Idfc First Bank Will Give Interest Every Month On Savings Account
Banka believes that a large number of people will benefit from this decision. As per RBI norms, banks pay interest every quarter. But IDFC First Bank bank has made a scheme to pay interest every month.
New Delhi. Recently, IDFC First Bank has announced to credit the interest rate every month in the savings account. The rules of the bank have come into effect from July 1. A large number of people will benefit from this decision.
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As per RBI norms, banks pay interest every quarter. But if the bank wants, then every month also the interest can be sent to the account. With FDs in many other schemes, banks can already pay interest month after month. So far no such decision has been taken regarding the savings account.
What did the bank say on this decision
Amit Kumar, Retail Liability Head, IDFC First Bank says that the bank is always on the lookout for innovative solutions, which benefit the customers. Credit of interest every month means that now the savings account holder will be able to take the benefit of interest every month. With this, customers will also withdraw money when they need it.
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According to Raj Khosla, Founder, MyMoney Mantra.com, “If we look at the interest rate of savings account, the average is 3 percent. In such a situation, IDFC First Bank will give 0.0074 percent additional interest. Its benefit may not be much, but the public will get the benefit in less time.
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