Bank deposit rate rises by 12bps in Sep

Mettis Global reported that the average return paid on bank deposits edged up to 4.29 per cent in September 2026, a rise of 12 basis points from 4.17 per cent in August. On a yearly basis, the rate is 803 basis points lower than the 12.32 per cent recorded a year earlier. The figures come from the latest official data.

Lending rates across scheduled banks came to 11.89 per cent, down 10 basis points from August but 7 basis points higher than in the same month last year. The banking sector spread, meanwhile, narrowed by 22 basis points to 760 basis points, compared with 782 basis points in August.

Adjusted for inflation, the real deposit rate came in at -4.26 per cent, below the -3.98 per cent of August and compared with 1.94 per cent in September 2025. The real lending rate fell to 3.34 per cent from 3.84 per cent last month and 8.34 per cent a year earlier.