The declaration pursue similar ones made prior by peers like Federal Bank, Dhanlaxmi Bank and HDFC Bank, among others, subsequent the RBI decision to free the rates on Dec 16 to stalk the huge slide of the rupee, which had strike 54.30 to a dollar on the earlier day.
State-run Dena Bank has emerged with a one-year deposit product offering a 9.60 percent yield as against 3.82 per cent previously. At the lesser end, deposits of more than one year but fewer than 3 years will get an interest of 9.25 per cent.
Likewise, new-age private sector lender Yes Bank has emerged with a 15 months 15 days to 16 months deposits, which will get a depositor 9.60 percent interest, a statement said.
Yes Bank’s peer in the private sector lenders space, IndusInd Bank too has augmented pricing 9.25 percent, it said in a statement.
The RBI move offered banks the freedom to fix rates on non-resident peripheral rupee deposits and ordinary non-resident accounts with instant effect.