Amid a persistent liquidity crunch, some lenders are desperately trying to increase their deposit base by offering higher interest rates to attract customers.
The long-promised single-digit interest rate is now seeming more and more likely as the banks yesterday agreed to provide not more than 6 percent for savings from February 1 as part of their preparation to usher in 9 percent lending rate from April.
Amid a persistent liquidity crunch, some lenders are desperately trying to increase their deposit base by offering higher interest rates to attract customers.
The long-promised single-digit interest rate is now seeming more and more likely as the banks yesterday agreed to provide not more than 6 percent for savings from February 1 as part of their preparation to usher in 9 percent lending rate from April.
