Big news about Fixed Deposit. Interest rates may decrease. A research report of SBI has expressed similar fears. And after that report came out, many people are scared.
Big news about Fixed Deposit. Interest rates may decrease. A research report of SBI has expressed similar fears. And after that report came out, many people are scared. Some banks offer up to 9 percent interest on FDs to senior citizens. That rate may decrease.
After the Reserve Bank of India’s (RBI) monetary policy committee decided to keep the repo rate unchanged at 6.5 percent, the bank’s fixed deposit rate has been buzzing. Economic experts are of the opinion that the interest rate can be reduced mainly because of the increase in deposits in banks. However, nothing can be said for sure about how much it can be reduced.
According to a report by SBI Research, fixed deposit rates for senior citizens have been hiked by various banks in the last 2 years. But that chance is slim this year. That is, the interest rate may not increase.
According to that report, it cannot be ruled out that the increase in bank deposits will lead to further interest rate hikes. Aggregate deposit growth should exceed 11 percent annually in 2023-2024.
And bank deposits may increase by Rs 2 lakh crore next month.
FD rate increase
In 2022, the Reserve Bank raised the rate of fixed deposit schemes significantly after raising the repo rate by a total of 2.5 percent. From February 2023, the RBI has maintained its repo rate at 6.5 percent.
Senior citizens have benefited greatly in the last 2 years. Because they were offered 25075 basis points above the rate for general customers.
The Reserve Bank of India has raised the repo rate several times to keep inflation under control. His focus is on fixed deposits. Many banks now have higher interest rates. Investing in shares and mutual funds is risky. But fixed deposits are still relied upon by the middle class for risk-free investments. FD gives guaranteed returns. It is the most popular investment in India. On top of that, the interest rates of various banks are also high on fixed investments. Here is the list-
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