Deposit rates by banks are expected to see another set of rise.

According to the credit rating agency, CRISIL, banks are expected to raise interest rates of deposits in the upcoming few months. The rise can be more steep if there is a corresponding revival in credit offtake, it added.

"This may be accentuated if the central bank announces any further rate hike in the second half," Crisil said.

Deposit rates have so far been increased by atleast 50-100 basis points by banks.

The monetary policy review is coming on November 2 and along with it is expected another rise in policy rates.

According to Suman Chowdhury, Head-CRISIL Ratings, "Credit offtake will be substantially higher in the second half of 2010-11. This is because credit demand in India is by nature back-ended, given the festive and agricultural harvest seasons in the second half of each year. Moreover, banks have sanctioned loans to a slew of large infrastructure projects, which have obtained the necessary approvals and mobilised equity, and may now begin to draw down loans."