IndusInd Bank has become the third private sector bank to hike the interest rates on savings account with effect from November 1.
It has hiked its rates to 5.5 per cent per annum for balances up to Rs 1 lakh and to 6 per cent per annum for balances above Rs 1 lakh.
The bank has also hiked its base rate and BPLR by 25 basis points.
IndusInd Bank's new Base rate is 10.75 per cent while its new BPLR is 20.75 per cent.
YES Bank and Kotak Mahindra Bank have also increased their deposit and lending rates similarly.