Indian bankers on Thursday asked the Reserve Bank of India to reduce the savings bank deposit rates from 3.5% to 2.5% or postpone the implementation of calculating the savings bank interest on the daily average balance method to protect their margins.
In a post-monetary policy review meeting with Reserve Bank of India Deputy Governor Usha Thorat, bankers said their cost of deposits would rise by around 80 basis points due to the new way of calculating the savings bank deposit rate.
W.e.f. 1st April 2010, banks are offered interest to savings bank customers on a daily basis. Currently, the return on savings bank is determined on the basis of the minimum balance on the eleventh day to the last day of the month.
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