Three regional banks raised ordinary savings rates by a quarter point after household deposits dipped for four months. Branch managers said customers have been moving cash into lockers and gold, and that a louder rate is the simplest way to call it back.
The increase does not apply to new special schemes. It sits on the basic savings account, which is where salary credits land. One bank will review the move in ninety days. The other two said they will hold the rate through the financial year unless the central bank changes its own corridor.
What happens next
Depositors outside the big cities told correspondents they had not heard the change yet. Rate boards in two branches visited this afternoon still showed yesterday’s number. The banks said the boards will be updated before opening tomorrow.
Analysts noted that a quarter point will not, by itself, reverse a shift into gold. They said the signal matters more to branch staff, who can now answer a customer without apologising for the rate.
Taj Today will update this report if the official numbers or the timetable change. Related coverage stays on the Business page.
