Interest on savings bank deposits deregulated: RBI

October 25, 2011 11:30

On savings banks' deposit rate deregulation, this is what the RBI governor has said:

RBI said the savings bank deposit rate deregulation had two conditions:

1. Each bank will have to offer a uniform interest rate on savings bank deposits up to Rs lakh, irrespective of the amount in the account within this limit.

2. For savings bank deposits over Rs 1 lakh, a bank may provide differential rates of interest, if it so chooses. However, there should not be any discrimination from customer to customer on interest rates for similar amount of deposit.

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