The Reserve Bank of India (RBI) has said it wants banks to fix their individual rates for savings and deposits. Currently, banks can fix their own interest rates on savings deposits only above Rs 2 lakhs. Up to Rs 2 lakhs, the rate is fixed by the RBI, which at present is 3.5 per cent and is being calculated on a daily basis now from April 1. Once free of RBI control, banks can fix their own individual rates for savings deposits as well. The RBI is in favour of deregulation of interest rates for...
Full Story: The Times of India
