Here’s another happy news for Indians. As per RBI (Reserve Bank of India) notification, effective April 1, 2010 – start of the new financial year – all (scheduled commercial) banks are now required to pay interest to savings accounts on a daily product basis (daily balance). Until March 31, 2010, the interest used to be calculated on the minimum balance held between 10th and the last date of the month.

The account will still be credited once every six months – only the calculation method will change. Though it looks as if there will be gains to account holders – it may not be very substantial as most of the saving accounts are salary accounts whose pattern of withdrawal is not going to change, so they will gain only marginally.

Here’s a Spreadsheet to calculate savings account interest in scheduled commercial banks in India. Just input/change the withdrawals and deposits values and get the scenario for both old method and new method in this free savings account interest calculator.

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http://www.ddinews.gov.in/Homepage/Homepage – Top Story/pm.htm.

This is one of the major news item of April 1, 2010. Education becomes a fundamental right in India. Nearly 10 million children (irrespective of gender and social category) in the age group of 6 to 14 years are expected to benefit from this right.