Public sector banks (PSBs) are raising fresh term deposit rates, even as private sector peers pare theirs, in a bid to arrest a decade-long erosion in their share of the deposit market, showed Reserve Bank of India (RBI) data. The weighted average fresh term deposit rate at public sector banks rose 15 basis points to 6.33% in May from 6.18% in April, bucking the broader trend as private sector banks cut their rates by 5 basis points to 5.96% during this period. A basis point is a hundredth of a percentage point.