Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT RATES :: empanelment :: ACCOUNTING STANDARDS :: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company
 
 
« General »
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind

Savings bank deposits to fetch more: RBI rate hike
May, 03rd 2011

Interest rate on the money lying in savings bank accounts will go up by half a percentage point, with the Reserve Bank deciding to hike it to four per cent.

The deposit-holders in the savings bank (SB) were receiving the rate fixed eight years ago.

However, the move will raise the cost of borrowing for the banks which leverage high on the 'Current Account, Savings Account'(CASA) funds. The CASA deposits are much cheaper than the time deposits, where the going rate for six-months and above is about eight per cent.

Unlike the time deposits, the SB account interest rates are still regulated even as the central bank has put out a discussion paper for freeing the same. Interest rates on fixed deposit schemes were deregulated in 1997.

"Pending a final decision on that, we have decided to increase the savings bank deposit interest rates from the present 3.5 per cent to four per cent with immediate effect," RBI Governor Duvvuri Subbarao said while unveiling the annual credit policy for 2011-12.

On the freeing up of SB rates, he said "A week ago, the Reserve Bank put out a discussion paper debating the pros and cons of this proposal..we will review the policy on deregulating the saving bank deposit rates, based on the feedback that we get".

The RBI had said in the discussion paper that the deregulation of these rates would allow banks to introduce product innovations which could benefit the depositors.

Chairman of the Prime Minister's Economic Advisory Council (PMEAC) and former RBI Governor C Rangarajan said: "I would personally opt for deregulation of savings rate at some point".

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions