NEWS ON INTEREST RATE MOVEMENT - 2018 TO 2021

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INTEREST RATE NEWS OF 2018 TO 2021

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INTEREST RATE OF POST OFFICE

SMALL SAVINGS TERM INTEREST RATES WILL REMAIN SAME
POST OFFICE INTEREST RATES

DATED 31.12.2021  : . The interest rates on various small savings schemes remain same as present for the next quarter from January 2022 to March 2022

The present rates that are continuing from June 2000 and are

1.   The Public Provident Fund : 7.1 % pa
2.  Kisan Vikas Patra ( KVP ) : 6.9 % pa
3 . The 5 Year National savings Certificates ( NSC ) : 6.8 % pa
4. Sukanya Samruddhi Account : 7.6 % pa
5. Senior Citizen Scheme : 7.4 % . pa
6. Monthly Income scheme : 6.6 % pa
7. Term Deposits : For period 1 to 3 years :5.5 % pa
   5 year term deposit : 6.7 % pa
5 year Recurring Deposit : 5.8 % pa

For Ministry of Finance Office Memorandum dated 31.12.2021     CLICK HERE

To know about various post office small savings schemes , CLICK HERE

NEWS ALERT DATED 08.12.2021 : NO CHANGE IN REPO AND REVERSE REPO RATES

The Reserve Bank of India announced today that Repo rate is left unchanged at 4.00 % in today's concluded MPC meeting . The Reverse Repo rate also continues at 3.35 % . Marginal Standing Facility ( MSF ) and Bank rate also continue at 4.25 % .

The MPC ( Monetary Policy Committee of RBI ) also decided to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.

These decisions are in consonance with the objective of RBI for achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.

All members of the MPC – Dr. Shashanka Bhide, Dr. Ashima Goyal, Prof. Jayanth R. Varma, Dr. Mridul K. Saggar, Dr. Michael Debabrata Patra and Shri Shaktikanta Das – unanimously voted to keep the policy repo rate unchanged at 4.0 per cent .

All members, namely, Dr. Shashanka Bhide, Dr. Ashima Goyal, Dr. Mridul K. Saggar, Dr. Michael Debabrata Patra and Shri Shaktikanta Das, except Prof. Jayanth R. Varma, voted to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. Prof. Jayanth R. Varma expressed reservations on this part of the resolution.

To read RBI PRESS RELEASE , CLICK HERE

NEWS ALERT DATED 08.10.2021 : NO CHANGE IN REPO AND REVERSE REPO RATES

The Reserve Bank of India announced today that Repo rate is left unchanged at 4.00 % in today's concluded MPC meeting . The Reverse Repo rate also continues at 3.35 % . Marginal Standing Facility ( MSF ) and Bank rate also continue at 4.25 % .

The news is in very much in line with the expectation of the market and predictions of economists .

The MPC also decided to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward

All members of the MPC – Dr. Shashanka Bhide, Dr. Ashima Goyal, Prof. Jayanth R. Varma, Dr. Mridul K. Saggar, Dr. Michael Debabrata Patra and Shri Shaktikanta Das – unanimously voted to keep the policy repo rate unchanged at 4.0 per cent .

All members, namely, Dr. Shashanka Bhide, Dr. Ashima Goyal, Dr. Mridul K. Saggar, Dr. Michael Debabrata Patra and Shri Shaktikanta Das, except Prof. Jayanth R. Varma, voted to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. Prof. Jayanth R. Varma expressed reservations on this part of the resolution.

To read RBI PRESS RELEASE , CLICK HERE

  SMALL SAVINGS TERM INTEREST RATES WILL REMAIN SAME

DATED 01.10.2021  : . The interest rates on various small savings schemes remain same as present for the next quarter from October 2021 to December 2021

The present rates that are continuing from June 2000 and are

1.   The Public Provident Fund : 7.1 % pa
2.  Kisan Vikas Patra ( KVP ) : 6.9 % pa
3 . The 5 Year National savings Certificates ( NSC ) : 6.8 % pa
4. Sukanya Samruddhi Account : 7.6 % pa
5. Senior Citizen Scheme : 7.4 % . pa
6. Monthly Income scheme : 6.6 % pa
7. Term Deposits : For period 1 to 3 years :5.5 % pa
   5 year term deposit : 6.7 % pa
5 year Recurring Deposit : 5.8 % pa

( For details of various Small Savings Schemes available in Post offices , CLICK HERE   )
For Ministry of Finance Office Memorandum dated 30.09.2021   CLICK HERE

NEWS ALERT DATED 06.08.2021 : NO CHANGE IN    REPO AND REVERSE REPO RATES

The Reserve Bank of India Governor Mr Shaktikanta Das announced today that Repo rate   is left unchanged at 4.00 % in today's concluded MPC meeting . The Reverse Repo rate also continues at 3.35 % . Marginal Standing Facility ( MSF ) and Bank rate also continue at 4.25 % .

The news is in very much in line with the expectation of the market and predictions of economists .

The MPC also decided to continue with the accommodative stance as long as  necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation   remains within the target going forward.

All members of the MPC – Dr. Shashanka Bhide, Dr. Ashima Goyal, Prof. Jayanth R. Varma, Dr. Mridul K. Saggar, Dr. Michael Debabrata Patra and Shri Shaktikanta Das – unanimously voted to keep the policy repo rate unchanged at 4.0 per cent.

All members, namely, Dr. Shashanka Bhide, Dr. Ashima Goyal, Dr. Mridul K.  Saggar, Dr. Michael Debabrata Patra and Shri Shaktikanta Das, except Prof. Jayanth R. Varma, voted to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of  COVID-19 on the economy, while ensuring that inflation remains within the target  going forward. Prof. Jayanth R. Varma expressed reservations on this part of the  resolution.

To read RBI PRESS RELEASE , CLICK HERE

SMALL SAVINGS TERM INTEREST RATES WILL REMAIN SAME

DATED 01.07.2021  : . The interest rates on various small savings schemes remain same as present for the next quarter from July 2021 to September 2021

The present rates that are continuing from June 2000 and are

1.   The Public Provident Fund : 7.1 % pa
2.  Kisan Vikas Patra ( KVP ) : 6.9 % pa
3 . The 5 Year National savings Certificates ( NSC ) : 6.8 % pa
4. Sukanya Samruddhi Account : 7.6 % pa
5. Senior Citizen Scheme : 7.4 % . pa
6. Monthly Income scheme : 6.6 % pa
7. Term Deposits : For period 1 to 3 years :5.5 % pa
   5 year term deposit : 6.7 % pa
5 year Recurring Deposit : 5.8 % pa

NEWS ALERT DATED 04.06.2021 : NO CHANGE IN    REPO AND REVERSE REPO RATES

The Reserve Bank of India Governor Mr Shaktikanta Das announced today that Repo rate   is left unchanged at 4.00 % in today's concluded MPC meeting . The Reverse Repo rate also continues at 3.35 % . Marginal Standing Facility ( MSF ) and Bank rate also continue at 4.25 % .

The news is in very much in line with the expectation of the market and predictions of economists .

The Monetary Policy Committee ( MPC ) also decided to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.   These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.

All members of the MPC – Dr. Shashanka Bhide, Dr. Ashima Goyal, Prof. Jayanth R. Varma, Dr. Mridul K. Saggar, Dr. Michael Debabrata Patra and Shri Shaktikanta Das – unanimously voted to keep the policy repo rate unchanged at 4.0 per cent. Furthermore, all members of the MPC unanimously voted to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.

To read RBI PRESS RELEASE , CLICK HERE

NEWS ALERT DATED 07.04.2021 : NO CHANGE IN    REPO AND REVERSE REPO RATES

The Reserve Bank of India Governor Mr Shaktikanta Das announced today that Repo rate is left unchanged at 4.00 % . The Reverse Repo rate is also continues at 3.35 % . Marginal Standing Facility ( MSF ) and Bank rate also continue at 4.25 % .

The Monetary Policy Committee ( MPC ) of the RBI took the above decision today unanimously . The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.

The decisions were taken by MPC in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.

To read Press Release of RBI in this regard CLICK HERE

SMALL SAVINGS TERM INTEREST RATES WILL REMAIN SAME : FM

DATED 01.04.2021  : Yesterday Ministry of Finance had issued orders drastically reducing interest rates on various small savings scheme for the next quarter of April 21 to June 2021 . Today Finance Minister Nirmala Sitharaman has tweeted that the changes made to interest rates are being withdrawn and the interest rates running as of January 21 to March 21 will continue to rule for the next quarter also . In the order , interest rates were reduced up to 1.1 % for various schemes . She has clarified that orders of changing the interest rates were issued oversight .

The present rates that are continuing from June 2000 and are

1.   The Public Provident Fund : 7.1 % pa
2.  Kisan Vikas Patra ( KVP ) : 6.9 % pa
3 . The 5 Year National savings Certificates ( NSC ) : 6.8 % pa
4. Sukanya Samruddhi Account : 7.6 % pa
5. Senior Citizen Scheme : 7.4 % . pa
6. Monthly Income scheme : 6.6 % pa
7. Term Deposits : For period 1 to 3 years :5.5 % pa
   5 year term deposit : 6.7 % pa
5 year Recurring Deposit : 5.8 % pa

NEWS ALERT DATED 05.02.2021 : NO CHANGE IN REPO AND REVERSE REPO RATES

The Reserve Bank of India Governor announced today that Repo rate is left unchanged at 4.00 % . The Reverse Repo rate is also continues at 3.35 % . Marginal Standing Facility ( MSF ) and Bank rate also continue at 4.25 % .

The Monetary Policy Committee ( MPC ) of the RBI took the above decision today unanimously . The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.

RBI statement said -" The MPC also decided to continue with the accommodative stance as long as necessary – at least during the current financial year and into the next financial year – to revive growth on a durable basis and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. . "

The MPC noted that the sharp correction in food prices has improved the food price outlook, but some pressures persist, and core inflation remains elevated. " Pump prices of petrol and diesel have reached historical highs. An unwinding of taxes on petroleum products by both the centre and the states could ease the cost push pressures. What is needed at this point is to create conditions that result in a durable disinflation. This is contingent also on proactive supply side measures. Growth is recovering, and the outlook has improved significantly with the rollout of the vaccine programme in the country. The Union Budget 2021-22 has introduced several measures to provide an impetus to growth. The projected increase in capital expenditure augurs well for capacity creation thereby improving the prospects for growth and building credibility around the quality of expenditure. The recovery, however, is still to gather firm traction and hence continued policy support is crucial. Taking these developments into consideration, the MPC in its meeting today decided to continue with an accommodative stance of monetary policy till the prospects of a sustained recovery are well secured while closely monitoring the evolving outlook for inflation. "

To read the RBI Press Release dated 06.08.2020 in this regard , CLICK HERE

SMALL SAVINGS TERM INTEREST RATES KEPT UNCHANGED FOR THE NEXT QUARTER

DATED 31.12.2020  : Interest rates on various small savings schemes are kept unchanged for the quarter January 2021 to March 2021 . The present rates are continuing from June 2000 and are

1.   The Public Provident Fund : 7.1 % pa
2.  Kisan Vikas Patra ( KVP ) : 6.9 % pa
3 . The 5 Year National savings Certificates ( NSC ) : 6.8 % pa
4. Sukanya Samruddhi Account : 7.6 % pa
5. Senior Citizen Scheme : 7.4 % . pa
6. Monthly Income scheme : 6.6 % pa
7. Term Deposits : For period 1 to 3 years :5.5 % pa
   5 year term deposit : 6.7 % pa
5 year Recurring Deposit : 5.8 % pa

NEWS ALERT DATED 04.12.2020 : NO CHANGE IN    REPO AND REVERSE REPO RATES

The Reserve Bank of India Governor announced today that Repo rate is left unchanged at 4.00 % . The Reverse Repo rate is also continues at 3.35 % . Marginal Standing Facility ( MSF ) and Bank rate also continue at 4.25 % .

  The Monetary Policy Committee ( MPC ) of the RBI took the above decision today unanimously . .  The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.

