Deposit rates rise as banks fight for funds
· economictimes.indiatimes.com
Banks increased fresh term deposit rates in June, led by private lenders. The average domestic term deposit rate rose to 5.99% for scheduled commercial banks. Private banks saw a significant 27 basis point increase in their deposit rates. Public sector banks also raised rates by 7 basis points. Their average deposit rate remained higher than private sector offerings.
Private-sector banks led the increase, raising their average fresh term-deposit rate by 27 basis points to 6.21% from 5.94% in May.
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