On Thursday, apex bank the Reserve Bank of India said that it is in favor of de-regulating the savings bank deposit rates of the banks. This was said by the Deputy Governor of RBI, K C Chakrabarty while talking to a private news agency.

Talking during the sidelines of a banking conclave, the official informed that the RBI has already initiated the debate about the policy. And after the discussions they have found that it is for the best interest to deregulate all the interest rates. This also includes the bank savings rate.

But, he said, when that will happen is to be decided as of yet. A debate regarding that needs to be conducted and this is going to happen very soon.

When asked about the impact of the same, he said that the rates will not move in a wide range after the deregulation process is over. It will still be range bound.

Since the markets have become very competitive, price do not change much and how good and favorable it will be for the customers will depend upon the way turn out to be.