Deposit rates rise as banks fight for funds

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.

from Economic Times https://ift.tt/2enxiFE