BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Fixed by RBI
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Fixed by the respective Banks
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Fixed by the Depositors
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Fixed as per the contract between Bank and the Consumer Court
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Detailed explanation-1: -Accordingly, the Reserve Bank, with effect from July 1, 1977, fixed the interest rate on savings deposits with cheque facilities, considered as transactions-oriented accounts, at 3.0 per cent and the interest rate on savings deposits without cheque facilities, considered as pure savings accounts, at 5.0 per cent.
Detailed explanation-2: -Revised Rate of Interest w.e.f. 15.10.2022. Balances less than Rs. 10 Crore. 2.70% p.a. 2.70% p.a.
Detailed explanation-3: -The higher the account’s APY, the faster your savings will grow. Yet the percentage is always fluctuating. The APY on a savings account is variable.
Detailed explanation-4: -With the reduction of repo rate, some banks have reduced MCLR up to 90 basis points. The current MCLR (overnight) fixed by the RBI stands in the range of 6.80% to 7.65%. Savings Deposit Rate:The interest rate earned by an account holder for the amount maintained in their savings account is called savings deposit rate.