Earlier the interest on saving account was calculated on the minimum balance from 10th of the month to the last day of the month.Now on the daily product basis the amount of the interest will increase for sure to 30-40 basis points.
But there is no clear guidiness of the Reserve Bank of India(RBI) as how the interest amount will be paid. Earlier the interest amount paid on yearly or half yearly basis. If the interest amount will be paid on monthly basis, it will be more beneficial for the bank ccount holder.
For downloading the excel based calculator for daily product basis go to CALCULATOR