RBI statement said -"  The MPC also decided to continue with the accommodative stance as long  as necessary – at least during the current financial year and into the next  financial year – to revive growth on a durable basis and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within  the target going forward. "

Presently inflation is above the target while GDP is in negative zone and RBI has the task of bringing inflation within the upper limit of 6 % targeted .   RBI projects CPI inflation at 6.8 % for Q3:2020-21, 5.8 % for Q4:2020-21; and 5.2 % to 4.6 per cent in  H1:2021-22 .   RBI also projects  real GDP growth at (-)7.5 per cent in 2020-21: (+)0.1 per cent in Q3:2020-21 and (+)0.7 per cent in Q4:2020-21; and (+)21.9 per cent to (+)6.5 per  cent in H1:2021-22 .

To read the RBI Press Release dated 06.08.2020 in this regard , CLICK HERE

NEWS ALERT DATED 09.10.2020 :   REPO RATE LEFT UNCHANGED

The Reserve Bank of India Governor announced today that Repo rate is left unchanged at 4.00 % . The Reverse Repo rate is also continues at 3.35 % . Marginal Standing Facility ( MSF ) and Bank rate also continue at 4.25 % .

  The Monetary Policy Committee ( MPC ) of the RBI took the above decision today unanimously .  The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.

To read the RBI Press Release dated 09.10.2020 in this regard ,  CLICK HERE

SMALL SAVINGS TERM INTEREST RATES KEPT UNCHANGED FOR THE NEXT QUARTER

DATED 01.10.2020  : Interest rates on various small savings schemes are kept unchanged for the quarter October 2020 to December 2020 .
The present interest rates are
1.   The Public Provident Fund : 7.1 % pa
2.  Kisan Vikas Patra ( KVP ) : 6.9 % pa
3 . The 5 Year National savings Certificates ( NSC ) : 6.8 % pa
4. Sukanya Samruddhi Account : 7.6 % pa
5. Senior Citizen Scheme : 7.4 % . pa
6. Monthly Income scheme : 6.6 % pa
7. Term Deposits : For period 1 to 3 years :5.5 % pa
   5 year term deposit : 6.7 % pa
5 year Recurring Deposit : 5.8 % pa

NEWS ALERT DATED 06.08.2020 :   REPO RATE LEFT UNCHANGED

The Reserve Bank of India Governor announced today that Repo rate is left unchanged at 4.00 % . The Reverse Repo rate is also continues at 3.35 % . Marginal Standing Facility ( MSF ) and Bank rate also continue at 4.25 % .

  The Monetary Policy Committee ( MPC ) of the RBI took the above decision today unanimously .  The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.

MP C also felt that "  the cumulative reduction of 250 basis points since February 2019 is working its way through the economy, lowering interest rates in money, bond and credit markets, and narrowing down spreads. Financing conditions have eased considerably, enabling financial flows via financial markets, especially at a time when banks remain highly risk averse. Accordingly, the MPC decides to stay on hold with regard to the policy rate and remain watchful for a durable reduction in inflation to use the available space to support the revival of the economy."

To read the RBI Press Release dated 06.08.2020 in this regard , CLICK HERE

SMALL SAVINGS TERM INTEREST RATES KEPT UNCHANGED FOR THE NEXT QUARTER

DATED 01.07.2020  : Interest rates on various small savings schemes are kept unchanged for the quarter July 2020 to September 2020 .
The present interest rates are
1.   The Public Provident Fund : 7.1 % pa
2.  Kisan Vikas Patra ( KVP ) : 6.9 % pa
3 . The 5 Year National savings Certificates ( NSC ) : 6.8 % pa
4. Sukanya Samruddhi Account : 7.6 % pa
5. Senior Citizen Scheme : 7.4 % . pa
6. Monthly Income scheme : 6.6 % pa
7. Term Deposits : For period 1 to 3 years :5.5 % pa
   5 year term deposit : 6.7 % pa
5 year Recurring Deposit : 5.8 % pa

  For Ministry of communication circular dated 01.07.2020   CLICK HERE

LENDING RATES CONTINUE TO SLIDE DOWN IN MAY 2020 : RBI DATA

Dated 09.06.2020 : As per data released by Reserve Bank of India on 08.06.2020 , the average lending rate 1 year MCLR ( Marginal Cost of Fund Based Lending Rate ) came down from 8.00 % in April 2020 to 7.85 % in May 2020 for scheduled commercial banks . The average was 8.2 % in March 2020 .

Some of the Indian public sector and private sector banks , including Bank of Baroda , Indian bank , Indian Overseas Bank , Punjab & Sind Bank , State Bank of India , Axis Bank and ICICI Bank lowered their MCLR ( Marginal Cost of Fund Based Lending Rate ) in May 2020 for the one year maturity .

For MCLR chart released by RBI , CLICK HERE

SBI FURTHER REDUCES MCLR RATES

Dated 09.06.2020 : State Bank of India ( SBI ) reduced its advances rates by 0.25 % for all tenors of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 10.06.2020 . Now the maximum MCLR is at 7.30 % for maturity of 3 years .

New MCLR Rates are Over night 6.70 % , One Month 6.70 % . Three Month 6.75 % . Six Month 6.95 % , One Year 7.00 % . Two Years 7.20 % and Three Years 7.3 % .

Last month , the bank had reduced its MCLR Rates by 0.15 %

For SBI MCLR rate chart , CLICK HERE

SBI CUTS DEPOSIT INTEREST RATES FOR THE SECOND TIME IN THE MONTH

Dated 27.05.2020 : State Bank of India ( SBI ) reduced its deposit interest rates up to period of 5 years by 0.40 % and 0.30 % for deposits for 5 years and above effective today .

For period 7 days up to 45 days . interest rate reduced from 3.30 % to 2.90 % for general public and from 3.80 % to 3.30 % for senior citizens .For period 46 days up to 179 days , interest rate is reduced to to 3.90 % from 4.30 % ( Now 4.40 % for senior citizens ) . For period 180 days less than 1 year . interest rate is reduced from 4.80 % and to 4.40 % ( 4 .90 for senior citizens ) For period 1 year up to 3 years , reduction is from 5.50 % to 5.1 0 % ( 5.60 % for senior citizens ) . For period 3 years up to 5 years , reduction is from 5.70 % to 5.30 % ( 5.80 % for senior citizens ) . For period above 5 years up to 10 years , reduction is by 0.30 % from 5.70 % to 5.40 % ( 6.20 % for senior citizens )

For SBI Deposit rate chart , CLICK HERE

HDFC BANK TOO PAYS NOW ADDITIONAL INTEREST TO SENIOR CITIZENS

Dated 24.05.2020 :  The Private sector lender HDFC Bank joins ICICI Bank and State Bank of India by offering additional interest for fixed deposits of above 5 years tenure for the senior citizens . It is effective from 18.05.2020 .

An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens by HDFC Bank who wish to book the Fixed Deposit less than 5 crores for a tenure of five years One Day to 10 Years, during special deposit offer commencing from 18th May'20 to 30th Sept'20. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.

In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) prior to 5 years, the interest rate will be 1.00% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower .In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) post 5 years, the interest rate will be 1.25% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower

Hence senior citizens can get 6.50 % pa for their fixed deposits of tenure 5 years and above from HDFC Bank . The interest rate is same as offered by State Bank of India , but a notch below ICICI Bank Rate which offers 6.55 % pa .

For the interest rate chart of HDFC Bank   , CLICK HERE

ICICI BANK PAYS ADDITIONAL 0.30 % PA FOR SENIOR CITIZENS under GOLDEN YEARS DEPOSIT SCHEME

Dated 22.05.2020 : The Private sector lender ICICI Bank is paying total additional interest of 0.80 % ( regular 0.50 % + additional 0.30 % ) for fixed deposits of above 5 years tenure for the senior citizens . It is effective from 20.05.2020 . Hence senior citizens can get 6.55 % pa for their fixed deposits of tenure 5 years and above . The additional interest rate will be available till 30.09.2020 .

In case deposit opened in above scheme is prematurely withdrawn/closed after, on or after 5 years 1 day, the applicable penal rate will be 1.30%. In case the deposit opened in above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable.

Public sector lender State Bank of India has also similar scheme wherein they are paying 6.5 % for senior citizens .

For the interest rate chart of ICICI Bank , CLICK HERE

SBI CUTS MCLR , DEPOSIT INTEREST RATES & INTRODUCES SPECIAL DEPOSIT SCHEME FOR SENIOR CITIZENS

Dated 08.05.2020 : State Bank of India ( SBI ) reduced its advances rates by 0.15 % for all tenors of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 10.05.2020 . Now the maximum MCLR is at 7.55 % for maturity of 3 years .

The Bank also reduced its deposit interest rates up to period of 3 years by 0.20 % effective from 12.05.2020 .

The bank also introduced a special deposit scheme for senior citizens named " SBI WE CARE DEPOSIT "

Under this new product, an additional 30 bps premium will be payable for Senior Citizen’s Retail term deposits with “5 Years & above” tenor only. This scheme would be in effect upto September 30, 2020. Thus, the effective rate of interest for Retail TDs of Senior Citizens will be:

1. For Retail TD of ‘below 5 years’ tenor: 50 bps higher than the rate applicable for the general public (no change in premium) .

0.80 % HIGHER FOR SENIOR CITIZENS

2. For Retail TD of ‘5 years & above’ tenor (new product): 80 bps higher than the rate applicable for the general public (30 bps extra premium). This additional premium will not be payable in case of premature withdrawal of such deposits. Effective from 12.05.2020 , the bank will offer interest rate of 6.5 % pa for the senior citizens deposit of 5 years and above .

For press release of SBI . CLICK HERE For SBI Deposit rate chart , CLICK HERE

NEWS ALERT DATED 22.05.2020 : REPO RATE REDUCED BY 0.40 % BY RBI

The Reserve Bank of India Governor announced today that Repo rate is reduced by massive 0.40 % from existing 4.40 % to 4.00 % . The Reverse Repo rate is also reduced by 0.40 % to3.35 % from existing 3.75 % . . Marginal Standing Facility ( MSF ) and Bank rate also reduced by 0.40 % to 4.25 % from existing 4.65 %

The Monetary Policy Committee ( MPC ) of the RBI took the above decision today unanimously . The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target.

For RBI Press release dated 22.05.2020 , CLICK HERE

NEWS ALERT DATED 08.04.2020 :    SBI FURTHER CUTS MCLR BY 0.35 % & SB INTEREST RATES

  Public Sector Lender  State Bank of India ( SBI ) reduced its advances rates by 0.35 % for all tenors of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 10.04.2020 . Now the maximum MCLR is at 7.70 % for maturity of 3 years .

SBI also reduced Savings bank accounts to 2.75 % pa from existing 3 % pa effective from 15.04.2020 .

For MCLR chart , CLICK HERE

SMALL SAVINGS TERM INTEREST RATES REDUCED ACROSS THE BOARD FOR THE NEXT QUARTER

DATED 01.04.2020  : Interest rates on various small savings schemes are reduced up to 1.4 % pa by the Government of India for the quarter April 2020 to June 2020 .

The Public Provident Fund will now fetch interest of 7.1 % ( earlier 7.9 % pa ) , Kisan Vikas Patra ( KVP ) at 6.9 % ( earlier 7.6 % ) . The 5 Year National savings Certificates ( NSC ) will carry interest of 6.8 % ( earlier 7.9 % ) . The Sukanya Samruddhi Account will carry interest of 7.6 % ( earlier 8.4 % ) and Senior Citizen Scheme at 7.4 % ( earlier 8.6 % pa ) .

The term deposits for period 1 to 3 years will fetch interest rate of 5.5 % ( earlier 6.9 % ) , 5 year term deposit at 6.7 % ( earlier 7.7 % ) and 5 year Recurring Deposit at 5.8 % ( earlier 7.2 % ) .

