FirstRand Bank India will offer an interest rate of 7.25% on savings bank deposits. The bank which is a division of South African FirstRand is the first African bank in Indian retail banking scenario.

The bank will offer the rate on savings bank deposits with a minimum of Rs. 1 lakh. The move is said to benefit the customers, and has come as a result of deregulation of the interest rates by RBI last year.

This highly attractive rate, coupled with world-class technology, very well located branch and personalized service will enable FRB to deliver comprehensive solutions to our customers," said Bobby Madhav, CEO and commercial and retail banking.