Faced with a tight liquidity condition, leading private sector banks HDFC Bank and Axis Bank have raised fixed deposit rates by up to 4 per cent.
HDFC Bank, India's second-largest private sector lender, has raised fixed deposit rates by 1 per cent for maturities between 15 days to 6 months one day, effective July 27.
According to information available on the bank's website, interest rate has been increased by 0.75 per cent for maturity buckets less than 1 year but over 6 months one day.
Axis Bank has raised interest rate on term deposits with maturity between 14-29 days by 4 per cent to 8 per cent while in case of 7-14 days the increase is by 3.5 per cent to 7.5 per cent on bulk deposits above Rs 1 crore, effective Thursday.
According to the bank's website, interest rate has been raised by 0.5 to 2.25 per cent across the various maturities less than one year but over 29 days.
In order to
contain rupee depreciation, the Reserve Bank of India had recently taken measures resulting in
the tight liquidity situation for the banks.
Another private sector lender
YES Bank had on Wednesday raised lending and deposit rates by up to 0.5 per cent. The bank revised upwards its base rate, or minimum lending rate, by 0.25 per cent 10.75 per cent. It revised fixed deposit rates by 0.25 per cent to 0.5 per cent in select tenors.
With inputs from PTI 
Special 
