Question
In India, the interest rate on savings accounts in all the nationalized commercial banks is fixed by
Answer: Option E
Answer: (e)
The Reserve Bank of India (RBI), on 25 October 2011, deregulated savings bank deposit interest rates, leaving it to the banks to select their own interest rates.
However, each bank will have to offer a uniform interest rate on savings bank deposits up to Rs.1 lakh, irrespective of the amount in the account within this limit.
Besides, for savings bank deposits over Rs.1 lakh, a bank may provide differential rates of interest, if it so chooses.
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Answer: (e)
The Reserve Bank of India (RBI), on 25 October 2011, deregulated savings bank deposit interest rates, leaving it to the banks to select their own interest rates.
However, each bank will have to offer a uniform interest rate on savings bank deposits up to Rs.1 lakh, irrespective of the amount in the account within this limit.
Besides, for savings bank deposits over Rs.1 lakh, a bank may provide differential rates of interest, if it so chooses.
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