PSBs target healthcare, housing to boost deposits with new lucrative deals

RBI Governor Shaktikanta Das highlighted at the press briefing that interest rates are deregulated and banks are free to decide on interest rates

Public sector banks (PSBs) are ramping up their accounts in less-explored areas such as healthcare and housing societies.

They are also planning to offer lucrative deals with salary as well as women accounts to increase their deposit growth.

Business Standard spoke to four senior bankers from state-owned banks.

One of them said, “To enhance deposits, we have started exploring sectors like healthcare and housing societies, which were previously unexplored. Many banks, including ours, have introduced fixed deposit (FD) schemes such as the 444-day FD with attractive rates, which are helping us increase deposits,” said the first senior