Q. Who decides the interest rate on savings accounts in all nationalized commercial banks in India?
Answer: Reserve Bank of India
Notes: The Reserve Bank of India (RBI) deregulated savings bank deposit interest rates on 25 October 2011, leaving it to banks to choose their own interest rates. However, each bank will have to offer a uniform interest rate on savings bank deposits up to Rs 1 lakh, irrespective of the amount in the account within this limit. Also, for savings bank deposits above Rs 1 lakh, the bank may offer different interest rates if it so desires.

This question is part of 40000+ General Studies MCQ Series Course on GKToday Android app. Question Number: 145 in 37. Banking, Finance and Insurance Sectors in above course in App.