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:
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not regulated by RBI
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regulated by Sate Governments
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regulated by Central Government
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regulated by RBI
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Explanation:
Detailed explanation-1: -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-2: -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-3: -At present, interest on savings bank accounts is calculated on the minimum balances held in the accounts during the period from the 10th day to the last day of each calendar month.
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