From Canara Bank to HDFC Bank, banks up the ante on deposit drive

Private sector lender Bandhan Bank on the other hand, decided to up their rate substantially over others. On Tuesday, it announced a new bucket of 1 year 9 months at an attractive interest rate of 8%

From offering insurance cover to enhancing customer engagements and higher rates, commercial banks are devising multiple strategies to mobilise deposits following a nudge from Reserve Bank of India Governor Shaktikanta Das. Das called for product innovation and full utilisation of branch networks to raise resources.  

At a post-Budget press meet in New Delhi last week, Union Finance Minister Nirmala Sitharaman had also urged banks to devise innovative schemes to boost deposit mobilisation.
 

State-run Canara Bank is set to launch two new deposit products in October, targeting the younger population, particularly those enrolled in professional courses. The Bengaluru-based bank is