Today EPFO has increased the intrest rate to 8.75% from 8.5%.This will help salaried person to earn more intrest on their saving. Similar hike can be expected from PPF in banks.

Reserve Bank of India on Friday commercial banks on savings accounts and term deposits of less than three months time period is given the option to pay interest . This means that the bank will be paying interest each month .
Currently If the three-month interest is Rs 300 then for one month bank used to pay less than Rs 100 for a month .Bank used to deduct some interest in name of early payment. But now owe them a full 100 .
This may create Economic pressure on banks to pay interest every month, but the advantage would be that they will be able to attract more deposits.

For using your debit card at retail outlets, you need to use your existing ATM PIN. This is as per RBI mandate. For every merchant transaction that involves payment through debit card — for example, shopping at a mall, payment at a restaurant or petrol pump — the debit card holder would have to key in the ATM PIN after the card is swiped at the handheld electronic device. The transaction will be validated only after the account holder keys in the PIN.This would be applicable across every merchant transaction in the country.


To increase security of card transactions. If entering a PIN is mandatory, then someone with a stolen card will not be able to use it for payment. The RBI has asked all banks to put in place measures to make card transactions more secure. The banks are looking to develop backend technology to enhance security. Till now Banks that have not introduced the system are in the process of doing so