Payment of Interest on Savings Bank Account on Daily Product Basis: RBI notification

RBI/2009-10/322, Dated: February 19, 2010
DBOD. No. Dir. BC 77/13.03.00/2009-10

Payment of Interest on Savings Bank Account on Daily Product Basis

Please refer to our circular DBOD. No. Dir. BC.128/13.03.00/2008-09 dated April 24, 2009 advising banks that in view of the present satisfactory level of computerisation in commercial bank branches, it is proposed that payment of interest on savings bank accounts by scheduled commercial banks would be made on a daily product basis with effect from April 1, 2010. Further, banks were advised that in order to ensure a smooth transition, they may work out the modalities in this regard.

2. We advise that payment of interest on savings bank accounts may be made by banks on a daily product basis with effect from April 1, 2010.

Yours faithfully

(P. Vijaya Bhaskar)
Chief General Manager-in-Charge

Issued to:-

All Scheduled Commercial Banks
(Excluding RRBs)

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4. RBi Circular on Payment of interest on Saving Bank Account on a Daily Product Basis
5. Interest on savings bank accounts by Scheduled Commercial Banks (SCBs) would be calculated on a daily product basis with effect from April 1, 2010