BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The concerned bank
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RBI
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Indian Banks Association
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Government of India
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Detailed explanation-1: -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. However, on 1 March 2003, the RBI (Reserve Bank of India) had controlled the interest rates on savings accounts and has since remained unchanged.
Detailed explanation-2: -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.
Detailed explanation-3: -A lot of public and private sector banks in India offer individuals different kinds of savings account as per their needs and requirements. All banks set interest rates on their savings accounts that usually vary from 2.50% per annum to 7.00% per annum depending on the amount of savings.