Wednesday, May 4, 2011

Savings a/c interest rate increased to 4% with immediate effect from 3/05/2011

Good Newssssssssssss for everybody having a savings account in a bank will fetch them more money.

RBI have increased the interest rates for all the banks to be increased to 4% from earlier 3.5% with immediate effect to be effective from 3/05/2011.

This means that if you have a Rs 1,00,000 lakh in savings account for a year it would fetch you Rs 4,000  instead of Rs 3,500 earlier.
This is a good new for almost all sets of investor specially the layman who do not aggressively look out for superior returns.

This will also make the difference between liquid funds and savings account deposit less attractive.