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IndusInd Bank hikes rates on savings a/c by 2% to 6%

Press Trust of India  |  New Delhi 

Private sector lender has hiked interest rates on savings accounts by up to 200 basis points, offering clients a return of as much as 6% on their deposits.

Savings bank accounts with a balance of over Rs 1 lakh will earn interest of 6%, while will be paid 5.5% interest, the bank said in a release.

The interest on savings bank accounts was earlier fixed at 4% before the freed the rates.

has also raised its by 25 basis points. The new rates will be effective from tomorrow.

The decision to raise interest rates comes within a week of the Reserve Bank hiking and freeing the interest rates on savings bank accounts.

Earlier, Bank and raised interest rates on savings deposits in their banks up to 6%. The lenders have also revised their upward by 25 basis points.

has a network of 350 branches. It also has representative offices in London and Dubai.

First Published: Mon, October 31 2011. 14:11 IST