The Reserve Bank of Australia (RBA) increased the overnight cash rate by 25 basis points to 3.50 per cent on Tuesday - the second increase in the space of a month. ANZ also said it was raising interest rates on a range of deposit products by 35 basis points. Spokespersons from the other three major banks, National Australia Bank Ltd, Commonwealth Bank of Australia Ltd and Westpac Banking Corporation said their interest rates were under review.