Question
Download Solution PDFInterest rates on savings accounts are decided by
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe 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.
- 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.
- The interest rate set on savings account deposits is calculated by the relationship between the value of banks earning extra deposits and the value of savers on the savings account services.
- The way governments and central banks set interest rates in the economy control certain valuations.
Last updated on Jul 10, 2025
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