Senior Citizen: State Bank has come up with a special FD scheme for super senior citizens, that is, the very oldest among the senior citizens whose age limit is 80 years and above.
Fixed Deposit: The country’s two big banks SBI and HDFC have given a new year gift to investors. However, this is for people of some special categories. State Bank has brought a special FD scheme for super senior citizens, i.e. the very old among the senior citizens whose age limit is 80 years and above. They will get 10 basis points more return than senior citizens. Keep in mind that State Bank is the country’s largest government bank and HDFC is the country’s largest private bank. Therefore, even if these two banks are increasing the interest rates of FD for a special category, other banks can also move in this direction. Therefore, the new year can be full of hope for investors investing in bank FDs.
HDFC increased interest on more than five crores
HDFC has increased the interest rates of different categories by five to 10 basis points on depositing an amount of more than five crores as fixed deposit. This is for all types of periods. HDFC Bank has increased its interest rates to compete with other banks. Banks have increased the interest rates on FDs at a time when the Reserve Bank is being asked to cut policy rates to maintain the pace of development. According to the Reserve Bank data, till December, the growth of the bank’s deposits and loans was happening at the same rate i.e. 11.5 percent.
Will the loan rates increase?
After the country’s two big banks increased the interest rates on FDs, it can be assumed that other banks will also change their interest rates. Experts believe that due to increase in interest on deposits, banks may be forced to increase the loan rates as well. Because in banks, the deposit amount is given as loan, while on loan, more interest is charged than on deposit.
