......However, the phenomenon gained real momentum when the Reserve Bank of India (RBI) deregulated interest rates on savings accounts. For the ease of operations and uniformity, RBI further issued guidelines and categorised savings accounts as Basic Savings Bank Deposit Account and value added savings bank deposit account. Whether you simply call it sheer business or the target set by the Government - to have at least one bank account every household - there is a paradigm shift towards the way banks have treated savings bank accounts.......
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