BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Interest payable on savings bank accounts is [IBPS 2011]
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not regulated by RBI.
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regulated by State Governments.
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regulated by Central Government
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regulated by RBI.
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Explanation:
Detailed explanation-1: -A bank may give a minimum interest rate on a savings bank account fixed by the RBI in a circular issued by them is 3.5 percent p.a.
Detailed explanation-2: -Reserve Bank of India-Database. As a part of financial sector reforms, the Reserve Bank has deregulated interest rates on deposits, other than savings bank deposits. The interest rate on savings bank deposits has remained unchanged at 3.5 per cent per annum since March 1, 2003.
Detailed explanation-3: -According to data from RBI, during 2010-11, base rate for lending was 8.25% to 9.50%, while savers were paid in interest of 3.50% on savings bank account.
There is 1 question to complete.