Most of the lenders in the country are busy in triumphing to the increased rate on the savings account that they are offering. The whole advertisement campaign does not seem to be causing any evident effect as of now.
A research conducted by Nielsen revealed that around 46% of the bank customers are not even aware about any such development. 54% did not know how much interest rate they are earning.
To take advantage of the situation a few smaller banks increased the rates on savings accounts considerably. However, the larger banks like SBI and HDFC Bank still remain unmoved.
The results are based on the study conducted in 9 cities Mumbai, Chennai, Delhi, Kolkata, Bangalore, Ahmedabad, Coimbatore, Ludhiana and Bhubaneshwar during a period of November-December last year.
The Reserve Bank of India has recently deregulated the savings bank account interest rate. The apex bank has authorized the lenders to decide the interest rates that they want to offer to their customers. Till now RBI used to decide the rates.