Reserve Bank of India has issued a master circular about the interest rates on all types of deposit by the banks. In this circular RBI has classified all types of investment in the banks and maximum rate of interest on these deposit. In this master circular includes.
Rate of interest on saving account
Rate of interest on current account
Interest Payable on term deposits.
Additional Interest Payable
Payment of interest of term deposit maturing on non banking day
Premature withdrawal of term deposit
Payment of interest on frozen accounts
Loan against fdr
Rounding off the transactions.
Dormat accounts etc.
For example RBI said that rate of interest on saving account would be maximum of 4% p.a. whereas rate of interest on current account would be maximum of 0.5%.
Full master circular is as underAll about interest rates in india
Tags-rate of interest on saving account,rate of interest on current account,interest rate on fixed deposit,interest rate on term deposit,interest rate on recurring deposit,interest rate on premature withdrawl of fdr