Deutsche Bank raises deposit rates by up to 1.50 per cent

German lender Deutsche Bank has raised deposit rates by up to 1.50 per cent. Revised rates are applicable from July 31.

The move follows domestic private banks, including YES Bank, HDFC Bank and Axis Bank, which have upped rates by up to 4 per cent because of the tight liquidity conditions.

Deutsche Bank increased the interest rate offering on the 100 days and 101-180 days buckets to 8.50 per cent.

In order to contain rupee depreciation, the Reserve Bank of India (RBI) had taken multiple measures in the past couple of weeks resulting in tight liquidity situation for the banks.

The decline of the rupee to a record low of 61.21 against the dollar on July 8 forced the central bank to take a series of unconventional steps to curb speculation.