More returns will be available on FD, after this move of RBI, banks will increase interest rates
Highlights
- FD interest rate likely to rise to 8%
- With this move of RBI, the repo rate increased to 5.90 percent
- Repo rate hiked by 1.90 percent since April
FD (Fixed Deposit) There is good news for those preparing for the exam. In the coming days, interest rates on FDs from banks may increase. This will happen with the increase in the repo rate by the Reserve Bank of India (RBI). Banking experts say that on Friday, the RBI has increased the repo rate by 0.50 percent for the fourth time in a row. After this, now the repo rate has increased to 5.90 percent. At the same time, since April this year, the repo rate has been increased by 1.90 percent. This, on the one hand, will increase the EMI burden of the home-car loan, while on the other hand, banks will increase the interest rate on deposits. That is, the interest rate on FD will increase.
FD interest rates will be 8%
Experts say that the FD rates are likely to reach 8%. The repo rate has increased by 1.90% since April. Many experts believe that there is scope for a hike in the repo rate in the coming quarters. In such a situation, it is expected that soon the interest rate on FD will reach close to 8 percent. Small banks will be ahead in raising interest rates. Many major small banks have started offering FD rates of 6.5 per cent to general citizens and 7% or more to senior citizens. For example, the highest rates offered by IDFC First Bank, IndusInd Bank and Yes Bank are 6.5% for common citizens and 7% for senior citizens.
Increased interest on Small Saving Schemes
The government on Thursday increased the interest rates on small savings schemes. According to the latest instructions of the government, interest rates on some small savings schemes have been increased by up to 0.3 percent. As per the new rates, post office deposits for three years have now increased from 5.5 per cent to 5.8 per cent. At the same time, for the October-December quarter, the interest rate on Senior Citizens Savings Scheme will now increase from 7.4 per cent to 7.6 per cent. Talking about Kisan Vikas Patra, the government has revised both its tenure and interest rate. Interest on Kisan Vikas Patra will now be 7.0 percent, which was 6.9 percent earlier. After this, the expectation has increased that banks will also increase interest rates once again. Many banks have also increased the interest rate in recent times.
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