In response to recent increases in repo rates, these banks increased the interest on savings account

Following the Reserve Bank of India's (RBI) two consecutive repo rate increases in May and June of cumulative 90 basis points to 4.9 percent (100 basis points = 1 percentage point), a number of smaller and more recent private banks have increased interest rates on savings accounts.

Savings account interest rates are currently up to 6% at IDFC First Bank. It provided an interest rate on savings accounts of up to 5% prior to increases in repo rates. 10,000 rupees is the typical monthly balance requirement.

Savings account interest rates at CSB Bank are now up to 5%. Prior to repo rate increases, it offered a savings account interest rate of up to 3.5 percent. Between Rs 2,500 and Rs 5,000 is the typical monthly balance requirement.

Current savings account interest rates from Federal Bank and Kotak Mahindra Bank range up to 4%. Kotak Mahindra Bank and Federal Bank both offered interest rates of 3.5 percent and 3.8 percent on savings accounts prior to repo rate increases. Between Rs 2,000 and Rs 10,000 is the typical monthly balance requirement at Kotak Mahindra Bank, while Rs 5,000 is the typical monthly balance requirement at Federal Bank.

Interest rates on savings accounts are currently available from Union Bank of India up to 3.55 percent. Prior to repo rate increases, it provided a savings account interest rate of 2.90 percent. The average balance requirement per quarter ranges from Rs. 250 to Rs 1,000

Savings account interest rates are currently up to 3.35 percent at Bank of Baroda. Prior to repo rate increases, it provided a savings account interest rate of up to 3.30 percent. The average balance needed each quarter ranges from Rs. 500 to Rs. 2,000.