Reversing the interest rate cycle upward, banks have started hiking their deposit rates.
Axis Bank and HDFC Bank are among the bigger banks which have hiked their deposit rates.
HDFC Bank has increased the deposit rates by 100 basis points (bps) on maturities ranging from seven days to six months, while it has reduced the deposit rates on maturities between six months and one year.
Axis Bank has hiked its deposit rates by 50-225 bps on 30 days to 13 months maturity period.
Mid-sized lender YES bank had on Wednesday increased its base rate or minimum lending rate by 0.25 per cent to 10.75 per cent. It also hiked its deposit rates by 25 to 50 bps.