Explanation:

Interest rate on saving accounts then it is also fixed by banks asset management team. Before October 2011 interest rate on Saving Account were fixed by RBI. Ending the era of controlled interest rate regime, the Reserve Bank freed savings bank deposit rates in Oct 2011, a step which bankers said could fetch better returns for depositors as competition will intensify. And, exactly the same thing happened. All banks started competing with each other to offer high interest rate for Savings Account to attract people to keep their money in bank and earn interest on their balance amount. In many countries there is no concept of interest on savings account balance at all.