More Interest on savings A / C
Saving a/c are a good source of income and saving for our future or daily life needs requirments of money. we must save money for our future and for our children future or for their higher studies etc. we must invest some money in savings a/c's and some in insurance etc. if we save more we will earn more on savings a/c as the banks gives interest on our savings a/c deposit balance on every after 6 - months.
News as i recieved from news sources that RBI has issued a notification about to modify the current calculation method of interest from half yearly basis to daily (per day ) basis minimum balance held in saving bank account .
As we know the bank calculates interest on minimum held in saving bank a/c and pays the interest on every after 6- months as per the current method of calculation of interest . But from the next year it will be on daily minimum balance as decided by the rbi’s guidelines or notification.
The method of calculating the daily interest would be like this
Suppose ‘a’ deposited the money - 1000 on april 1 – 2010 for the entire april month and withdraws nothing from the account then he will earn an interest of rs. 2.87
Calculate as 1000 * 3.5% = 35 %, 35% = 0.095, 365
0.095 * 30 = 2.87 this is the interest for the entire april month .
The link for the RBI Notification is here http://www.rbi.org.in/commonman/English/Scripts/Notification.aspx?Id=410
This action or step is taken by RBI towards the comman man’s right about his saved money which is used by most of banks free of cost . Bank use it free of cost for some times and land it to third party on higher interest bank earns so much from this money as interest but pays nothing to comman man . I think this will help a lot to a Comman man’s saving and it’s a good step taken by RBI .
So guys save more - earn more Interest From 1st Of April 2010 .on your saving Bank Account and encourage others too for savings .
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