Savings account interest rate deregulated

There is something to cheer for all Indians this Diwali.Because Reserve bank of India(RBI) has deregulated the savings account rate.



So far every saving account was earning 4% annual interest in their bank balance.This 4% annual interest was fixed for all banks as indicated by RBI.This interest is calculated on daily balance from some time. 



What does deregulation of Saving bank