Question:
In India, the interest rate on savings accounts in all the nationalized commercial banks is fixed by?
In India, the interest rate on savings accounts in all the nationalized commercial banks is fixed by?
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Savings account interest rates are regulated by the RBI, not by the Ministry of Finance, Finance Commission, or IBA.
Updated On: Aug 11, 2025
- Union Ministry of Finance
- Union Finance Commission
- Indian Bank's Association
- None of the above
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The Correct Option is D
Solution and Explanation
The Reserve Bank of India (RBI) is responsible for regulating interest rates on savings accounts. Since deregulation in 2011, individual banks can set their own rates, but these remain subject to RBI guidelines.
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