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Change in term of bank interest
Posted on: 30/Nov/2013 1:09:32 PM
As per the new directive of the Reserve Bank, interest will be given for savings accounts as well as term deposits. The frequency of this interest will be below quarterly terms. It is to be noted that as of now, most banks give out the interests for every 6 month period. The new notification of RBI was given out on Friday.
This change in interest terms is because, the banks are functioning on the core banking platform.
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