010.
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