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The discount rate refers to the interest rate charged by central banks, such as the Federal Reserve in the United States, for short-term loans to financial institutions. This rate is a crucial tool in monetary policy, as it influences how much banks can borrow and, subsequently, their lending practices. When the discount rate is low, it encourages banks to borrow more, which can lead to increased money supply and lending in the broader economy. Conversely, a higher discount rate may discourage borrowing, potentially slowing down economic activity.

The other options do not accurately capture the definition of the discount rate. The interest rate for savings accounts pertains to the returns consumers receive on their deposits, which is not related to borrowing costs from the central bank. Low-interest loans from the government are not the same as the discount rate, as they often pertain to specific loan programs rather than the central bank's primary lending rate. Lastly, the standard fee for banking services refers to the charges for account maintenance, transactions, or related services, which is unrelated to the concept of the discount rate itself.