However savings bank accounts will continue to earn 4 %

  For office memorandum of Department of Economic Affairs dated 31.03.2020   CLICK HERE

SBI REDUCES INTEREST RATES FOR RETAIL DEPOSITS

Dated 2803.2020 : Consequent to Repo Rate cut by RBI , the Public sector lender State Bank of India reduced its deposit interest rates effective from today .

For period 7 days up to 45 days . interest rate reduced by 0.5 % from 4.00 % to 3.5 % for general public and from 4.5 % to 4.0 % for senior citizens .For   period 46 days up to 179 days . interest rate is reduced by 0.5 % to 4.5 % from 5.00 % ( Now 5.00 % for senior citizens ) . For period 180 days less than 1 year . interest rate is reduced by 0.5 % to 5 % from 5.50% and to 5.5 % ( from 6.00 % ) for senior citizens
For period 1 year up to 10 years effective from 28.03.2020 , reduction is 0.20 % from 5.90 % to 5.70 % and from 6.40 % to 6.20 % for senior citizens .

For SBI Rate chart ,   CLICK HERE

NEWS ALERT DATED 27.03.2020 : REPO RATE REDUCED BY 0.75 % BY RBI

The Reserve Bank of India Governor announced in a press conference today that Repo rate is reduced by massive 0.75 % from existing 5.15 % to 4.40 % . The Reverse repo rate is reduced by 0.90 % to 4 % from existing 4.90 % . Cash Reserve Ratio is reduced by 100 basis points to 3 % . Marginal Standing Facility ( MSF ) and Bank rate also reduced by 0.75 % ti 4.65 % from existing 5.40 %

He also announced moratorium of 3 months of EMI on all outstanding loans .

The Monetary Policy Committee ( MPC ) of the RBI took the above decision today unanimously .

For RBI Press release , CLICK HERE

SBI FURTHER CUTS RETAIL DEPOSIT INTEREST RATES FOR VARIOUS TERMS

Dated 11.03.2020 : The Public sector lender State Bank of India reduced its Retail deposit rates for deposits between 1 year to 10 years only by 0.10 % up to Rs 2 crore only for Domestic depositors effective from 10.03.2020 . There is reduction of interest rate up to 0.50% for nearer terms .

For period 1 year up to 10 years effective from 10.03.2020 , reduction is 0.10 % from 6.00 % to 5.90 % and from 6.50 % to 6.40 % for senior citizens . For period 7 days up to 45 days . interest rate reduced by 0.5 % from 4.50 % to 4% for general public and from 5.0 % to 4.5 % for senior citizens .For period 46 days up to 179 days . interest rate will continue to be 5.00 % ( 5.50 % for senior citizens ) . For period 180 days less than 1 year . interest rate continues at 5.50% and 6.00 % for senior citizens

For SBI Rate chart , CLICK HERE

LENDING RATES MARGINALLY DOWN IN FEBRUARY 2020 : RBI DATA

Dated 03.03.2020 : As per data released by Reserve Bank of India on 02.03.2020 , the average lending rate 1 year MCLR ( Marginal Cost of Fund Based Lending Rate ) came down marginally from 8.25 % in January 2020 to 8.21 % in February 2020 for scheduled commercial banks  .
Some of the Indian public sector and private sector banks , including Allahabad Bank , Andhra Bank , Bank of Baroda , Canara bank , Central bank of India , Corporation Bank , Indian bank , Punjab & Sind Bank , State Bank of India , Syndicate Bank , CSB Bank , Karnataka Bank lowered their MCLR ( Marginal Cost of Fund Based Lending Rate ) in January 2020 for the one year maturity . Normally the decrease ranged between 0.05 % to 0.15 % .

For MCLR chart released by RBI , CLICK HERE

SBI FURTHER CUTS RETAIL DEPOSIT INTEREST RATES FOR VARIOUS TERMS

Dated 07.02.2020 : The Public sector lender State Bank of India reduced its Retail deposit rates for deposits between 1 year to 10 years only by 0.10 % up to Rs 2 crore only for Domestic depositors effective from 10.02.2020 . There is reduction of interest rate up to 0.50% for nearer terms .

For period 1 year up to 10 years effective from 10.02.2020 , reduction is 0.10 % from 6.10 % to 6.00 % and from 6.60 % to 6.50 % for senior citizens . For period 7 days up to 45 days . interest rate continues to be 4.50 % for general public and 5.0 % for senior citizens .For period 46 days up to 179 days . interest rate will be reduced to 5.00 % ( 5.50 % for senior citizens ) from the existing 5.5 % ( Senior citizens existing at 6 % ) . For period 180 days less than 1 year . interest rate is reduced to 5.50% and 6.00 % for senior citizens ( Existing rates are 5.8 % and 6.3 % for senior citizens )

For SBI Rate chart , CLICK HERE

NEWS ALERT DATED 06.02.2020 :   REPO RATE LEFT UNCHANGED

The Monetary Policy Committee ( MPC ) of the Reserve Bank of India headed by Mr Shakthikanta Das , Governor of Reserve Bank of India in their policy review today left Repo rate unchanged at 5.15 % . The Reverse repo rate is kept unchanged at 4.90 % . Marginal Standing Facility ( MSF ) and Bank rate also remains at to 5.40 % .

The MPC also decided to continue with the accommodative stance as long as it  is necessary to revive growth, while ensuring that inflation remains within the  target.

RBI press release says "These decisions are in consonance with the objective of achieving the medium-term target  for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.   "

FOR RBI PRESS RELEASE DATED 06 .02.2020  ,     CLICK HERE

LENDING RATES MARGINALLY DOWN IN JANUARY 2020 : RBI DATA

Dated 05.02.2020 : As per data released by Reserve Bank of India on 03.02.2020 , some of the Indian public sector and private sector banks , including , Bank of Baroda , Bank of Maharashtra , Canara bank , Central bank of India , Corporation Bank , Indian bank , Oriental bank of Commerce , Punjab National Bank , Union Bank of India , United Bank of India , Bandhan Bank , ICICI Bank , Indusind Bank , J & K Bank , Karnataka Bank , Karur Vysya Bank & RBL Bank Ltd lowered their MCLR ( Marginal Cost of Fund Based Lending Rate ) in January 2020 for the one year maturity . Normally the decrease ranged between 0.05 % to 0.10 % .

Lakhsmi Vilas Bank was only bank that increased its MCLR by 0.5 % .The maximum reduction of 0. 15 % was effected by Bank of Maharashtra % Oriental Bank of commerce .  The Median of MCLR across the banks lowered to 8.25 % in January 2020 from 8.30 % in December 2019 .

For MCLR chart released by RBI , CLICK HERE

SBI FURTHER CUTS RETAIL DEPOSIT INTEREST RATES FOR 1 TO 10 YEARS TERM

Dated 16.01.2020 : The Public sector lender State Bank of India reduced its Retail deposit rates for deposits between 1 year to 10 years only by 0.15 % up to Rs 2 crore only for Domestic depositors effective from 10.01.2020 . All other terms interest rates kept unchanged

For period 1 year up to 10 years effective from 10.01.2020 , reduction is 0.15 % from 6.25 % to 6.10 % and from 6.75 % to 6.60 % for senior citizens .

For period 7 days up to 45 days . interest rate continues to be 4.50 % for general public and 5.0 % for senior citizens and for   period 46 days up to 179 days . continues to be 5.50 % ( 6.00 % for senior citizens ) . For period 180 days up to 210 days . interest rate is 5.80% and 6.30 % for senior citizens .For period For period 211 days up to less than 1 year . interest rate is 5.80 % and 6.30 % for senior citizens .

For SBI Rate chart ,   CLICK HERE

LENDING RATES MARGINALLY DOWN IN DECEMBER 2019 : RBI DATA

Dated 13.01.2020 : As per data released by Reserve Bank of India on 09.01.2020 , the average 1 year MCLR ( Marginal Cost of Fund Based Lending Rate ) for scheduled commercial banks marginally lowered to 8.30 % in December 2019 ( 8.31 % in November 2019 )

Some of the Indian public sector and private sector banks , including State Bank of India , Allahabad Bank , Bank of Baroda , Bank of India , Oriental bank of Commerce , Syndicate Bank , Uco Bank , United Bank of India Axis Bank , ICICI Bank , Indusind Bank and Jammu & Kashmir Bank lowered their MCLR ( Marginal Cost of Fund Based Lending Rate ) in December 2019 for the one year maturity .

For MCLR chart released by RBI , CLICK HERE

SMALL SAVINGS INTEREST RATES REMAIN UNCHANGED FOR THE NEXT QUARTER

DATED 31.12.2019 : Interest rates on various small savings schemes are kept unchanged by the Government of India for the quarter January 2020 to March 2020 .

The Public Provident Fund is now fetching interest of 7.9 % pa , Kisan Vikas Patra ( KVP ) at 7.6 % . The 5 Year National savings Certificates ( NSC ) carries interest of 7.9 % . The Sukanya Samruddhi Account carries interest of 8.4 % and Senior Citizen Scheme at 8.6 % pa .

The term deposits for period 1 to 3 years are fetching interest rate of 6.9 % , 5 year term deposit at 7.6 % and 5 year Recurring Deposit at 7.2 % .

Savings bank accounts will continue to earn 4 %

NEWS ALERT DATED 05.12.2019 :   REPO RATE LEFT UNCHANGED

The Monetary Policy Committee ( MPC ) of the Reserve Bank of India headed by Mr Shakthikanta Das , Governor of Reserve Bank of India in their policy review today left Repo rate unchanged at 5.15 % . The Reverse repo rate is kept at 4.90 % . Marginal Standing Facility ( MSF ) and Bank rate also remains at to 5.40 % .

The MPC also decided to continue with the accommodative stance as long as it  is necessary to revive growth, while ensuring that inflation remains within the  target.

RBI press release says "These decisions are in consonance with the objective of achieving the medium-term target  for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.   "

All the members of MPC voted for keeping the Repo rate unchanged

The MPC also lowered growth ( GDP ) forecast to 5 % from earlier forecast of 6. 1% , for the current financial year 2019-20 keeping in view of the present economic scenario . . Further RBI expects GDP growth 4.9 % to 5.5 % in the second half of the current year .

FOR RBI PRESS RELEASE DATED 05 .12.2019  ,     CLICK HERE

ICICI BANK CUTS RETAIL DEPOSIT INTEREST RATES

Dated 21.11.2019 : The Private sector lender ICICI Bank reduced its Retail deposit rates for deposits effective from 20.11.2019 . To domestic depositors for deposits between 1 year to 389 days   up to Rs 2 crore only ,  interest rate is cut by 0.25 % to 6.35 % from existing 6.60 % . Interest rate for same period to Senior citizens is reduced to 6.85% from existing 7.10 % .

Now the maximum interest rate is at 6.6 % for deposits above 18 months for general public and 7.1 % for senior citizens .

For ICICI Bank Rate chart ,   CLICK HERE

SBI FURTHER CUTS RETAIL DEPOSIT INTEREST RATES FOR 1 TO 2 YEARS TERM

Dated 09.11.2019 : The Public sector lender State Bank of India reduced its Retail deposit rates for deposits between 1 year to 2 years only by 0.15 % up to Rs 2 crore only for Domestic depositors effective from 10.11.2019 .
All other terms interest rates kept unchanged

For period 1 year up to 2 years effective from 10.11.2019 , reduction is 0.15 % from 6.4 % to 6.25 % and from 6.90 % to 6.75 % for senior citizens .

For period 7 days up to 45 days . interest rate continues to be 4.50 % for general public and 5.0 % for senior citizens and for   period 46 days up to 179 days . continues to be 5.50 % ( 6.00 % for senior citizens ) . For period 180 days up to 210 days . interest rate is 5.80% and 6.30 % for senior citizens .For period For period 211 days up to less than 1 year . interest rate is 5.80 % and 6.30 % for senior citizens .

For period 2 year and above , interest rate continues at 6.25 % and 6.75 % for senior citizens .

