Reserve Bank of India
RBI/2009-10/140
UBD (PCB) BPD Cir No. 7 /13.01.000/2009-10
Dated: September 01, 2009
To,
Chief Executive Officer of All Primary (urban) Cooperative Banks
Dear Sir/ Madam
Payment of interest on Savings Bank Account on a Daily Product Basis – UCBs.
Please refer to the Directive UBD.DC.102/V.1-86/87 dated June 25, 1987 in terms of which UCBs were instructed that interest on savings deposits should be calculated on the minimum balance to the credit of the deposit account during the period from the 10th to the last day of each calendar month.
2. On a review, it has been decided that interest on balances in savings bank accounts would be calculated on a daily product basis with effect from April 1, 2010. UCBs may ensure that they have the requisite infrastructure in place to effect a smooth transition to the revised procedure.
Yours faithfully,
(A.K.Khound)
Chief General Manager
Dear Sir
I would like to know About payment about Variable D.A.This info is required for a manufacture co in Bangalroe.
We are paying in arpil/ may every year VDA –
But Yhe employees are asking Quarterly VDA increase,as and when the VDA declares quartely,
We know its to be once in year.
For this support we need notification no /rule book