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
A checklist of investment options for...
The recent interest rate hike
Investment options to Save Tax under...
Medical Insurance: Save tax along with health
J&K Bank raises PLR


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...
Escorts in panchkula......9872814230???

NEWS THIS WEEK
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
Allahabad Bank bags award Sep 17, 2014
SBI revised rates for the term deposits of less than 1 crore Sep 16, 2014
HDFC to issue debit card PIN through SMS Sep 15, 2014
News Archive