Fixed Deposit: The country’s two big banks, SBI and HDFC, have given New Year gifts to investors. However, this is for certain categories of people. State Bank has come up with a special FD scheme for senior citizens, i.e. super senior citizens, whose age limit has been kept at 80 years and above. They will get 10 basis points more returns than senior citizens. Keep in mind that State Bank is the country’s largest government bank and HDFC is the country’s largest private bank. Therefore, if these two banks are increasing the FD interest rates only for specific categories, other banks can also go in this direction. Therefore, the new year may be full of hope for investors investing in bank FDs.
HDFC increased interest on more than Rs 5 crore
HDFC has increased the interest rates of different categories by five to 10 basis points for deposits of more than Rs 5 crore as fixed deposits. This is for all types of periods. HDFC Bank has increased its interest rates to compete with other banks. Banks have increased FD interest rates at a time when the Reserve Bank is being demanded to cut policy rates to maintain the pace of growth. According to the data of the Reserve Bank, till December, the growth of bank deposits and loans was happening at the same rate i.e. 11.5 percent.
Will loan rates increase?
After increasing the interest rates on FDs of two big banks of the country, it can be assumed that other banks will also change their interest rates. Experts believe that due to increase in interest on deposits, banks may be forced to increase loan rates. Because in banks only the deposit amount is given in the form of loan, whereas more interest is charged on the loan than the deposit.
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SBI: SBI will make every household a millionaire with this scheme, there is a lot for children and elderly also
