IndusInd Bank to review interest rates of savings accounts

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26 Aug, 2025 12:21

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Moneycontrol Bureau 

Private sector lender IndusInd Bank is reviewing its savings accounts interest rates on the back of the jump in savings accounts. The bank's CASA, or current account savings account stood at 37.04 percent for the quarter ended December 31, 2016.  

The bank will soon take a decision on interest rates, said Romesh Sobti, Managing Director and Chief Executive at IndusInd Bank. The bank's interest rates for savings account ranges between 4-6 percent depending on the account balance. 

The bank's credit cost during the December 2016 quarter stood at 15 basis points while the cost of funds fell by 24 basis points. Of the CASA, savings account grew by 56 percent. 

"It was a challenge to manage the balance sheet during the third quarter. About 70 percent of our book is a fixed rate," Sobti added.  

Owing to the government's demonetisation drive, IndusInd Bank saw a 2.5-fold jump in mobile transactions and saw 680,000 transactions in a month. Sobti said that the activation rate went up as also the debit card spends. 

The bank posted a 29 percent rise in its Q3 net profit for FY17 on back of a strong growth in net interest income and non-interest income. Net profit surged 29 percent at Rs 750.64 during the quarter against Rs 581.02 crore posted in the year-ago period.