For SBI Rate chart ,   CLICK HERE

SBI CUTS RETAIL DEPOSIT INTEREST RATES FOR SELECTED TERM

Dated 10.10.2019 : The Public sector lender State Bank of India reduced its Retail deposit rates for deposits between 1 year to 2 years only by 0.10 % up to Rs 2 crore only for Domestic depositors effective from 10.09.2019 .
All other terms interest rates kept unchanged

For period 1 year up to 2 years effective from 10.10.2019 , reduction is 0.10 % from 6.5 % to 6.4 % and from 7.0 % to 6.9 % for senior citizens .

For period 7 days up to 45 days . interest rate continues to be 4.50 % for general public and 5.0 % for senior citizens and for   period 46 days up to 179 days . continues to be 5.50 % ( 6.00 % for senior citizens ) . For period 180 days up to 210 days . interest rate is 5.80% and 6.30 % for senior citizens .For period For period 211 days up to less than 1 year . interest rate is 5.80 % and 6.30 % for senior citizens .

For period 2 year and above , interest rate continues at 6.25 % and 6.75 % for senior citizens .

For SBI Rate chart ,   CLICK HERE

NEWS ALERT DATED 09.10.2019 :    SBI FURTHER CUTS MCLR BY 0.10 %

  Public Sector Lender  State Bank of India reduced its advances rates by 0.10 % for all tenors of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 10.10.2019 . Now the maximum MCLR is at 8.25 % for maturity of 3 years .

For MCLR chart , CLICK HERE

LENDING RATES FURTHER DOWN IN SEPTEMBER 2019 : RBI DATA

Dated 04.10.2019 : As per data released by Reserve Bank of India on 03.10.2019 , many of the Indian public sector and private sector banks , including State Bank of India Andhra Bank , Bank of Baroda , Canara bank , Central bank of India , Corporation Bank , Indian bank , Oriental bank of Commerce , Axis Bank and HDFC Bank lowered their MCLR ( Marginal Cost of Fund Based Lending Rate ) in September 2019 for the one year maturity .

The maximum reduction of 0.20 % was effected by IDFC Bank

For MCLR chart released by RBI , CLICK HERE

NEWS ALERT DATED 04.10.2019 :   REPO RATE CUT BY 0.25 %

The Monetary Policy Committee ( MPC ) of the Reserve Bank of India headed by Mr Shakthikanta Das , Governor of Reserve Bank of India in their policy review today lowered Repo rate by 0.25 % to 5.15 % from existing 5.40 % . The Reverse repo rate is lowered to 4.90 % . Marginal Standing Facility ( MSF ) and Bank rate also lowered by 0.25 % to 5.40 % . This is the fifth consecutive reduction effected by the MPC and Repo rate has reached lowest in last 10 years .

RBI press release says " These decisions are in consonance with the objective of achieving the medium-term target for  consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting  growth. "

All the members of MPC voted for reduction of Repo rate by 0.25 % except Dr ravindra Dholakia who voted for 0.40 % reduction .

The MPC also lowered growth ( GDP ) forecast to 6.1 % from earlier forecast of 7.0 % , keeping in view of the present economic scenario .

FOR RBI PRESS RELEASE DATED 04 .10.2019  ,     CLICK HERE

SMALL SAVINGS TERM INTEREST RATES REMAIN UNCHANGED FOR THE NEXT QUARTER

DATED 02.10.2019  : Interest rates on various small savings schemes are kept unchanged by the Government of India for the quarter October 2019 to December 2019 .

The Public Provident Fund is now fetching interest of 7.9 % pa , Kisan Vikas Patra ( KVP ) at 7.6 % . The 5 Year National savings Certificates ( NSC ) carries interest of 7.9 % . The Sukanya Samruddhi Account carries interest of 8.4 % and Senior Citizen Scheme at
  8.6 % pa .

The term deposits for period 1 to 3 years are fetching interest rate of 6.9 % , 5 year term deposit at 7.6 % and 5 year Recurring Deposit at 7.2 % .

Savings bank accounts will continue to earn 4 %

  For office memorandum of Department of Economic Affairs dated 30.09.2019   CLICK HERE

SBI DECIDES TO BENCHMARK FLOATING RATE LOANS TO REPO RATES

Dated 24.09.2019 : The Public sector lender State Bank of India has decided to benchmark all its floating rate loans for Retail , Housing and MSME sectors to prevailing Repo rate decided by Reserve Bank of India ( RBI ) periodically . The benchmarking will be effective from 1st , October 2019 . Benchmarking for loans to Medium Sector
by SBI is volunatary .

RBI had asked all bankers , vide their notification dated 04.09.2019 , to bench mark all floating loans for personal loans , retail loans , housing loans and SME sectors to external rates permitted by them . Now in compliance of the instruction , SBI has selected RBI' s Repo rate for benchmarking .

SBI CUTS RETAIL DEPOSIT INTEREST RATES FOR VARIOUS TENURES

Dated 14.09.2019 : The Public sector lender State Bank of India reduced its Retail deposit rates for deposits up to Rs 2 crore only for Domestic depositors for various periods effective from 10.09.2019 .

For period 7 days up to 45 days . interest rate continues to be 4.50 % for general public and 5.0 % for senior citizens and for   period 46 days up to 179 days . continues to be 5.50 % to 6.00 % for senior citizens . For period 180 days up to 210 days . interest rate is reduced by 0. 20 % from 6.00 % to 5.80% and from 6.50 % to 6.30 % for senior citizens .For period For period 211 days up to less than 1 year . interest rate is reduced by 0. 20 % from 6.00 % to 5.80 % and from 6.5 % to 6.30 % for senior citizens .

For period 1 year up to 2 years effective from 10.09.2019 , reduction is is 0.20 % from 6.7 % to 6.5 % and from 7.2 % to 7.0 % for senior citizens .  For period 2 year up to less than 3 years , reduction is is 0.25 % % from 6.50 % to 6.25 % and from 7.00% to 6.75 % for senior citizens .  The interest rate for deposits up to 2 crore for 3 year period and above continues at 6. 25 % for general public while continues at 6.75 % for senior citizens .

For SBI Rate chart ,   CLICK HERE

NEWS ALERT DATED 10.09.2019 :    SBI FURTHER CUTS MCLR BY 0.10 %

  Public Sector Lender  State Bank of India reduced its advances rates by 0.10 % for all tenors of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 10.09.2019 . Now the maximum MCLR is at 8.35 % for maturity of 3 years .

For MCLR chart , CLICK HERE

NEW RETAIL LOANS TO BENCHMARKED TO EXTERNAL RATES  :   RESERVE BANK OF INDIA

Dated 14.09 .2019 : As per Reserve Bank of India notification dated 04.09.2019 , all new personal loans , retail loans like housing loans and auto loans and all floating loans to MSME Sector to be granted after 01.10.2019 are to be bench marked to any one of the following :

-Reserve Bank of India policy repo rate
- Government of India 3-Months Treasury Bill yield published by the Financial Benchmarks India Private Ltd (FBIL)
- Government of India 6-Months Treasury Bill yield published by the FBIL
- Any other benchmark market interest rate published by the FBIL.

However banks are free to decide on the spread over external benchmark . Banks may also offer the benchmarked rates to any other loans they offer .

For RBI Notification dated 04.09.2019 , CLICK HERE

NEWS ALERT DATED 07.08.2019 :   REPO RATE REDUCED BY 0.35 %

The Monetary Policy Committee ( MPC ) of the Reserve Bank of India headed by Mr Shakthikanta Das , Governor of Reserve Bank of India in their policy review today lowered Repo rate by 0.35 % to 5.40 % from existing 5.75 % . The Reverse repo rate is lowered to 5.15 % . Marginal Standing Facility ( MSF ) and Bank rate also lowered by 0.35 % to 5.65 % .

RBI press release says " These decisions are in consonance with the objective of achieving the medium-term target for  consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting  growth. "

Four members (Dr. Ravindra H. Dholakia, Dr. Michael Debabrata Patra, Shri Bibhu Prasad Kanungo and Shri Shaktikanta Das) voted to reduce the policy repo rate by 35 basis points, while  two members (Dr. Chetan Ghate and Dr. Pami Dua) voted to reduce the policy repo rate by 25  basis points.

The MPC also lowered growth ( GDP ) forecast to 6.9 % from earlier forecast of 7.0 % , keeping in view of the present economic scenario .

This Rate cut is is the fourth time RBI is resorting in the current year

FOR RBI PRESS RELEASE DATED 07.08.2019  ,     CLICK HERE

LENDING RATES FURTHER DOWN IN JULY 2019 : RBI DATA

Dated 07.08.2019 : As per data released by Reserve Bank of India on 06.0.2019 , many of the Indian public sector and private sector banks , including State Bank of India , Bank of Baroda and ICICI Bank lowered their MCLR ( Marginal Cost of Fund Based Lending Rate ) in July 2019 for the one year maturity .

Among the public sector banks , Andhra Bank , Punjab & Sind Bank & Oriental Bank of Commerce reduced their MLCR to 8.70 % from 8.75 % , Bank of Baroda & Canara Bank to 8.60 % from 8.7 % , Bank of India , Syndicate Bank & Indian Bank from 8.65 % to 8.6 % , State Bank of India & Punjab National Bank to 8.40 % from 8.45 % , Bank of Maharashtra to 8.6 % from 8.7 % , United Bank of India to 8.7 % from 8.75 %and Union Bank of India to 8.55 % from 8.6 % .

Among the private sector banks , Axis Bank reduced its MLCR to 8.65 % from 8.7 % , ICICI Bank to 8.65 % from 8.75 % , Indusind Bank to 9.70 % from 9.75 % , Karur Vysya Bank from 9.65 % to 9.55 % , , Kotak Mahindra Bank to 8.85 % from 8.9 % , Lakshmi Vilas Bank to 9.85 % from 10.00 % and Nainital Bank to 8.45 % from 8.5 % .

For MCLR chart released by RBI , CLICK HERE

SBI CUTS RETAIL DEPOSIT INTEREST RATES ACROSS TENURES

Dated 29.07.2019 : The Public sector lender State Bank of India reduced its Retail deposit rates for deposits up to Rs 2 crore only for Domestic depositors for all periods effective from 01.08.2019 .

For period 7 days up to 45 days . interest rate is reduced by 0. 75 % from 5.75 % to 5.0 % and from 6.25 % to
5.5 % for senior citizens . For period 46 days up to 179 days . interest rate is reduced by 0. 50 % from 6.25 % to 5.75 % and from 6.75 % to 6.25 % for senior citizens . For period 180 days up to 210 days . interest rate is reduced by 0. 10 % from 6.35 % to 6.25 % and from 6.85 % to 6.75 % for senior citizens .For period 180 days up to 210 days . interest rate is reduced by 0. 10 % from 6.35 % to 6.25 % and from 6.85 % to 6.75 % for senior citizens . For period 211 days up to less than 1 year . interest rate is reduced by 0. 15 % from 6.40 % to 6.25 % and from 6.9 % to 6.75 % for senior citizens .

For period 1 year up to 2 years effective from 01.08.2019 , reduction is is 0.20 % from 7.0 % to 6.8 % and from 7.5 % to 7.3 % for senior citizens . For period 2 year up to less than 3 years , reduction is is 0.05 % % from 6.75 % to 6.7 % and from 7.25 % to 7.2 % for senior citizens . The interest rate for deposits up to 2 crore for 3 year period to less than 5 years period is decreased to 6. 60% from existing 6.70 % pa for general public while it is decreased to 7.10 % from existing 7.20 % for senior citizens . The interest rate for 5 year period to 10 years period is decreased to 6. 50% from existing 6.60 % pa for general public while it is decreased to 7.00 % from existing 7.10 % for senior citizens .

LENDING RATES ON DOWNWARD PATH : RBI DATA

Dated 18.07.2019 : As per data released by Reserve Bank of India on 17.07.2019 , many of the Indian public sector and private sector banks lowered their MCLR ( Marginal Cost of Fund Based Lending Rate ) in June 2019 for the one year maturity . But many Foreign banks raised their MLCR for the same period .

