The first domestic bank to link the interest rate it offers on savings account deposits to the Reserve Bank of Indias repo rate.

2019

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The first domestic bank to link the interest rate it offers on savings account deposits to the Reserve Bank of India’s repo rate.

A	HDFC
B	State Bank of India
C	ICICI Bank
D	Indian Overseas Bank

Explanation:

Detailed explanation-1: -State Bank of India, the country’s largest lender, has become the first domestic bank to link the interest rate it offers on savings account deposits to an external benchmark - the Reserve Bank of India’s repo rate.

Detailed explanation-2: -05% with an annual percentage yield (APY) of. 05%.

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.

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