Just few weeks back banks decided to cut on
the fixed deposit rates in order to
reduce the base rate which is the minimum lending rate below which customers
can’t borrow, now the reverse is happening with the banks which has started to
raise the fixed deposit rates and
the decision of cutting the base rate has been put on hold.
Public banks have rolled back their
decision on reducing the fixed deposit
rates and recently, in a notice to the stock exchange, banks have decided
to revise the fixed deposit rates.
As per the revision, the fixed deposit rates of 151-179 days and
180-269 days will be increased from 8% to 8.25% a year. Fixed deposits for 1-2
years, the fixed deposit rates would
increase from 8.75% to 9% and with respect to the NRE deposits the fixed deposit rates will get a hike of
0.25% for deposits of 1-2 years.
Summary: Fixed deposit rates are on the
rise and thus people have started showing interest in investing in fixed
deposits.
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