RBI frees savings bank interest rate, depositors may get more

October 25, 2011 12:53

By freeing the savings bank deposit rates, RBI has demolished the last bastion of the regulated interest rate regime. As part of the economic reforms programme, RBI had earlier given freedom to banks to determine fixed deposit
rates, depending on their asset-liability positions.

"There should not be any discrimination from customer to customer on interest rates for similar amount of deposit," RBI said further. About 20-25 per cent of the total bank deposits are parked in savings bank accounts.

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