1. How to Calculate Savings Bank Interest Rates?

Previously, if the account had the lowest balance between the 10th and the final day of the month, the bank used to charge 4 percent interest rate per annum against that account. This method was considered as unfriendly because the depositor did not get the benefits of the amount that he maintains in his account. But from 2010, this rule changed and the interest on savings bank account has been calculated on the daily balance method. Based on the new rule, the account holder will earn interest based on the closing balance that they maintain on daily basis, which offers with the maximum benefits.

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