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UPSC 2010: In India, the interest rate on savings accounts in all the nationalized commercial banks is fixed by
(a)Union Ministry of Finance
(b)Union Finance Commission
(c)Indian Banks’ Association
(d)None of the above
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Not attemptedCorrect Answer: (d) None of the above
Till October 2011 the interest rate payable on savings-bank deposits was administered by the Reserve Bank of India, not by the Finance Ministry, Finance Commission or the Indian Banks’ Association. Because RBI is not among the options, “None of the above” is correct. Options (a), (b) and (c) are incorrect because neither the Ministry, nor the Finance Commission, nor the IBA had statutory authority to fix these rates. ([upscgspedia.com](https://upscgspedia.com/upsc-prelims-economy-pyqs-money-banking/?utm_source=openai))
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Frequently Asked Questions
What is the correct answer to this UPSC 2010 Indian Economy question?▼
The correct answer is option (d): None of the above. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Banking & Financial Sector question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 2010, GS Paper 1, as Question 50. It falls under Indian Economy > Banking & Financial Sector.
What is the difficulty level of this UPSC question?▼
This question is rated "easy". It tests basic recall and most well-prepared aspirants should answer it correctly.
How many UPSC Prelims questions have been asked from Banking & Financial Sector?▼
UPSC has asked 48 questions from Banking & Financial Sector (under Indian Economy) across multiple years. Visit the topic page to see the full list and year-wise trends.