RBI - New Computation - BOON for RCM Business Distributors

Salary account holders could see their interest income rise by up to 25 per cent on the back of a new RBI rule from this month, under which banks will compute 3.5 per cent savings interest on daily basis instead of taking the lowest deposit during a month, Crisil Ratings said on Monday.

Crisil said the new method of interest computation will increase the effective interest rate on savings balances, particularly for salary account holders.

It is estimated that for a salary account holder with a minimum savings balance between 1-2 times of the monthly salary, the increase in interest income will be between 10 and 25 per cent, it said. The new computation method has taken effect from April 1, 2010.

Category:

News & Politics

Tags:

• RCM Business Boon from RBI
• Samir MIshra
• urtsam.blogspot.com
• Noida
• Rourkela
• Orissa
• Amritsar
• Punjab
• Baijnath Agarwal
• Star Ruby
• Baiju
• Changoo
• Plan
• Logic
• How to do
• MLM
• DSM
• NDTV
• Bank
• Interest Rate

[Kalpana2010able]

see