Sunday, April 11, 2021
Home NEWS Deposit in banks is no longer a profitable deal, instead of increasing...

Deposit in banks is no longer a profitable deal, instead of increasing your money started to decrease, know why

If the inflation rate is adjusted, then in the month of March, the term deposit has yielded a return of minus 0.03 per cent.

1/5

During the Corona period, the Reserve Bank continuously cut the interest rate. Due to this, the banks also reduced the interest rate on the loan and people also got the benefit of it. Along with the reduction in loan interest rate, interest rates were also reduced on deposits, due to which millions of investors have started fearing negative returns. They believe that keeping money in the bank is no longer a profitable deal. If it is adjusted at the rate of inflation, then a negative return is available on the term deposit.

2/5

Rupee4

According to the Mint report, the inflation adjusted net interest rate on term deposits, excluding January and February, was minus 0.03 per cent in the month of March. This was plus 0.30 per cent in the month of January and 0.94 per cent in the month of February. After the adjustment, the net return was minus 1.13 per cent in June 2020, minus 1.63 per cent in July, minus 1.59 per cent in August, and in the month of October it reached minus 2.71 per cent.

3/5

Rbi

Term deposits have been a favorite of Indians. The Reserve Bank of India estimates that retail inflation will be 5-5.2 per cent in the current financial year till the month of September. This is the reason why some banks have increased the interest rate on deposits in the recent past.

4/5

special FD scheme

Home loan lender HDFC Ltd (HDFC Ltd) has raised the interest rate on fixed deposits of various periods to 0.25 per cent. The new interest rates have come into effect from March 30. HDFC Ltd. Has taken this decision at a time when banks are reducing interest rates on fixed deposits. According to the information available on HDFC website, the annual interest rate on term deposits of up to Rs 2 crore with a maturity of 33 months will be 6.20 percent. At the same time, 6.60 percent interest will be given on term deposits for 66 months. According to HDFC, the interest rate on 99-month term deposit has been kept at 6.65 per cent. Senior citizens will get 25 bps extra interest at the prevailing rates.

5/5

Sbi

Right now SBI is giving interest rate 4.90 per cent on one-year FD, HDFC 4.90 per cent, ICICI 4.90 per cent on one year, Axis Bank 5.15 per cent on one year and Kotak Mahindra Bank giving 4.50 per cent. On the other hand, there has been a lot of jump in bank deposits. According to the Mint report, as of February 26, total deposits stood at Rs 149.3 lakh crore, a 12 per cent increase over the previous year.

Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

The mastermind of the Naxalite attack on soldiers in Chhattisgarh, has killed 76 soldiers earlier

Once again, the whole nation is heartbroken, once again the whole country has cried together. In the Naxalite attack in Bijapur Sukma of Chhattisgarh,...

IMF gave good news about Indian economy amid announcement of RBI monetary policy

According to the IMF, India's growth rate in the current financial year 2021-22 will be 12.5...

How To Start Pulses Mill Business In India?

Nowadays everyone wants to build their own business so that they get maximum profit. Many times people also have to suffer heavy losses in...

Bank Privatisation: Next week may decide on 2 names, important meeting of RBI, NITI Aayog and Finance Ministry

The next week is going to be an important meeting of NITI Aayog officials, officials of...

Even employment, rust with plastic! Tribals are now making bamboo lamps after bamboo bottles

Many young tribals of the village of Jhabua district of Madhya Pradesh are training others in bamboo art. The purpose of this work...