Official Answer Key & Detailed Solution
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Correct Answer: Option (D) — None of the above
Concept & Option Breakdown
Standard Reference VerifiedHistorically, interest rates on savings accounts were regulated directly by the Reserve Bank of India (RBI). In October 2011, the RBI deregulated savings deposit interest rates, allowing individual commercial banks to set their own rates. Since neither the Ministry of Finance, Finance Commission, nor IBA fixed the rate, 'None of the above' is correct.
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