Bangalore: Majority of the people have a savings bank account in today’s date. But they are reluctant to pay attention to the amount of interest they are earning on their balance amount. , However, very little know that they even get an interest rates on their balance bank accounts.

Previously, RBI had deregulated the savings bank interest regime, in which all the banks in India were asked to offer the same interest rate at 4 percent per annum.

But in 2011, RBI brought about some changes and banks were free to decide on the interest rate they wanted to pay on the customers’ savings bank account. The banks were given the liberty to fix their interest rates depending on the liquidity and profitability preferences, reports Economic Times.

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