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RBI allows banks to pay interest at intervals less than 3 months

At present, most banks credit the interest accrued on the savings accounts every six months.

November 30, 2013 12:32 IST | India Infoline News Service
The Reserve Bank of India on Friday gave commercial banks the option of paying interest on savings and term deposits at intervals less than three months.

At present, most banks credit the interest accrued on the savings accounts every six months.

"...banks will now have the option to pay interest on rupee savings and term deposits at intervals shorter than quarterly intervals," RBI has said in a notification.

According to RBI, the revised norms are applicable to domestic Rupee deposits including Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) savings and term deposits.

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