Among the public sector banks , Allahabad Bank reduced its MLCR to 8.55 % from 8.6 % , Bank of India to 8.65 % from 8.7 % , Bank of Maharashtra to 8.6 % from 8.7 % , Corporation Bank to 8.85 % from 8.9 % , Oriental Bank of Commerce to 8.7 % from 8.75 % and United Bank of India to 8.75 % from 8.8 % .

Among the private sector banks , Axis Bank reduced its MLCR to 8.7 % from 8.8 % , IDBI Bank to 8.95 % from 9 % , Indusind Bank to 9.75 % from 9.85 % , Jammu & Kashmir Bank to 8.85 % from 8.95 % , Lakshmi Vilas Bank to 10 % from 10.05 % and RBL Bank to 10.10 % from 10.15 % .

For MCLR chart released by RBI , CLICK HERE

NEWS ALERT DATED 10.07.2019 :    SBI FURTHER CUTS MCLR BY 0.05 %

  Public Sector Lender  State Bank of India reduced its advances rates by 0.05 % for all tenors of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 10.07.2019 . Now the maximum MCLR is at 8.60 % for maturity of 3 years .
Earlier on 10.04.2019 & 10.05.2019 , the bank had cut MCLR by 0.05 % each time across various maturities .

For MCLR chart , CLICK HERE

NEWS ALERT DATED 01.07.2019 : ICICI BANK REDUCES MCLR BY 0.10 %

Private Sector Lender ICICI Bank reduced its advances rates by 0.10% for various maturities of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 01.07.209 . Now the maximum MCLR is at 8.65 % for maturity of 1 year . For ICICI Bank latest MCLR chart , CLICK HERE

SMALL SAVINGS TERM INTEREST RATES REDUCED 0.10 % ACROSS THE BOARD FOR THE NEXT QUARTER

DATED 29.06.2019  : Interest rates on various small savings schemes are reduced by 0.10 % pa by the Government of India for the quarter July 2019 to September 2019 .

The Public Provident Fund will now fetch interest of 7.9 % pa , Kisan Vikas Patra ( KVP ) at 7.6 % . The 5 Year National savings Certificates ( NSC ) will carry interest of 7.9 % . The Sukanya Samruddhi Account will carry interest of 8.4 % and Senior Citizen Scheme at 8.6 % pa .

The term deposits for period 1 to 3 years will fetch interest rate of 6.9 % , 5 year term deposit at 7.6 % and 5 year Recurring Deposit at 7.2 % .

However savings bank accounts will continue to earn 4 %

  For office memorandum of Department of Economic Affairs dated 28.06.2019   CLICK HERE

NEWS ALERT DATED 08.06.2019 :    MAHABANK CUTS MCLR BY 0.10 %

  Public Sector Lender Bank of Maharashtra    reduced its advances rates by 0.10 % for one year maturity of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 07.06.2019 . Now the MCLR is at 8.60 % for maturity of one year .

Bank of Maharashtra is the first bank to reduced its MCLR after Reserve Bank of India announced cut of 0.25% in its Repo rates on 06.06.2019

For MCLR chart , CLICK HERE

SB ACCOUNTS ABOVE RS 1 LAKH WITH SBI NOW FETCHES 3 %PA ONLY

Dated 07.06.2019 : With RBI announcement of lowering of Repo Rate by 0.25 % , Savings bank account holders of State Bank of India will now get lower interest rate of 3 % pa only for their accounts held with balance of Rs 1 lakh as interest paid to them is 2.75 % below the RBI's Repo rate .

Similarly interest rate levied on cash credit and overdraft accounts with limits of over Rs 1 lakh will be reduced by 0.25% and the base rate will work out 8% ( 2.25 % above the RBI's Repo rate ) . Borrowers have to pay additional Risk premiums over and above this floor rate based on the risk profile of the respective borrowers .

NEWS ALERT DATED 06.06.2019 :   REPO RATE REDUCED BY 0.25 % AND STANCE CHANGED TO ACCOMMODATIVE

The Monetary Policy Committee ( MPC ) of the Reserve Bank of India headed by Mr Shakthikanta Das , Governor of Reserve Bank of India in their policy review today lowered Repo rate by 0.25 % to 5.75 % from existing 6 % . The Reverse repo rate is lowered to 5.50% . Marginal Standing Facility ( MSF ) and Bank rate also lowered by 0.25 % to 6.00 % .

RBI press release says " These decisions of RBI are in consonance with the objective of achieving the medium-term target for  consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting  growth."

All members of the MPC (Dr. Chetan Ghate, Dr. Pami Dua, Dr. Ravindra H. Dholakia, Dr. Michael Debabrata Patra, Dr. Viral V. Acharya and Shri Shaktikanta Das) unanimously decided to reduce the policy repo rate by 25 basis and change the stance of monetary policy from neutral to accommodative.

The MPC also lowered growth ( GDP ) forecast to 7.00 % from earlier forecast of 7.2 % , keeping in view of the present economic scenario .

This Rate cut is is the third time RBI is resorting in the current year

FOR RBI PRESS RELEASE DATED 06.06.2019  ,     CLICK HERE

WHAT IS NEW ON PLAN N PROGRESS ?

SBI HIKES RETAIL DEPOSIT INTEREST RATES BY 0.20 % FOR PERIODS 1 YEAR TO 2 YEARS

Dated 28.05.2019 : The Public sector lender State Bank of India slightly hiked its Retail deposit rates for deposits up to Rs 2 crore only for Domestic depositors for select periods effective from 09.05.2019 . For period 1 year up to 2 years effective from 09.05.2019 , increase is 0.20 % from 6.8% to 7.0 % and from 7.3 % to 7.5 for senior citizen . But there is a reduction of interest from 6.8 % to 6.75 % for deposits for the period of 2 and above up to 3 years .

The interest rate for deposits up to 2 crore for 3 year period to 5 years period is decreased to 6. 70% from existing 6.80 % pa for general public while it is decreased to 7.20 % from existing 7.30 % for senior citizens .

For complete chart of applicable deposit interest rates , CLICK HERE

NEWS ALERT DATED 10.05.2019 :    SBI FURTHER CUTS MCLR BY 0.05 %

  Public Sector Lender  State Bank of India reduced its advances rates by 0.05 % for all tenors of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 10.05.2019 . Now the maximum MCLR is at 8.65 % for maturity of 3 years .
Earlier on 10.04.2019 , the bank had cut MCLR by 0.05 % across various maturities .

For MCLR chart , CLICK HERE

NEWS ALERT DATED 10.04.2019 :    IOB ALSO CUTS MCLR BY 0.05 %

  Public Sector Lender  Indian Overseas Bank , headquartered at Chennai , also reduced its advances rates by 0.05 % for various maturities of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 10.04.2019 . Now the maximum MCLR is at 8.85 % for maturity of 3 years .

For MCLR chart , CLICK HERE

NEWS ALERT DATED 10.04.2019 :    SBI CUTS MCLR BY 0.05 %

  Public Sector Lender  State Bank of India reduced its advances rates by 0.05 % for various maturities of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 10.04.2019 . Now the maximum MCLR is at 8.70 % for maturity of 3 years .
Earlier on 10.12.2018 , the bank had raised MCLR by 0.05 % across all maturities .
For MCLR chart , CLICK HERE

NEWS ALERT DATED 04.04.2019 :   REPO RATE REDUCED BY 0.25 % AND STANCE REMAINS NEUTRAL

The Monetary Policy Committee ( MPC ) of the Reserve Bank of India headed by Mr Shakthikanta Das , Governor of Reserve Bank of India in their policy review today lowered Repo rate by 0.25 % to 6.00 % from existing 6.25 % . The Reverse repo rate is lowered to 5.75 % . Marginal Standing Facility ( MSF ) and Bank rate also lowered by 0.25 % to 6.25 % .

RBI press release says " These decisions of RBI are in consonance with the objective of achieving the medium-term target for  consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting  growth."

Members , Dr. Pami Dua, Dr. Ravindra H. Dholakia, Dr. Michael Debabrata Patra and Shri Shaktikanta Das voted in favour of the decision to reduce the policy repo rate by 25 basis points. Members Dr. Chetan Ghate and Dr. Viral V. Acharya voted to keep the policy rate unchanged.

Members Dr. Chetan Ghate, Dr. Pami Dua, Dr. Michael Debabrata Patra, Dr. Viral V. Acharya and Shri  Shaktikanta Das voted in favour of the decision to maintain the neutral stance of monetary policy. Member Dr. Ravindra H. Dholakia voted to change the stance from neutral to accommodative.

This Rate cut is is the second time RBI is resorting in the current year

FOR RBI PRESS RELEASE DATED 04.04.2019  ,     CLICK HERE

NEWS ALERT DATED 03.04.2019 : ICICI BANK REDUCES MCLR BY 0.05 %

Private Sector Lender ICICI Bank reduced its advances rates by 0.05 % for various maturities of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 01.04.209 . Now the maximum MCLR is at 8.75 % for maturity of 1 year . For ICICI Bank latest MCLR chart , CLICK HERE

SMALL SAVINGS TERM INTEREST RATES REMAIN UNCHANGED FOR THE NEXT QUARTER

DATED 30.03.2019  : Interest rates on various small savings schemes is kept unchanged by the Government of India for the quarter April 2019 to June 2019 .

The Public Provident Fund will continue to fetch interest of 8.0 % pa , Kisan Vikas Patra ( KVP ) at 7.7 % . The 5 Year National savings Certificates ( NSC ) will continue to carry interest of 8.0 % . The Sukanya Samruddhi Account will continue to carry interest of 8.5 % and Senior Citizen Scheme at 8.7 % pa .

The term deposits for period 1 to 3 years will continue to fetch uniform interest rate of 7 % , 5 year term deposit at 7.8 % and 5 year Recurring Deposit at 7.3 %

  For office memorandum of Department of Economic Affairs dated 31.12.2018   CLICK HERE

SBI LINKS ITS SB INTEREST RATE ABOVE RS 1 LAKH TO REPO : FIRST BY AN INDIAN BANKER

Dated 10.03.2019 : For the first time in Indian banking history , State bank of India , the leading public sector bank announced its decision to link the interest rate on its savings bank account customers to the prevailing Repo rate announced by reserve Bank of India ( RBI ) . Similarly its lending rates on cash credits and overdrafts with limits above Rs 1 lakh will also be linked to Repo rate . The decision will be implemented From 1st , May 2019 .

Actual interest rate on savings bank accounts with balance of Rs 1 lakh or above will be 2.75 % below the RBI's Repo rate and interest rate levied on cash credit and overdraft accounts with limits of over Rs 1 lakh will be 2.25 % above the RBI's Repo rate . Borrowers have to pay additional Risk premiums over and above this floor rate based on the risk profile of the respective borrowers .

At the present Repo rate of 6.25 % , SB interest rate will work out to be 3.5 % only and base overdraft rate will work out to be 8.5 % .

The move is expected to be followed other banks , especially public sector banks and will smoothen transmission of RBI interest policy changes to banking customers faster .

NEWS ALERT DATED 07.02.2019 : REPO RATE REDUCED BY 0.25 % AND STANCE CHANGED TO NEUTRAL

The Monetary Policy Committee ( MPC ) of the Reserve Bank of India headed by Mr Shakthikanta Das , Governor of Reserve Bank of India in their policy review today lowered Repo rate by 0.25 % to 6.25 % from existing 6.5 % . The Reverse repo rate is lowered to 6.00 % . Marginal Standing Facility ( MSF ) and Bank rate also lowered by 0.25 % to 6.50 % .

RBI statement says that the MPC also decided to change the stance of calibrated tightening of monetary policy to neutral . However overall aim to keep the Retail inflation at 4 % with a band of + / - 2 % continues .

The decision to change the monetary policy stance was unanimous. As regards the reduction in the policy repo rate, Dr. Ravindra H. Dholakia, Dr. Pami Dua, Dr. Michael Debabrata Patra and Shri Shaktikanta Das voted in favour of the decision. Dr. Chetan Ghate and Dr. Viral V. Acharya voted to keep the policy rate unchanged. The MPC reiterates its commitment to achieving the medium-term target for headline inflation of 4 per cent on a durable basis. The minutes of the MPC’s meeting will be published by February 21, 2019.

