Kolhapur-headquartered Ratnakar Bank has increased the interest on savings bank deposit from 4 per cent to 5.5 per cent. This revision follows the Reserve Bank of India announcing complete deregulation of interest rate on SB deposits in its second quarter monetary policy review on October 25.
Over the last week, three private sector banks – Yes Bank, Kotak Bank and IndusInd Bank -- have increased their SB deposit interest rates by up to 200 basis points.