From 1st April 2010 the balance in savings bank

From 1st April 2010 the balance in savings bank accounts will earn interest on a daily basis following RBI’s decision to implement new interest calculation methods for such accounts. At present banks calculate interest on SB accounts on the minimum balances held during the period from the tenth day to the last day of the month. This change is likely to benefit the average salaried class and pensioners. (BL220409)