The Reserve Bank of India (RBI) has kept the benchmark repo rate unchanged at 6.5% for the 10th consecutive time, maintaining its focus on inflation control while balancing economic growth.
The Bank of England has maintained its interest rate at 5%, contrasting with the US Federal Reserve’s rate cut to 4.8%. Inflation concerns in the UK, particularly in the services sector, have driven this cautious approach.
The rate cut ends a 14-month period where rates were held steady. This duration is longer than three of the last six Fed "hold" periods but falls short of the 15-month pause before the 2007-2009 financial crisis.
The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but that also made borrowing painfully expensive for American consumers.
The market faced broad-based selling pressure across sectors, with financial, IT, and energy stocks among the top laggards. However, select FMCG and pharmaceutical stocks showed resilience, offering some support to the market.
The HDFC Bank in a statement said that senior citizens can get extra interest for FDs upto Rs 5 crore in all of its domestic term deposits scheme.
HDFC Bank has scheduled a system upgrade on Saturday, July 13, 2024, from 3:00 AM to 4:30 PM to enhance performance, capacity, and reliability. During these 13.5 hours, certain banking services will be temporarily limited. Customers should plan accordingly to avoid disruptions.
The projections shared by the US Federal Reserve indicated the continuation of strong economic growth despite inflation remaining 'inflated'. This step caused global stocks to rally on Thursday, while the Indian rupee showed gains of 14 paise in the morning.
The deposit under the Sukanya Samriddhi scheme will attract an interest rate of 8.2 per cent, while the rate on a three-year term deposit remains at 7.1 per cent.
Securing a personal loan at favourable interest rates requires an understanding of several.
The IMF chief said that some countries have successfully managed inflation and can afford accommodative monetary policies.
In a significant development, the government on Friday, retained the rates for all other small savings schemes while raising the interest rate on five-year recurring deposit schemes to 6.7 per cent.
The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled for October 4-6, 2023.
Interest Rate On Fixed Deposit | These banks are giving the highest interest on FD
For the second time in a row, the RBI decided unanimously to maintain the repo rate at 6.5%. The interest rate at which the RBI lends to other banks is known as the repo rate.
Reserve Bank of India (RBI) issued preliminary regulations proposing to prohibit the capitalisation of penal charges and additional interest levied by banks on customers for loan defaults, in an effort to standardise different lending practises.
The OPEC+ cartel’s decision fueled fears of another price increase, putting pressure on central banks to raise interest rates.
Recurring deposits are similar to fixed deposits in that they have a maturity date at which the principal is refunded and you may decide whether to receive interest payments in instalments or all at once.
State Bank of India (SBI) has increased its fixed deposit (FD) interest rates, with effect from February 15, 2023. SBI customers can earn up to 7% on their deposits, while senior citizens can earn up to 7.5%.
With the revision, a three-year time deposit with post offices would earn 5.8 percent from the existing 5.5 percent, an increase of 30 basis points for the third quarter of the current financial year.
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