NEWS & ADVICE : FIXED DEPOSITS
Savings account interest rate offered by public sector banks to remain unmoved
By Neelima Shankar
Mar 7, 2012
Print    Email    RSS   

The Reserve Bank of India has deregulated the savings bank account interest rate. Few private sector lenders responded immediately to the situation and raised their interest rates. However, the interest rate offered by the public sector lenders on the savings accounts has remained unmoved.

The Managing Director of State Bank of Hyderabad, Mr. M Bhagavantha Rao said, "There has been no impact of the hike in interest rate by a few players following deregulation. We have, in fact, added significant portfolio under SB accounts recently."

The Chairman and Managing Director of Indian bank, Mr. T.M. Bhasin said, "We have not seen any migration from our savings bank account. We have seen 16 per cent growth in the nine months till December 2011."

He also said, "I don't think the hike in savings bank rate will be done any time soon."

(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Credit profile and its effect on loan...
Know all about non-bank fixed deposits
Carnival of Indian Personal Finance Blogs #6
Recurring deposits: to the benefit of the...
Gold ETFs or Gold Funds: Which One Should...


I want check my balance SBI bank account. my account...
sir, iwould like to deposit 100000 for my child...
What is the FD interest rate in India?
what is the bank interest rate for fixed deposit
as sr citizen i deposit 40lacs i want to know how...

NEWS THIS WEEK
RBI asked banks to make KYC process simpler for customers Oct 1, 2014
SBI bank branches resume their working in J&K Sep 30, 2014
Federal Bank to help KCA is sales of ticket for ODI series Sep 25, 2014
New mid corporate branches to set up by Syndicate bank Sep 23, 2014
EPFO to launch UAN facility by 16th October, 2014. Sep 22, 2014
News Archive