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of <h1>RBI Deregulates Savings Bank Deposit Interest Rates; Banks Set Own Rates with Conditions Effective October 25, 2011.</h1> The Reserve Bank of India (RBI) announced the deregulation of the savings bank deposit interest rate, effective October 25, 2011. Banks are now free to set their own interest rates for savings bank deposits, subject to two conditions: they must offer a uniform rate on deposits up to Rs.1 lakh, and for deposits over Rs.1 lakh, they may offer differential rates, provided there is no discrimination between similar deposits accepted on the same date. This deregulation applies only to savings bank deposits of resident Indians. Interest rates on Non-Resident accounts remain regulated at 4% per annum.
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