In India, the interest rate on savings accounts in all the nationalized commercial banks is not fixed by any external authority or organization. The interest rates on savings accounts are decided by the individual banks themselves, subject to guidelines issued by the Reserve Bank of India (RBI).

The RBI is the central bank of India and has the authority to regulate the monetary policy of the country. As part of its regulatory functions, the RBI issues guidelines on the interest rates that banks can offer on their deposits and loans, including savings accounts. The RBI reviews these guidelines periodically and may revise them based on the prevailing economic conditions.

However, it is up to the individual banks to decide on the interest rates that they offer to their customers, subject to the guidelines issued by the RBI. The banks may choose to offer different interest rates for savings accounts based on factors such as the account balance, type of account, and customer profile.

In summary, the interest rate on savings accounts in nationalized commercial banks in India is not fixed by any external authority, but is decided by the individual banks themselves, subject to guidelines issued by the Reserve Bank of India.