FOR RBI PRESS RELEASE DATED 07.02.2019 , CLICK HERE

SMALL SAVINGS TERM DEPOSIT INTEREST RATES MADE UNIFORM FOR 1 TO 3 YEARS
NEWS ALERT DATED 05.01.2019 :

Interest rates on various small savings schemes is kept unchanged by the Government of India for the quarter January 2019 to March 2019 except for term deposits between 1 to 3 years . Now the term deposts for period 1 to 3 years will fetch uniform interest rate of 7 % for the quarter January 2019 to March 2019 . Earlier one year deposits were getting you 6.9 % while 3 year deposit was at 7.2 % .

All other small savings deposit rates are kept unchanged . The Public Provident Fund will continue to fetch interest of 8.0 % pa , Kisan Vikas Patra ( KVP ) at 7.7 % . The 5 Year National savings Certificates ( NSC ) will continue to carry interest of 8.0 % . The Sukanya Samruddhi Account will continue to carry interest of 8.5 % and Senior Citizen Scheme at 8.7 % pa .

For Press Notification of Ministry of Economic Affairs dated 31.12.2018 CLICK HERE

NEWS ALERT DATED 11.12.2018 : SBI HIKES MCLR BY 0.05 %

Public Sector Lender State Bank of India hiked its advances rates by 0.05 % for various maturities of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 10.12.2018 . Now the maximum MCLR is at 8.75 % for maturity of 3 years . For MCLR chart , CLICK HERE

NEWS ALERT DATED 05.12.2018 : REPO RATE KEPT UNCHANGED

The Monetary Policy Committee ( MPC ) of the Reserve Bank of India headed by Dr Urjit Patel , Governor of Reserve Bank of India in their policy review today kept Repo rate unchanged at 6.5 % . The Reverse repo rate is kept unchanged at 6.25 % . Marginal Standing Facility ( MSF ) and Bank rate continue at 6.75 % .

However Reserve Bank of India advised , as per a statement released today that the requirement of SLR ( Statutory Liquidity Ratio ) will be reduced by 25 basis points every quarter begining from the Jan- March quarter of 2019 till SLR reaches 18 % . presently the required SLR stands at 19.5 % .

RBI statement says the decision is in consistence with the stance of calibrated tightening of monetary policy to keep the Retail inflation at 4 % with a band of + / - 2 % .

FOR RBI PRESS RELEASE DATED 05.12.2018 , CLICK HERE and CLICK HERE

SBI HIKES RETAIL DEPOSIT INTEREST RATES BY 0.10 % FOR PERIODS 1 YEAR TO 2 YEARS

Dated 29.11.2018 : The Public sector lender State Bank of India slightly hiked its Retail deposit rates for deposits up to Rs 1 crore only between 0.05 % to 0.10 % for Domestic depositors for select periods effective from 28.11.2018 . For period 1 year up to 2 years effective from 28.11.2018 , increase is just 0.10 % and for deposits for the period of 2 and above , the hike is just 0.05 % . Other retail interest rates for shorter are kept unchanged .

The interest rate for deposits up to 1 crore for 1 year period to 2 years period is increased to 6. 80% from existing 6.70 % pa for general public while it is increased to 7.30 % from existing 7.20 % for senior citizens . For similar deposits for period 2 years to 3 years , interest rates enhanced to 6.80 % from 6.75 % ( Senior citizens 7.30 % from 7.25 % ) . For all other periods , interest rates remain same for retail depositors .

For complete chart of applicable deposit interest rates , CLICK HERE

NOW SENIOR CITIZENS CAN GET 8 % INTEREST FROM ICICI BANK FOR RETAIL DEPOSITS

Dated 15.11.2018 : Leading Private Banker ICICI Bank has raised up to 0.25 % interest rates on some tenors for deposits with effective from 15.11.2018 . Now with this hike , Senior citizens can get interest 8 % pa on their deposits with ICICI Bank for tenors above 2 years to 3 years and 7. 75 % for deposit tenors between 3 years to 5 years .

Others retail depositors can get interest up to 7. 5 % pa for tenors above 2 years up to 3 years and 7.25 % pa for periods between 3 years to 5 years .

For complete chart of interest rates of ICICI Bank , CLICK HERE

However Senior Savings Scheme of Government of India is still highest payer of interest of 8.7 % for a period of 5 years .

ADVANCE RATES HIKED BY SYNDICATE BANK

Dated 10.11.2018 : Public sector lender Syndicate Bank hiked their advances rates MLCR for 6 month tenure by 0.15 % to 8.75 % and by 0.05 % for 3 month tenure to 8.40 % with effect from 10 .11.2018 . It has kept its MCLR ( Marginal Cost of Fund Based Lending Rate ) rates for other tenures unchanged .
( Source : Economic Times )

ADVANCE RATES HIKED BY BANK OF BARODA

Dated 08.11.2018 : Public sector lender Bank of Baroda hiked their advances rates by 0.10 % only with effect from 07.11.2018 . It raised its MCLR ( Marginal Cost of Fund Based Lending Rate ) rates to maximum of 8.65 % for a maturity of one year while raising 6 months MCLR to 8.5 %

For MCLR rates of Bank of Baroda for various periods , CLICK HERE

NOW SENIOR CITIZENS CAN GET 7.9 % INTEREST FROM HDFC BANK FOR RETAIL DEPOSITS

Dated 08.11.2018 : Leading Private Banker HDFC Bank has raised up to 0.5 % interest rates on various tenors for deposits with effective from 06.11.2018 . Now with this hike , Senior citizens can get interest 7.9 % pa on their deposits with HDFC Bank for tenors above 2 years to 3 years and 7.8 % for deposit tenors between 1 to 2 years . However large senior depositors can get up to 8 % for periods 1 to 3 years for their deposits above Rs 1 crore up to Rs 5 crores .

Others retail depositors can get interest up to 7.4 % pa for tenors above 2 years up to 3 years and 7.3 % pa for periods between 1 year to 2 years .

For complete chart of interest rates of HDFC Bank , CLICK HERE

NEWS ALERT DATED 05.10.2018 :   REPO RATE KEPT UNCHANGED

THE MONETARY POLICY COMMITTEE (MPC) OF THE RESERVE BANK OF INDIA (RBI) , HEADED BY DR URJIT PATEL , GOVERNOR OF RESERVE BANK OF INDIA IN THEIR POLICY REVIEW TODAY KEPT REPO RATE UNCHANGED AT 6.50 %   . THE REVERSE REPO RATE IS UNCHANGED AT 6.25 % .  MARGINAL STANDING FACILITY ( MSF ) AND BANK RATE CONTINUES AT 6.75 % .

RBI statement says the decision is in consistence with the stance of calibrated tightening of monetary policy to keep the Retail inflation at 4 % with a band of + / - 2 % .

FOR RBI PRESS RELEASE DATED 05.10.2018  ,     CLICK HERE

SMALL SAVINGS INTEREST HIKED FOR QUARTER OCTOBER 2018 TO DECEMBER 2018 BY 0.40 %

NEWS ALERT DATED 20.09.2018 :

Interest rates on various small savings schemes is hiked 0.40% by government of India for the quarter October 2018 to December 2018 . The Public Provident Fund will fetch interest of 8.0 % pa against present 7.6 % . Kisan Vikas Patra ( KVP ) will earn interest of 7.7 % ( present 7.3 % ) . The 5 Year National savings Certificates ( NSC ) will carry interest of 8.0 % against 7.6% pa present . The Sukanya Samruddhi Account will fetch interest of 8.5 % ( present 8.1 % pa ) . Senior Citizen Scheme carry 8.7 % pa against 8.3 % pa present .

For Press Notification of Ministry of Economic Affairs dated 19.09.2018 CLICK HERE

ARTICLES ON

SMALL FINANCE BANKS     PAYMENT BANKS

UNIFIED PAYMENT INTERFACE     BHARAT BILL PAYMENT SYSTEM

  BHIM APP    AADHAR

e-INSURANCE Account ( eIA )     SWIFT

NEWS ALERT DATED 06.09.2018 : ADVANCE RATES HIKED BY VARIOUS BANKS

State Bank of India hiked its advances rates by 0.20 % for various maturities of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 01.09.2018 . Now the maximum MCLR is at 8.65 % for maturity of 3 years . For MCLR chart , CLICK HERE

Another Public sector lender Bank of Baroda hiked their advances rates by 0.05 % only with effect from 07.09.2018 . A major private lender ICICI Bank also raised its MCLR rates to maximum of 8.55 % for a maturity of 0ne year with effective from 01.09.2018

NEWS ALERT DATED 01.08.2018 :   REPO RATE HIKED
THE MONETARY POLICY COMMITTEE (MPC) OF THE RESERVE BANK OF INDIA (RBI) , HEADED BY DR URJIT PATEL , GOVERNOR OF RESERVE BANK OF INDIA IN THEIR POLICY REVIEW TODAY HIKED REPO RATE BY 0.25 % TO 6.50 %   FROM 6 .25 % PRESENT . THE REVERSE REPO RATE IS NOW AT 6.25 % .  MARGINAL STANDING FACILITY ( MSF ) AND BANK RATE HIKED TO 6.75 % .

Reserve Bank of India Press Release says that the MPC continues to have neutral stance on the state of economy with a target to keep CPI ( Consumer Price Index ) at 4 % within the band of plus or minus 2 % .
FOR RBI PRESS RELEASE DATED 01.08.2018  ,   CLICK HERE

SBI HIKES RETAIL DEPOSIT INTEREST RATES FOR PERIODS 1 AND ABOVE

Dated 31.07.2018 : The Public sector lender State Bank of India slightly hiked its Retail deposit rates for deposits up to Rs 1 crore only between 0.05 % to 0.10 % for Domestic depositors for select periods effective from 30.07.2018 . For period 1 year up to 2 years effective from 30.07.2018 , increase is just 0.05 % and for deposits for the period of 2 and above , the hike is 0.10 % . Other retail interest rates for shorter are kept unchanged .

The interest rate for deposits up to 1 crore for 1 year period to 2 years period is increased to 6.70 % from existing 6.65 % pa for general public while it is increased to 7.20 % from existing 7.15 % for senior citizens . For similar deposits for period 2 years to 3 years , interest rates enhanced to 6.75 % from 6.65 % ( Senior citizens 7.25 % from 7.15 % ) . For deposits for period 3 years to 5 years , interest rates enhanced to 6.80 % from 6.70 % ( Senior citizens 7. 30 % from 7.20 % ) . For deposits for period 5 years to 10 years , interest rates enhanced to 6.85 % from 6.75 % ( Senior citizens 7. 35 % from 7.25 % ) .

However for amounts exceeding 1 crore , the new interest rates are mixed bag with hike for some tenure and reduction for others . While deposits for tenure up to 2 years carry lesser interest rate than before , the deposits for 3 years and above carry higher interest rates . Status quo for deposits between 2 to 3 years . Deposits for period of 46 days to 179 days have a drastic cut of 0.45 % while interest rates for 5 years and above is hiked by 0.60 % .

For complete chart of applicable deposit interest rates , CLICK HERE

SMALL SAVINGS INTEREST KEPT UNCHANGED FOR QUARTER JULY TO SEPTEMBER 2018

NEWS ALERT DATED 02.07.2018 :

Interest rates on various small savings schemes is kept unchanged by government of India for the quarter July to September 2018 . The Public Provident Fund will continue to fetch interest of 7.6% pa . Kisan Vikas Patra ( KVP ) is earning interest of 7.3 % . The 5 Year National savings Certificates ( NSC ) will continue to carry interest of 7.6% pa . The Sukanya Samruddhi Account is fetching interest of 8.1 % pa . Senior Citizen Scheme will continue to carry 8.3 % pa as hither to .

