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 deposit facility by IDBI Bank
Things you should know while filing income...
Credit profile and its effect on loan...
Know all about non-bank fixed deposits
12 point conduct checklist for bank and...


as sr citizen i deposit 40lacs i want to know how...
Escorts in panchkula......9872814230???
I was deposit Rs,200000,00 by Mis self sbi saving...

NEWS THIS WEEK
Karnataka Bank progressing well Jul 31, 2014
EPFO stiffer in following the Inoperative account norms Jul 30, 2014
IDBI bank denied for the offer of the merger with the UBI bank Jul 29, 2014
Karnataka Bank signed MOU with Star Ari warehousing and Collateral Management Jul 28, 2014
Registration for the common banking entrance exam have started Jul 24, 2014
News Archive