How can I earn higher returns on funds in my Current / Savings Account?
Currently, as per RBI regulations you earn interest at 3.50% p.a. (paid quarterly) on your Savings Account balances (The interest will be calculated on the minimum balance to the credit of the deposit account during the period from the 10th to the last day of each calendar month) and NIL interest on your Current Account balances. However, if you choose, the moment your savings cross the required balance amount, the excess amount will get transferred to a Fixed Deposit, thereby earning you a higher rate of interest. Method of interest rate calculation: i) Rupee Time deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) NRE Accounts In case of cumulative deposits, interest is compounded quarterly and the basis of interest calculation is 30/360. For term deposit with tenor less than three months or where the terminal quarter is incomplete, interest is calculated proportionately for the actual number of days reckoning the year at 360 days (360 days for leap yea
