Mumbai, Dec 9 : Banks should compensate customers on account of financial loss incurred due to late receipt or delayed credit of interest at the prevailing rate, the Reserve Bank of India said today. An investor of savings bonds has to be compensated at the savings bank rate on financial loss incurred due to late receipt or delayed credit of interest warrants/ maturity value of investment, RBI said in a notification. The interest rate on savings deposits have been recently deregulated. RBI said the banks shall compensate investors for delays as per their saving account rate without any discrimination.
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