BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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At intervals shorter than quarterly intervals also
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Pay on quarterly basis alone
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On half yearly basis only
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As per the direction of government of India
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Detailed explanation-1: -Interest on the deposits accepted under the scheme shall be calculated on the basis of 360 days to a year. The interest on FCNR (B) deposits shall be calculated and paid at intervals of 180 days each and thereafter for the remaining actual number of days.
Detailed explanation-2: -With effect from October 18, 1994, RBI has deregulated the interest rates on advances above Rs. 2 lakh and the rates of interest on such advances are determined by the banks themselves subject to BPLR and Spread guidelines. For credit limits up to Rs. 2 lakh, banks should charge interest not exceeding their BPLR.
Detailed explanation-3: -At present, interest on savings bank accounts is calculated on the minimum balances held in the accounts during the period from the 10th day to the last day of each calendar month.
Detailed explanation-4: -The new FD rule is related to interest being paid on unclaimed or overdue FDs. As per the new rule, if a term deposit matures and proceeds are unpaid, the unclaimed amount will now earn a lesser interest rate.