Question

Who decides the saving bank account rate of interests in India?

Q: Answer-Who decides the saving bank account rate of interests in India?

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.