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How does every bank pay interest on savings ?A. DailyB. WeeklyC. FortnightlyD. Monthly |
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Answer» Correct Answer - A At present , banks calculate interest paid on money kept in the savings bank account on a daily basis. This is a departure from the earlier practice of calculating interest on the lowest balance after the 10th of every month. In 2011 , the central bank had decided to give freedome to commercial banks to fix savings bank deposit rates, the last bastion of the regulated interest-rate regime. |
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