Fight for deposits pushes Sept rates up

THE PRESSURE TO garner deposits saw rates inching up in September — the first time since the Reserve Bank of India (RBI) began its rate cut cycle in February.

- KSHIPRA PETKAR

According to RBI’s monthly data, the weighted average rate on fresh rupee term deposits of scheduled commercial banks (SCBs) has inched up by 4 basis points (bps) on month, with rates of public sector banks up by 3 bpswhile private sectorwas up 2 bps.