Central Bank has called the Chief Executive of all the Commerce Banks and has set a new limit on the fixed and savings account.Accordingly, banks will only pay six and a half percent interest in savings account. Similarly, in personal fixed deposit 9.25 and Institutional fix deposit only 8.8 percent are specified.This limit is less than the prescribed limit of the Bankers Union. Earlier, Bankers Association had set the highest limit of 7 percent in savings and institutional issue of 9 percent.
Due to the high rate of interest in bank share investors were attracted towards the fixed deposit due to which market was following bearish trend. But now share market can rise from tommorow as investing in shares can be more fruitful than the 9% fixed deposit & investor can gain return at very short time period .
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