RBI frees savings rates in cooperative banks

Tax Saving Mutual Funds Online

Current open Infra Bond Application form

The central bank had deregulated rates for commercial banks in October

THE Reserve Bank of India (RBI) on Monday deregulated interest rate on savings accounts in all state and central cooperative banks, a move that will fetch better returns for depositors.

RBI had freed these rates for the scheduled commercial banks in October.

In a notification addressed to all state and central cooperative banks, RBI said they are free to determine their savings bank deposit interest rate subject to two conditions.

Under the first condition, the notification said, "Each bank will have to offer a uniform interest rate on savings bank deposits up to Rs 1,00,000, irrespective of the amount in the account within this limit."

The other condition states that for savings bank deposits over Rs 1,00,000, a bank may provide differential rates of interest, if it so chooses. This would, howev er, be subject to the condition that banks will not discriminate over the interest paid on such deposits, between one deposit and another of similar amount, accepted on the same date at any of its offices, it said.

Until now, cooperative banks were mandated to give 4 per cent interest rates on such deposits. The rate was increased from 3.5 per cent.

It also said interest rate on NRE accounts and NRO deposit under savings account, which has been prescribed at 4 per cent per annum at present, will continue to be regulated until further review.

 

 

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

 

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

 

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

 

These Application Forms can be used for buying regular mutual funds also

 

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. HDFC TaxSaver
2. ICICI Prudential Tax Plan
3. DSP BlackRock Tax Saver Fund
4. Birla Sun Life Tax Relief '96
5. Reliance Tax Saver (ELSS) Fund
6. IDFC Tax Advantage (ELSS) Fund
7. SBI Magnum Tax Gain Scheme 1993
8. Sundaram Tax Saver

---------------------------------------------

Application form for Tax Saving Infrastructure Bond and more information

Current open Infra Bond Application form

 

Submit filled up application    Collection canter near you