W.e.f. April 1, 2010, interest for all rupee savings accounts will be calculated on the daily closing balances maintained in the account. W.e.f. May 3, 2011, the interest will be calculated @ 4.0% per annum instead of 3.5% per annum. Interest so calculated is rounded off to the nearest rupee, ignoring fractions of a rupee. With effect from December 30, 2013*, interest will be paid every half year in June and December.
*Interest for the period September 1, 2013 to December 29, 2013 will be paid in December 2013 and interest for period December 30, 2013 to June 29, 2014 will be paid in June 2014.