NEWS ALERT DATED 06.06.2018 :   REPO RATE HIKED
THE MONETARY POLICY COMMITTEE (MPC) OF THE RESERVE BANK OF INDIA (RBI) , HEADED BY DR URJIT PATEL , GOVERNOR OF RESERVE BANK OF INDIA IN THEIR POLICY REVIEW TODAY HIKED REPO RATE BY 0.25 % TO 6.25 %   FROM 6 % PRESENT . THE REVERSE REPO RATE IS NOW AT 6 % .  MARGINAL STANDING FACILITY ( MSF ) AND BANK RATE HIKED TO 6.5 % .

Reserve Bank of India Press Release says that the MPC continues to have neutral stance on the state of economy with a target to keep CPI ( Consumer Price Index ) at 4 % within the band of plus or minus 2 % .
FOR RBI PRESS RELEASE DATED 06.06.2018  ,   CLICK HERE

BANKS HIKE LOAN INTEREST RATES

Dated 02.06.2018 : Ahead of RBI'S Monetary policy committee anouncement on Repo Rates , scheduled on June 6, 2018 ,many leading banks including State Bank of India , Punjab National Bank , Kotak Mahindra Bank , HDFC Bank announced an increase of 0.10 % in their MCLR ( Marginal Cost based Lending Rates ) .

MCLR are the minimum lending rates below which they will not be allowed to lend . Most of retail loans like home loans , car loans and personal loans are based on MCLR rates .

Now the new MCLR of SBI is 7.9 % upto 1 month , 7.95 % for 3 months , 8.10 % for 6 months , 8.25 % for 1 year , 8.35 % for 2 years and 8.45 % for 3 years .

New MCLR of HDFC Bank is 7.95 % upto 1 month , 8 % for 3 months , 8.15 % for 6 months , 8.30 % for 1 year , 8.45 % for 2 years and 8.60 % for 3 years .

New MCLR of Punjab National Bank is 7.8% for overnight , 7.95 % upto 1 month , 8.10 % for 3 months , 8.30 % for 6 months , 8.40 % for 1 year , 8.55 % for 3 years and 8.70 % for 5 years .

SBI HIKES DEPOSIT INTEREST RATES FOR PERIODS 1 TO 3 YEARS

Dated 01.06.2018 : The Public sector lender State Bank of India hiked its deposit rates up to 0.25 % for Domestic depositors for deposits up to for the period 1 year up to 2 years effective from 28.05.2018 . Increase is just 0.05 % for deposits for the period of 2 to 3 years , that too only for depositors up to Rs 1 crore . Other interest rates are kept unchanged .

The interest rate for deposits up to 1 crore for 1 year period to 2 years period is increased to 6.65 % from existing 6.40 % pa for general public while it is increased to 7.15 % from existing 6.90 % for senior citizens . For similar deposits for period 2 years to 3 years , interest rates enhanced to 6.65 % from 6.60 % ( Senior citizens 7.15 % from 7.10 % ) . For amounts exceeding 1 crore , the new interest rates are 7% ( 7.50 % for senior citizens ) for periods 1 to 2 years .

NEWS ALERT DATED 05.04.2018 :   REPO RATE KEPT UNCHANGED
THE MONETARY POLICY COMMITTEE (MPC) OF THE RESERVE BANK OF INDIA (RBI) , HEADED BY DR URJIT PATEL , GOVERNOR OF RESERVE BANK OF INDIA IN THEIR POLICY REVIEW TODAY HAVE LEFT   REPO RATE UNCHANGED AT 6 % . THE REVERSE REPO RATE IS LEFT AT 5.75 % .  MARGINAL STANDING FACILITY ( MSF ) AND BANK RATE REMAIN AT 6.25 % .

All committee members except Mr Patra voted for the status quo while Mr Patra voted for a rate hike of 0.25 % .

The committee is maintaining neutral stance of monetary policy and wants inflation to be pegged to 4 % with in a band of +/- 2 % while supporting growth .The stance taken by MPC is in line with market expectations .

FOR RBI PRESS RELEASE DATED 05.04.2018  ,   CLICK HERE

SMALL SAVINGS INTEREST KEPT UNCHANGED FOR QUARTER APRIL TO JUNE 2018

NEWS ALERT DATED 02.04.2018 :

Interest rates on various small savings schemes is kept unchanged by government of India for the quarter January to March 2018 . The Public Provident Fund will continue to fetch interest of 7.6% pa . Kisan Vikas Patra ( KVP ) is earning interest of 7.3 % . The 5 Year National savings Certificates ( NSC ) will continue to carry interest of 7.6% pa . The Sukanya Samruddhi Account is fetching interest of 8.1 % pa . Senior Citizen Scheme will continue to carry 8.3 % pa as hither to .

SBI HIKES DEPOSIT INTEREST RATES

Dated 29.03.2018 : The Public sector lender State Bank of India hiked its deposit rates up to 0.25 % for various categories of depositors effective from 28.03.2018 . The interest rate hike is mainly on deposits with medium term maturity of 2 years and more for small depositors up to Rs 1 crore . For others , hike is for period between 1 year to 2 years . For complete chart of applicable deposit interest rates , CLICK HERE

SBI HIKES BOTH DEPOSIT AND ADVANCES RATES

Dated 01.03.2018 : The Public sector lender State Bank of India hiked its deposit rates from 0.1 % to 0.75 % for various categories of depositors effective from 28.02.2018 . For the retail depositors who deposit less than Rs 1.00 crore maximum hike is only 0.5 % for the term deposits between 2 years to 10 years and also for very short term deposits less than 45 days and above 7 days . For deposits of senior citizens between 2 to 10 years , interest is hiked to 7 % pa from existing 6.5 % , while for others it is 6.5 % from earlier 6 % pa . For complete chart of applicable deposit interest rates , CLICK HERE

Similarly State Bank of India hiked its advances rates from 0.1 % to 0.25 % for various maturities of MCLR ( Marginal Cost of Fund Based Lending Rate ) effective from 01.03.2018 . Now the maximum MCLR is at 8.35 % for maturity of 3 years . For MCLR chart , CLICK HERE

EPF RATE REDUCED TO 8.55%

Dated 22.02.2018 : The Central Board of Trustees of Employees Provident Fund ( EPF ) Organisation have decided to recommend to finance ministry to reduce interet rate to 8.55% pa from the present 8.65 % pa for the year 2017-18 . Finance ministry will have to approve the move before it is implemented . The move will effect 6 crore employees who are the members of EPFO .

NEWS ALERT DATED 07.02.2018 :   REPO RATE
THE MONETARY POLICY COMMITTEE (MPC) OF THE RESERVE BANK OF INDIA (RBI) , HEADED BY DR URJIT PATEL , GOVERNOR OF RESERVE BANK OF INDIA IN THEIR POLICY REVIEW TODAY HAVE LEFT   REPO RATE UNCHANGED AT 6 % . THE REVERSE REPO RATE IS LEFT AT 5.75 % . MARGINAL STANDING FACILITY ( MSF ) AND BANK RATE REMAIN AT 6.25 %

The committee is maintaining neutral stance of monetary policy and wants inflation to be pegged to 4 % with in a band of +/- 2 % while supporting growth .The stance taken by MPC is in line with market expectations .

FOR RBI PRESS RELEASE DATED 07.02.2018  , CLICK HERE

SMALL SAVINGS INTEREST REDUCED BY 0.2% PA
NEWS ALERT DATED 28.12.2017 :
Interest rates on various small savings schemes is reduced by 0.2 % pa except for Senior Citizens Scheme for the quarter January to March 2018 . The Public Provident Fund will fetch interest of 7.6% pa against 7.8 pa earlier . Kisan Vikas Patra ( KVP ) will earn interest of 7.3 % against 7.5 % now . The 5Year National savings Certificates ( NSC ) will carry interest of 7.6% pa against 7.8 % pa now . The Sukanya Samruddhi Account fetches interest of 8.1 % pa against 8.3 % now .

However Senior Citizen Scheme will continue to carry 8.3 % pa as hither to

For Press Notification of Ministry of Economic Affairs dated 27.1.2.2017 , CLICK HERE

NEWS ALERT DATED 06.12.2017 :   REPO RATE
THE MONETARY POLICY COMMITTEE (MPC) OF THE RESERVE BANK OF INDIA (RBI) , HEADED BY DR URJIT PATEL , GOVERNOR OF RESERVE BANK OF INDIA IN THEIR POLICY REVIEW TODAY HAVE LEFT   REPO RATE UNCHANGED AT 6 % . THE REVERSE REPO RATE IS LEFT AT 5.75 % . MARGINAL STANDING FACILITY ( MSF ) AND BANK RATE REMAIN AT 6.25 %

All committee members except Mr Ravindra . Dholakia voted for the status quo while Mr Dholakia voted for a rate cut of 0.25 % .

The stance taken by MPC is in line with market expectations .

FOR RBI PRESS RELEASE DATED 06.12.2017  , CLICK HERE

NEWS ALERT DATED 04.10.2017 :   REPO RATE
THE MONETARY POLICY COMMITTEE (MPC) OF THE RESERVE BANK OF INDIA (RBI) , HEADED BY DR URJIT PATEL , GOVERNOR OF RESERVE BANK OF INDIA IN THEIR POLICY REVIEW TODAY HAVE LEFT   REPO RATE UNCHANGED AT 6 % . THE REVERSE REPO RATE IS LEFT AT 5.75 % . HOWEVER STATUTORY LIQUIDITY RATIO ( SLR ) IS REDUCED TO 19.50 .

FOR RBI PRESS RELEASE DATED 04.10.2017  , CLICK HERE

SMALL SAVINGS INTEREST UNCHANGED
NEWS ALERT DATED 01.10.2017 :
INTEREST RATES ON VARIOUS SMALL SAVING SCHEMES HAVE BEEN KEPT UNCHANGED FOR THE OCTOBER - DECEMBER QUARTER OF 2017-18 . THE PUBLIC PROVIDENT FUND WILL CONTINUE TO GET INTEREST RATE OF 7.8 % DURING QUARTER OCT - DECEMBER 2017 . INTEREST RATE ON KISAN VIKAS PATRA CONTINUES AT 7.5 PER CENT . THE RATE OF INTEREST FOR 5 YEARS SENIOR CITIZENS SAVINGS SCHEME AND 5 YEAR NATIONAL SAVINGS CERTIFICATES CONTINUE 8.3 PERCENT AND 7.8 PER CENT RESPECTIVELY . THE SUKANYA SAMRIDDHI ACCOUNT SCHEME FETCHES INTEREST AT 8.3 PERCENT .

NEWS ALERT DATED 02.08.2017 : REPO RATE
THE MONETARY POLICY COMMITTEE (MPC) OF THE RESERVE BANK OF INDIA (RBI) , HEADED BY DR URJIT PATEL , GOVERNOR OF RESERVE BANK OF INDIA IN THEIR POLICY REVIEW TODAY HAVE CUT REPO RATE BY 25 BASIS POINTS ( 0.25 % ) TO 6 % FROM 6.25 % . THE REVERSE REPO RATE IS CUT TO 5.75 % FROM 6 % . MSF AND BANK RATES IS REDUCED TO 6.25 % FROM 6.5 % .

FOR RBI PRESS RELEASE DATED 02.08.2017 , CLICK HERE

SYNDICATE BANK REDUCES SB INTEREST RATES

Dated 29.09.2017 : Public Sector bank , Syndicate Bank reduced its savings bank interest rate to 3.5 % from 4 % pa to the account holders who maintain a balance of less than Rs 25 lakhs with effect from 10.10.2017 . Others continue to get 4 % pa .

PUNJAB NATIONAL BANK REDUCES SB INTEREST RATES

Dated 22.08.2017 : Public Sector bank , Punjab National Bank reduced its savings bank interest rate to 3.5 % from 4 % pa to the account holders who maintain a balance of less than Rs 50 lakhs . Others continue to get 4 % pa .

DENA BANK REDUCES SB INTEREST RATES

Dated 22.08.2017 : Public Sector bank , Dena Bank reduced its savings bank interest rate to 3.5 % from 4 % pa to the account holders who maintain a balance of less than Rs 25 lakhs . Others continue to get 4 % pa .

