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Q:

Interest on savings bank account is now calculated by banks on:-

  • 1
    minimum balance during the month
  • 2
    minimum balance from 7th to last day of the month
  • 3
    maximum balance during the month
  • 4
    daily product basis
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Answer : 4. "daily product basis"
Explanation :

The RBI regulation states that the interest rate on your savings account is determined daily based on your closing balance. Your bank will credit your account with the interest earned on a semi-annual or quarterly basis, depending on the type of savings account you have and the bank's policy.

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