With deregulation of savings bank account rates setting in, all lenders are in a dilemma whether to revise their respective rates or not. While some private sector lenders have already gone ahead and hiked their rates, public sector lenders still await for the largest lender of the country, State Bank of India to take a stand.
SBI, however says it is in no hurry to raise its savings bank account rates.
"We are not going to be the first bank (in the public sector) to make the move (of raising SB interest rate)," said Mr Diwakar Gupta, MD and CFO of the bank.
He said that a 100 bps rise in savings rates of SBI is likely to bring around Rs 3500 crore worth impact on its profitability.