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The RBI has decided to help depositors get their interest on bank deposits credited more often.
In its monetary policy statement today, the RBI has said that banks can pay interest at shorter than quarterly intervals.
Currently, >banks are required to pay interest on savings deposits and term deposits at quarterly or longer intervals. In practice, most banks provide interest credits twice a year–usually end December and end-June or end-September and end March.
The RBI said that as all commercial banks are now on core banking platform it has been decided to give banks the option to pay interest on savings deposits and term deposits at intervals shorter than quarterly basis.
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