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Activity:
Question posted: 10 28 2011 06:22:31 +0000,
3 answers, 343 views, last activity
11 02 2011 12:00:58 +0000
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End of Regulated Interest Rates
RBI completely de-regularized interest rates on Savings Bank accounts. This will come into effect immediately replacing the existing system introduced in 1978. Yes Bank already increased the interest rate on SB accounts to 6%. Others may follow suit in a bid to poach customers. Smaller banks are likely to compete with larger banks by targeting salary accounts of corporate sector. Larger banks will not be able to respond as RBI has made it clear that savings rate has to be uniform. (News in TOI)
Dear Too Step members, Any comments ?
It may be useful move for common man.
Might it would show some +ve report :)
When the inflation barometer is around two digit figure, offering higher interests on SB a/cs will be a good move considering the competition in the banking sector. But if the situation is reverse what could be their game plan. One should not forget the two fold effect of this. When they are offering high interest rates on SB A/cs or other a/cs, they need to charge higher interest rates on loans they extend to their customers. I already received a call from SBI asking me to pay EMI of my housing loan at the enhanced/revised rates. Regularisation of interest rates is good move to improve the competition in the banking sector and to make the nationalised banks to catch up with their private counter parts.
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