BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Regulated by RBI
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Regulated by State Government
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Regulated by Central Government
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Not regulated by RBI
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Detailed explanation-1: -However, RBI regulates interest rates on savings bank accounts and the savings bank interest rate is currently fixed at 3.5% per annum, which is unchanged from March 1, 2003. A domestic rupee account may be opened as current, savings or term deposit.
Detailed explanation-2: -Reserve Bank of India (RBI), the central banking institution of India controls the monetary policy of the Indian currency. The key repo rate has been hiked on 7 December 2022 by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) by 35 basis point to 6.25%.
Detailed explanation-3: -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-4: -The Correct Answer is Reserve Bank of India(RBI). The banks mainly decided on the rate of interest they pay on a savings bank account.