Report Reveals Higher Deposit Rates for PSBs, Senior Citizens Embrace Banking
In a recent report by the State Bank of India (SBI), it has been highlighted that public sector banks (PSBs) in India have experienced a more substantial increase in deposit rates compared to private banks. Additionally, there has been a significant jump in deposits made by senior citizens. This development signifies the growing confidence of both banks and depositors in the Indian banking system. Let's delve deeper into the findings of the report.
Deposit Rate Hike for PSBs:
The report reveals that PSBs have been successful in raising deposit rates, despite the Reserve Bank of India (RBI) holding the rate since February 2023. The aggressive approach by select banks to attract deposits, coupled with fluctuating liquidity constraints, prompted the banking system to raise the deposit rates...