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Are there prospects of additional interest for bank savings?
Posted on: 12/Feb/2018 3:09:07 PM
The interest rates given by the banks have started going up all of a sudden. Especially, the interest rates for fixed deposits of over Rs. 1 Crore have gone up slightly. Is it likely that this may be extended to the ordinary bank savings as well?
India’s premier public sector bank, the Stat Bank of India, raised the interest rates of the fixed deposits of over Ra. 1 Crore. Subsequently, Punjab National Bank, Karnataka Bank, and other banks have also increased the interest rate for fixed deposit in trickles.
It is particularly noteworthy that this increase in interest rates for FDs has transpired even after the Reserve Bank of India had announced in its recent policy meeting that there will not be any change in REPO rate.
On the one side, this brings definite relief that interest rates may be higher especially for the senior citizens, pensioners and the common public. At the same time, it is worthwhile to note the reason behind this development. One needs to think about all possible after-effects of this development.
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