The country's second largest PSU lender Punjab National Bank (PNB) today said it will decide on increasing the savings bank account deposit rates after seeing the market trends.
"We are waiting for larger market players to react. Once more number of banks announce (new rate), our ALCO (asset liability committee) will take a call," PNB Chairman and Managing Director K R Kamath told reporters here.
Currently, savings account with PNB fetches an interest rate of 4 per cent, as was mandated by the Reserve Bank.
RBI, however, had last week freed interest rate on savings bank account following which certain private sector players raised the rate up to 6 per cent.
YES Bank, Kotak Mahindra Bank and IndusInd Bank had raised interest rates on savings deposits, offering clients a return of as much as 6 per cent on their deposits of over Rs 1 lakh.
Even country's largest lender State Bank of India (SBI) had hinted that it could increase interest rate on savings bank accounts by up to 1.25 per cent in view of competition, following freeing of such rates by RBI.
PNB's branch network at present stands at 5,300, with 151 lakh ATM card holders.
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