Explanation:

- Option 1: Bank rate

- This rate is the rate at which RBI lends money to commercial banks.

- It is not applicable for interest on CRR balances.

- Option 2: Repo rate

- The repo rate is the rate at which RBI lends to banks for short-term needs.

- CRR balances do not earn interest based on this rate.

- Option 3: 2% below bank rate

- Simply a variation of the bank rate.

- Not used for CRR balances.

- Option 4: 2% above bank rate

- Another variation of the bank rate.

- Also not relevant for CRR.

- Option 5: Do not pay interest

- The RBI does not pay any interest on CRR balances held by banks.

- Banks must keep a certain percentage of their deposits as CRR with RBI without earning any interest.