Private sector lender Ratnakar Bank has raised interest rates of savings bank account by 150 bps. The savings bank rates of the bank now stand at 5.5%.

The revised rates are to come to effect from November 01, 2011.

The bank happens to be amongst the first lenders to respond to the deregulation step taken by regulator Reserve Bank of India in this regard.

Yes Bank, IndusInd Bank and Kotak Mahindra Bank have already upped their savings account rates.

Speaking on the issue, CEO and MD of the bank, Mr Vishwavir Ahuja said, "We are pleased to have the opportunity to make a positive difference to our savings account customers based on the RBI's deregulation of interest rates on deposits".