The government has not made any change in the interest rates of small savings schemes since the first quarter of the financial year 2020-21. Meanwhile, the RBI cut its repo rate by 115 basis points, which is currently stable at 4 percent. The reverse repo rate has also been reduced by 155 basis points to 3.35 per cent.
New Delhi. If you also believe in fixed returns with safe investments, then this is the news of your work. Now the interest rates on FDs that have been giving very low returns for almost two years are going to increase. SBI Research has claimed that there is a lot of pressure on the Reserve Bank to increase the interest rates of banks including FDs.
SBI Research has said that in the financial year 2021-22, where the collection of small savings schemes reached Rs 2 lakh crore more than the budget estimate, there was a decline of 1.7 lakh crore in debt. In contrast, the loan in 2022-23 Disbursement is estimated to accelerate by 4.1 lakh crore and investment in small savings schemes is expected to decline by 1.7 lakh crore. In such a situation, there is a lot of pressure on the Reserve Bank to increase the interest rates of these schemes including FD.
Reverse repo rate may increase by 0.20 percent
SBI Group Chief Economic Advisor Dr Soumya Kanti Ghosh says that RBI may increase the reverse repo rate by 20 basis points or 0.20 percent in the results of the Monetary Policy Committee (MPC) coming on Wednesday. Reverse repo rate is the rate at which banks keep their surplus capital with the RBI. At present it is 3.35 percent.
No change in interest rates for 7 quarters
According to SBI Research, to protect the interests of small investors in the pandemic, the government has not changed the interest rates of small savings schemes since the first quarter of the financial year 2020-21. However, during this period the RBI cut its repo rate by 115 basis points, which is currently stable at 4 percent. The reverse repo rate has also been reduced by 155 basis points to 3.35 per cent. Due to this, banks also cut their deposit and loan interest rates.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
