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Savings Bank - New Interest Rates in 2011

Banks were so far paying interest @ 3.5% on savings bank accounts. However, the interest was calculated on the minimum balance by an account holder from 10th of every month to last day of the month. This had bunched withdrawals by account holders before 10th of every month. Why 3.5% interest when banks were lending as high as 12.5% and inflation rate of .10%. This was due to savings bank interest rate being regulated by Reserve Bank of India.

Employees Provident Fund Organization (EPFO) hikes interest rates by 1 percent during 2010-11

In a major decision taken by theCentral Board of Trustees (CBT) of the Employees Provident Fund Organization (EPFO), it was decided to hike the interest paid on provident fund balances of 4.71 crore subscribers. The hike of 1 percent from 8.5 percent to 9.5 percent will be applicable for the current year 2010-11. The decision is likely to be notified by the Ministry of Finance soon. This hike is the highest in the last five years.
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