Private sector lender IndusInd Bank has announced a 200 bps rise in its savings bank account interest rates. The savings rate of the bank now stands at 6% for customers who have an account balance of more than Rs 1 lakh.
For others, the interest rate has been set by the bank at 5.50%.
Soon after deregulation of interest rates in this segment was announced by regulator Reserve Bank of India, private sector lender Yes Bank raised its savings rate to 6%, thereby becoming the first bank to respond to the change.
IndusInd Bank and Kotak Mahindra Bank have also reacted soon after.
However lenders like State Bank of India, ICICI Bank, HDFC Bank etc are yet to take a step.
SBI has hinted on a 125 bps rise in savings bank account rates soon.