Like it very much, one of my own from the days in Switzerland.
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Very interesting article, outlining the benefits of the new interest calculation engine proposed by RBI.
As per the writer, the interest on your savings account would be calculated on a per day basis now, instead of the current method. In the current method, the interest is calculated on the minimum of balance between 10th and the end of month.
A salaried person always loses out in this method, since by the end of the month, the balance is very low and therefore the interest is calculated on that.
I wonder, if and when the banks would start following this methodology ? Also, is it a direction from RBI or an instruction (the other words, is it a suggestion or an order)
Lets see what comes out... April is not far anyway...
Good luck to those who leave idle money in savings bank account...
It was George, a colleague at Axa Tech in Switzerland who first introduced me to this idea. I was thrilled alright, but didnt join right away.
Today I did.
Its a nice feeling, and a feeling of giving back something to science.
I would not go into details how it works and all that. However, I would have to say, for whatever time your laptop/workstation remains idle, you can donate the processing power to a better cause. Absolutely fantastic idea, genuinely noble.
And then, look a the stats, people like me are contributing to the processing power generated to the extent of 4 pFLOPS, as against the fastest supercomputer system at mere 1.79 pFLOPS.
As I said, feels great. :)
I hope to inspire others to join in...