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
Recurring deposits: to the benefit of the...
Tax saver fixed deposits in India earn you...
Plan your tax, don’t evade it
Recurring deposit facility by IDBI Bank
The recent interest rate hike


+91-8058645128akarshan yantra
+91-8058645128vashikaran specialists
+91-8107764125 BLaCk MaGiC SpEcIaLiSt All voodoo...
rUSSIAN ESCORT ℘Üηℯ ≻09765156595...
Patiala@ ℰscℴℛts ℂall ~Giℛℒ~ in Mohali...
नaam @ ℰscℴℛts seℜvices 09855660911-...

NEWS THIS WEEK
‘Bank aap ki Muththi mein’ branch banking on mobile by HDFC bank Dec 17, 2014
Banks to provide longer hours to carry out RTGS transactions Dec 16, 2014
Andhra Bank to expand its network in Orissa Dec 15, 2014
OBC bank slashed down the rate by 0.10% Dec 11, 2014
Canara Bank revised its rates Dec 10, 2014
News Archive