The largest cooperative lender of the country, Saraswat Cooperative Bank has announced a rise in interest rates of its savings bank acccounts. The interest rate now stands at 6% from 4% earlier.
With the largest lender in this segment raising interest rates, fellow peers are expected to soon follow suit.
As per quarterly basis of crediting interest rates, the effective interest annuallly would stand at 6.14% for customers.
"In the current rising inflation rate environment, bank depositors are getting a raw deal. Hence, we decided to increase the interest rate on SB deposits. Our intention is not to wean away customers from other banks but to give a better deal to our existing customers," said Mr Eknath K. Thakur, Chairman, Saraswat Co-operative Bank, while speaking on the occasion.
The revised rates are to come to effect from December 01, 2011.