UNION BANK OF INDIA REDUCES SB INTEREST RATES

Dated 21.08.2017 : Public Sector bank , Union Bankof India reduced its savings bank interest rate to 3.5 % from 4 % pa to the account holders who maintain a balance of less than Rs 25 lakhs . Others continue to get 4 % pa .

HDFC BANK REDUCES INTEREST RATE ON MANY SB SCHEMES

Dated 17.08.2017 : Private Sector Bank , HDFC Bank reduced interest rates on most of its savings schemes to 3.5% pa from the existing 4 % . However account holders maintaining a balance of Above Rs 50 lakhs continue to enjoy 4 % pa interest rate .

YES BANK REDUCES INTEREST RATE FOR SB ACCOUNTS

Dated 16.08.2017 : Private Sector Bank , Yes Bank reduced interest rates on SB Accounts with less than Rs 1 Lakh balance to 5% pa from the existing 6 % . However account holders maintaining a balance of Above Rs 1 lakh up to Rs 1 crore continue to enjoy 6 % pa interest rate . For account holders maintaining a balance of above Rs 1 crore , interest rate is slashed to 6. 25% from the existing 6.5% pa

ICICI BANK REDUCES SB INTEREST RATE

Dated 20.08.2017 : Private Sector bank , ICICI Bank reduced , following the similar steps of Axis bank , Bank of Baroda , SBI , its savings bank interest rate effective today to 3.5 % from 4 % pa to the account holders who maintain a balance of less than Rs 50 lakhs . Others continue to get 4 % pa . The reduction comes effective from 19.08.2017

INDIAN BANK INTRODUCES TWIN SB INTEREST RATE

Dated 13.08.2017 : Public Sector bank , Indian Bank reduced , following the similar steps of Bank of Baroda , SBI , its savings bank interest rate effective today to 3.5 % from 4 % pa to the account holders who maintain a balance of less than Rs 50 lakhs . Others continue to get 4 % pa .

AXIS BANK REDUCES SB INTEREST RATE

Dated 08.08.2017 : Private Sector bank ,Axis Bank reduced , following the similar steps of Bank of Baroda , SBI , its savings bank interest rate effective today to 3.5 % from 4 % pa to the account holders who maintain a balance of less than Rs 50 lakhs . Others continue to get 4 % pa .

BANK OF BARODA REDUCES SB INTEREST RATES

Dated 05.08.2017 : Public Sector bank , Bank of Baroda reduced its savings bank interest rate effective today to 3.5 % from 4 % pa to the account holders who maintain a balance of less than Rs 50 lakhs . Others continue to get 4 % pa .

KOTAK MAHINDRA BANK REDUCES SB INTEREST RATES FOR BALANCES ABOVE 1 CRORE

Dated 04.08.2017 : Effective today , Kotak Mahindra Bank has reduced their Large Savings bank account holders who hold more than 1 crore in their accounts to 5.5 % pa from the present 6 % pa . Small customers who hold less than Rs1 lakh balnce will continue to enjoy 5 % pa interest and those holding between Rs 1 lakh to Rs 1 crore will continue to get 6 % pa interest in their savings accounts

THE FOUR TIER INTEREST STRUCTURE FOR KARNATAKA BANK SB ACCOUNTS

Dated 03.08.2017 : The private sector bank , Karnataka Bank Ltd , has introduced a four tier structure of interest rates for their savings bank account holders . Those who maintain more than Rs 1 crore balance will get an interest rate of 5 % pa while 3% pa interest will be given to those who maintain a balance of less than Rs 1.00 lakh . In between customers who maintain balance between Rs 1.00 lakh to Rs 50 lakhs will get 3.5% pa interest and for between Rs 50 lakhs to Rs 1.00 crore will continue to earn 4 % pa of interest which is hitherto given to all its savings bank customers .

For Press release of karnataka Bank Ltd Press release ,, CLICK HERE

SBI CUTS SB INTEREST RATE

Dated 31.07.2107 : State Bank of India , leading public sector bank , announced that it has cut interest rates on savings bank accounts from 4 % to 3.5 % for the accounts having balances less than 1 crore . The change comes with immediate effect

SMALL SAVINGS INTEREST REDUCED BY 01%
NEWS ALERT DATED 01.07.2017 :
INTEREST RATES ON VARIOUS SMALL SAVING SCHEMES HAVE BEEN REDUCED MARGINALLY BY 0.1 PER CENT FOR THE JULY - SEPTEMBER QUARTER OF 2017-18 , LEADING TO LOWER RETURNS ON THEM . THE PUBLIC PROVIDENT FUND WILL GET INTEREST RATE OF 7.8 % DURING QUARTER JULY - SEPTEMBER 2017 AS AGAINST 7.9 PER CENT IN THE PREVIOUS QUARTER . INTEREST RATE ON KISAN VIKAS PATRA HAS COME DOWN TO 7.5 PER CENT FROM 7.6 PER CENT . THE RATE OF INTEREST FOR 5 YEARS SENIOR CITIZENS SAVINGS SCHEME AND 5 YEAR NATIONAL SAVINGS CERTIFICATE HAS BEEN REDUCED TO 8.3 PERCENT AND 7.8 PER CENT RESPECTIVELY . THE SUKANYA SAMRIDDHI ACCOUNT SCHEME WILL NOW GET 8.3 PERCENT AGAINST 8.4 PER CENT EARLIER

For copy of Government of India , Finance Ministry Notification , CLICK HERE

BANK DEPOSITS ARE MOST PREFERRED INVESTMENT INSTRUMENT IN INDIA
NEWS ALERT DATED 06.04.2017 :
As per survey report published by Securities and Exchange Board of India ( SEBI ) , more than 95 % of Indians prefer to park their money in Bank deposits . The survey , conducted across India including urban and rural areas , listed Life Insurance as the second most popular investment avenue. Other top investment vehicles included Gold & Silver , Real estate and post office savings . Mutual Funds and Stocks investments were preferred by less than 10 % of the respondents .

Among the rural households , not even one percent invested in financial instruments and more than 98 % had any awareness about availability of Mutual Funds and Equities as an option for investment . However redeeming feature among rural households was that 95 % of respondents had bank accounts and 47 % life insurance . More than 25 % of rural respondents had their post office deposits .

The survey , conducted by M/S Nielsen , was commissioned in 2015 by SEBI , completed last year and results released now .

You may read the complete survey report by clicking on the link HERE

NEWS ALERT DATED 01.04.2017 :
INTEREST RATES ON VARIOUS SMALL SAVING SCHEMES HAVE BEEN REDUCED MARGINALLY BY 0.1 PER CENT FOR THE APRIL - JUNE QUARTER OF 2017-18 , LEADING TO LOWER RETURNS ON THEM . THE PUBLIC PROVIDENT FUND WILL GET INTEREST RATE OF 7.9 % DURING QUARTER APRIL - JUNE 2017 AS AGAINST 8 PER CENT IN THE PREVIOUS QUARTER . INTEREST RATE ON KISAN VIKAS PATRA HAS COME DOWN TO 7.6 PER CENT FROM 7.7 PER CENT . THE RATE OF INTEREST FOR 5 YEARS SENIOR CITIZENS SAVINGS SCHEME AND 5 YEAR NATIONAL SAVINGS CERTIFICATE HAS BEEN REDUCED TO 8.4 PERCENT AND 7.9 PER CENT RESPECTIVELY . THE SUKANYA SAMRIDDHI ACCOUNT SCHEME WILL NOW GET 8.4 PERCENT AGAINST 8.5 PER CENT EARLIER

NEWS ALERT DATED 30.12.2016 :
INTEREST RATES ON VARIOUS SMALL SAVINGS SCHEMES ARE KEPT UNCHANGED FOR THE PERIOD 01.01.2017 TO 31.03 .2017
FOR GOVT OF INDIA NOTIFICATION ON THE SUBJECT , CLICK HERE

NEWS ALERT DATED 30.09.2016 :
INTEREST RATES ON VARIOUS SMALL SAVING SCHEMES HAVE BEEN REDUCED MARGINALLY BY 0.1 PER CENT FOR THE OCTOBER - DECEMBER QUARTER OF 2016-17 , LEADING TO LOWER RETURNS ON THEM . THE PUBLIC PROVIDENT FUND WILL GET INTEREST RATE OF 8 % DURING QUARTER OCT-DEC 2016 AS AGAINST 8.1 PER CENT IN THE PREVIOUS QUARTER . INTEREST RATE ON KISAN VIKAS PATRA HAS COME DOWN TO 7.7 PER CENT FROM 7.8 PER CENT . THE KVP WILL NOW MATURE IN 112 MONTHS INSTEAD OF 110 MONTHS . THE RATE OF INTEREST FOR 5 YEARS SENIOR CITIZENS SAVINGS SCHEME AND 5 YEAR NATIONAL SAVINGS CERTIFICATE HAS BEEN REDUCED TO 8.5 PERCENT AND 8 PER CENT RESPECTIVELY . THE SUKANYA SAMRIDDHI ACCOUNT SCHEME WILL NOW GET 8.5 PERCENT AGAINST 8.6 PER CENT EARLIER

NEWS ALERT DATED : 19.03.2016 :
The government has lowered the rate of interest of small saving schemes from April 1 in line with the lower market rates,. The Public Provident Fund (PPF) will yield 8.1% from April 1compared with 8.7% at present. The Kisan Vikas Patra will YIELD 7.8% against 8.7% now while five-year National Savings Certificate (NSC) will FETCH an annual return of 8.1% against 8.5%. FURTHER The senior-citizens savings scheme will fetch 8.6% per annum compared to 9.3% currently, the Sukanya Samridhi Yojana will give a return of 8.6% from 9.2% at present. .THE RATES WILL NOW BE RESET EVERY QUARTER TO ALIGN THEM WITH THE MARKET RATES. THESE RATES WILL BE APPLICABLE TILL JUNE 30, 2016 ONLY

TO KNOW ABOUT VARIOUS FIXED INCOME PRODUCTS LIKE PPF , BANK FIXED DEPOSITS , NSC , KVP , CLICK HERE   .

FOR READING THE ARTICLE "TAX ON RETIREMENT BENEFITS "  , CLICK HERE

FOR TAX RATES , AND REBATES AVAILABLE FOR FY 2016-17 , CLICK HERE

PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE

FINANCIAL PLANNING FOR YOUNG  , CLICK HERE

HOW TO LINK AADHAR WITH PAN ? CLICK HERE

NEWS ALERT DATED 07.06.2017 :
THE MONETARY POLICY COMMITTEE (MPC) OF THE RESERVE BANK OF INDIA (RBI) , HEADED BY DR URJIT PATEL , GOVERNOR OF RESERVE BANK OF INDIA IN THEIR POLICY REVIEW TODAY HAVE KEPT REPO RATE UNCHANGED AT 6.25 % . THE REVERSE REPO RATE IS KEPT UNCHANGED AT 6 % . SLR ( STATUTORY LIQUIDITY RATIO ) IS REDUCED BY 50 BASIS POINTS TO 20 % .MSF RATE AND THE BANK RATE IS KEPT UNCHANGED AT 6.5% .
For RBI Press release on the subject , CLICK HERE

For Second BI- MONTHLY Statement of RBI , CLICK HERE

AMONG THE FIXED INCOME INVESTMENT , PPF AND NSC/ KVP ARE SAFEST , PPF AND NSC ARE TAX EFFICIENT UP TO CERTAIN AMOUNT , WHILE BANK DEPOSITS OFFER LOW RISK AND LIQUID OPTIONS. COMPANY FIXED DEPOSITS AND CORPORATE BONDS OFFER HIGHER RETURN ASSOCIATED WITH HIGHER RISK . CORPORATE BONDS OFFER LIQUIDITY AND OPTIONS OF HOLDING TILL MATURITY AND GET INTEREST OR TRADE IN THE MARKET FOR PROFIT / LOSS . INVESTORS CAN WEIGH RISK , RETURN AND BENEFITS BEFORE PLACING SUCH DEPOSITS . IN ALL THE CASES RETURN IS PREDETERMINED AT THE TIME OF PLACEMENT OF DEPOSIT

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