People are not even shying away from investing their deposits in risky places, because they are getting more returns in other places. From the Ministry of Finance to the Reserve Bank of India, banks are being told that they have to make their schemes attractive.
People depositing money in banks in fixed deposits (FD) and other schemes can now get more interest than before. Banks are working towards making their schemes attractive. It is likely to be announced by private and public sector banks in the coming days. Especially the banks are going to make the short-term schemes more attractive.
The amount deposited in banks has decreased during the last few years. The biggest reason behind this is that now people are taking their savings to those places where they are seeing more profit in the form of higher returns. Therefore, people are not even shying away from investing their deposits in risky places, because they are getting more returns in other places. In such a situation, from the Ministry of Finance to the Reserve Bank of India, banks are being told that they have to make their schemes attractive. This issue was also raised in the Board of Directors meeting on Saturday.
Can provide more risk cover
Meanwhile, a senior official of a leading public sector bank says that all banks have been working on this since March. Some banks have made their FDs attractive, but now the time has come for a big change in it. Now banks are considering increasing the interest rate on FDs as well as offering risk cover (accident insurance).
Many banks have increased the accident insurance on savings accounts to Rs 5 lakh. However, along with this, the minimum amount in the bank account has also been increased, so that people keep some money in the savings account as well, but now the stock market and other investment options are giving good returns, due to which banks will also have to make it attractive.
Higher returns are being received at other places
The Financial Standing Report released by the Reserve last month shows that while banks are giving annual returns of 7.0 to 7.75 percent, people have received good returns in the past years by buying shares in the stock market and investing in mutual funds. The report said that people who invested in the Nifty-50 index got a return of 28.6 percent in one year. Not only this, people are also getting good returns on investing in property and other places. Along with this, people are also getting good returns on investing in bonds and non-financial institutions.
Status of returns from the Nifty index in the past years
Year 50 Midcap 150 Smallcap 250 Microcap 250
One 29 56 63 85
Two 13 26 23 37
Three 15 25 28 42
Note- The figures are in percentage which are related to various indexes of Nifty
Current status of returns on FD in banks
Day General Citizen Senior Citizen
444 7.25 7.75
666 7.30 7.80
365 6.80 7.30
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