Who decides d rate of interest on saving account??

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Allahabad Bank, I also Faced
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Who decides d rate of interest on saving account??..

Answer / manoj tumuluri

Up until late 2011, RBI Decided the Interest rates that
banks offered on Savings Account. However, recently the RBI
Deregulated this policy and gave banks the freedom to set
their own interest rates on savings accounts provided they
gave a minimum of 4% on them.

I have posted this on 5-8-2012.

Is This Answer Correct ?

81 Yes

11 No

Who decides d rate of interest on saving account??..

Answer / preeti

The Interest rates are given on saving account. The
interest rates were decided by RBI but now all banks
together decide the interest rate below 1 lakh because
according to rule the interest rate should be same of all
the bank below a lakh and above 1 lakh individual bank can
decide the interest rate.

Is This Answer Correct ?

26 Yes

7 No

Who decides d rate of interest on saving account??..

Answer / ravi paradkar

reserve bank of india

Is This Answer Correct ?

44 Yes

30 No

Who decides d rate of interest on saving account??..

Answer / ajitesh

I am flabbergasted to read the reply of DHANVARSHA. how can
u deny the existance of rate of interest on savings account
in India??
I am a banker myself and to bring it to your knowledge the
RBI has instructed the banks to offer 3.5% ROI on savings
account. Also the RBI is mulling over to de-regualte the
current rate of 3.5%. is the de-regulation takes effect
then the rate may even go high.

As far as the interview of Dhanvarsha for allahabad bank is
concerned, the interviewer might be checking her level of
confidence, and so she could have got confused. It happens
with everybody.

Is This Answer Correct ?

17 Yes

8 No

Who decides d rate of interest on saving account??..

Answer / alice

dear all,
we all hv savings a/c atleast, check ur passbook
or a/c nd see tht bank puts money in ur a/c as intrest on
the saving a/c balance. mr. Ajitesh is right. the de -
regulation of ROI has happened wich means intrest offered
can be what ever bank wants to give more than 3.5% or even
less than 3.5%. if yu think my info is incredible i hv
already asked you to check yur own passbook

gud luck

Is This Answer Correct ?

5 Yes

1 No

Who decides d rate of interest on saving account??..

Answer / deepti w

even i agree with ajitesh and alice....
the ROI offered on Savings Account is 3.5% presently...
but may be Dhanvarsha got confused between current A/c and
savings A/c....... Current a/c has 0% ROI but SB A/c has
3.5 % ROI. even i am working in bank... i got the interest
credited in to my account this 31 st august itself...

Is This Answer Correct ?

3 Yes

2 No

Who decides d rate of interest on saving account??..

Answer / athulya nair

reserve bank

Is This Answer Correct ?

23 Yes

23 No

Who decides d rate of interest on saving account??..

Answer / rajesh ku mishra

This rate is decided by Bank thats why rate is very f t nank to bank.

Is This Answer Correct ?

1 Yes

1 No

Who decides d rate of interest on saving account??..

Answer / mohd danish khan

RBI

Is This Answer Correct ?

0 Yes

0 No

Who decides d rate of interest on saving account??..

Answer / dhanvarsha

Hi Ajitesh,
you seems to be very knowledgeble and learned banker and
have great ability to confuse others by using few
unwarranted jargons of words.
Any way God help u.
Thanks .

Is This Answer Correct ?

0 Yes

16 No

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