Bank Deposit: Finance Minister Nirmala Sitharaman and the Reserve Bank of India had expressed concern over the decreasing deposits in banks. All small and big banks have geared up to deal with this.
Bank Deposit: Recently, during a meeting with RBI officials, Finance Minister Nirmala Sitharaman expressed concern over the declining deposits of banks. The Finance Minister had asked the banks to come up with attractive schemes to increase deposits. Loans should be given only to those who need it. Now after this stance of the government, all the banks have become serious about increasing deposits. In the coming time, not only will the loan be made expensive, but along with launching fixed deposits one after the other, there is also a possibility of announcing attractive interest on deposits.
Loan growth is more than deposit
According to RBI data, the growth rate of loans in the banking system is around 13.7 percent and the growth rate of deposits is only 10.6 percent annually. Concerns have been raised about this many times before. Recently, many smaller banks including RBL Bank, Bank of Maharashtra, Federal Bank and Tamilnad Mercantile Bank have launched special FD schemes.
Banks launching special FD schemes
Federal Bank has launched special FDs of 7.35 percent for a period of 400 days, 7.40 percent for a period of 777 days and a special scheme of 50 months. Senior citizens will get 0.50 percent extra interest on all these schemes. Meanwhile, 7.50 percent interest is being given on 400-day deposits of more than Rs 1 crore. Apart from this, 7.55 percent interest will be given for a period of 777 days and 50 months. RBL Bank has launched Vijay Deposit Scheme. In this, 8.10 percent interest will be given for a period of 500 days and 8.60 percent interest will be given to senior citizens.
Big banks are also increasing interest rates on FDs
Bank of Maharashtra has announced on social media platform that it will give 7.25 percent interest on 777 days deposit. Apart from this, Tamilnad Mercantile Bank is offering 7.50 percent interest rate for a period of 400 days. Bandhan Bank has also announced to give 8 percent interest on a period of 21 months in a special FD scheme. Earlier, big banks including HDFC Bank, State Bank of India and Bank of Baroda have also started special FD schemes.
