In October 2011, the RBI deregulated interest rates on savings account deposits, subject to a few conditions, following which a few private sector lenders have hiked rates to as much as 7 per cent. And now, the Finance ministry is working on savings bank account number portability, which will allow a customer to retain his account number while changing his bank, if at all he decides to do so for different reasons. The move is a step in the right direction, as it would help customers change banks without the need of following ‘Know Your Customer' norms again, and also expect higher returns on their savings in a competitive environment.
- Srinivasan Umashankar, Nagpur (HBL)
