According to a recent press report, IndusInd bank has raised its deposit rates from 4 percent to 6 percent which is 2 percent more than the previous rate.
Reports said that the private sector lender has increased the interest up to 200 basis points, and through this the bank will offer the customers around 6 percent interest rate for their savings account.
A per the new rates the rate for deposits above Rs. 1 lakh will be 6% and for deposits lesser than Rs1 lakh the rate will be 5.5 %.
The bank has also hiked its lending rates to 25 basis points. The hike in interest rates was mainly due to the Reserve Bank of India’s increase in the policy rates and also the central bank has allowed the banks to increase their deposits rates. The bank’s loan portfolio includes home loans, personal loan, car loans, mortgage loan, business loans, education loans etc.
Reports said that other private sector banks like Kotak and YES bank increased the deposit rates to 6 percent as well as the lending rates to 25 basis points. The IndusInd bank has about 350 branches in India, and the bank representative office is located in London and Dubai.