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Based on the benchmark lending rates defined by the Central bank. They also modify their interest rates to stay competitive based on the rates offered by their key competitors.
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What is the current interest rate for a saving account?
Currently (2009), interest rates on savings accounts are very very low. Different banks have different interest rates. In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
What interest rates do Mechanics Bank offer?
Like most banks Mechanics Bank's interest rates depend upon the rates set forth by the government. Which means that you will have to check with your local bank to find out what the rates are now.
Who decides the saving account interest rate in banks in India?
Primarily RBI holds the power in deciding the interest rates along with other banks which are associated with this regulatory body. Up until late 2011, RBI Decided the Interest rates that banks offered on Savings Account. However, recently the RBI Deregulated this policy and gave banks the freedom to set their own interest rates on savings accounts provided they gave a minimum of 4% on them
Has the RBI de-regulated Savings Account Interest rates?
Yes. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
What is the rate of interest in savings account?
In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
How are the interest rates that banks charge set in the UK?
The interest rates in the United Kingdom are set by the Bank of England, which is the central banking institution in the UK and was founded in 1694. The interest rates set by The Bank of England affect all of the building societies and banks in the whole Country.
What, exactly are prime rates?
Prime rates are the interest rates that are set out by the National Bank that are used to set the working interest rates for clients. This is the rate that is used when banks borrow money.
What practice by US banks led to complaints from farmers?
Banks set interest rates at high levels..
How does the Fed influence interest rates?
The Federal Reserve controls the interest rate at which federal banks lend money. This, in turn, has a cascading effect, in which other banks interest rates are determined based on the rate set by the Fed.
Who has the authority to set interest rates and lending activities for the nation's banks?
the federal sever
Who has the authority to set interest rates and lending activities for the nations banks?
the federal sever
What is the current interest rate for a saving account?
Currently (2009), interest rates on savings accounts are very very low. Different banks have different interest rates. In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
What interest rates do Mechanics Bank offer?
Like most banks Mechanics Bank's interest rates depend upon the rates set forth by the government. Which means that you will have to check with your local bank to find out what the rates are now.
Who decides the saving account interest rate in banks in India?
Primarily RBI holds the power in deciding the interest rates along with other banks which are associated with this regulatory body. Up until late 2011, RBI Decided the Interest rates that banks offered on Savings Account. However, recently the RBI Deregulated this policy and gave banks the freedom to set their own interest rates on savings accounts provided they gave a minimum of 4% on them
Significance of interest rates?
Interest rates are on opportunity cost of holding cash. Basically, if you have cash in your wallet you aren't earning interest in a bank account. Interest rates affect the cost of borrowing money (eg. credit cards, mortgages, personal loans) and affect the interest rate on your savings account. The nominal or base rate is set by the central bank in most countries. This basically gives an indicator to banks about what their interest rates should be set at, so at the moment in the US and UK interest rates are 1% or lower but that doesn't mean interest rates on new mortgages will be at this level because the banks charge extra to make a profit. Hope this helps!
Has the RBI de-regulated Savings Account Interest rates?
Yes. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
What is the rate of interest in savings account?
In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
