Question

    Who decides the saving bank account rate of interests in

    India?
    A RBI Correct Answer Incorrect Answer
    B Indian Banks' Association Correct Answer Incorrect Answer
    C Bank themselves Correct Answer Incorrect Answer
    D Ministry of Finance Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    A savings account is a deposit account held at a retail bank that pays interest but cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing a cheque). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. The other major types of deposit accounts are the transactional account (usually known as a "checking" (US) or "current" (UK) account), money market account and time deposit.

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