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Bank stocks gained 1-3 per cent on Monday.
The Government slashed interest rates late on Friday for term deposits offered to small savers, raising rate-cut hopes.
A cut in the savings scheme rate could spur the RBI to cut rates by as much as 50 bps, traders say.
The RBI will hold its policy review on April 5.
The S&P BSE Bankex index has gained about 13 per cent this month after the government unveiled a fiscally prudent Budget.
State Bank of India was up 1.5 per cent, Punjab National Bank gained 2.7 per cent, while ICICI Bank was up 1.3 per cent.
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