look news india
Bank Deposit: Recently, during a meeting with RBI officials, Finance Minister Nirmala Sitharaman had expressed concern over the declining deposits of banks. The Finance Minister had asked the banks to come up with attractive schemes to increase deposits. Loans should be given only to those who need it. Now after this stance of the government, all the banks have become serious about increasing deposits. In the coming time, not only will loans be made expensive, but along with launching fixed deposits one after the other, attractive interest rates on deposits are also likely to be announced.
Loan growth is higher than deposits
According to RBI data, the growth rate of loans in the banking system is about 13.7 percent and the growth rate of deposits is only 10.6 percent annually. Concerns have been raised about this many times before. Recently, many small banks including RBL Bank, Bank of Maharashtra, Federal Bank and Tamil Nadu Mercantile Bank have launched special FD schemes.
Banks are launching special FD schemes
Federal Bank has launched a special scheme of 7.35 percent for a period of 400 days, 7.40 percent for a period of 777 days and 50 months. Senior citizens will get 0.50 percent additional interest on all these schemes. At the same time, 7.50 percent interest is being given on 400 days deposits of more than Rs 1 crore. Apart from this, 7.55 percent interest will be given for a period of 777 days and 50 months. RBL Bank has launched Vijay Deposit Scheme. In this, 8.10 percent interest will be given for a period of 500 days and 8.60 percent interest will be given to senior citizens.
Big banks are also increasing interest rates on FD
Bank of Maharashtra has announced on social media platform that it will give 7.25 percent interest on deposits of 777 days. Apart from this, Tamilnad Mercantile Bank is offering 7.50 percent interest rate for a period of 400 days. Bandhan Bank has also announced 8 percent interest on a period of 21 months in a special FD scheme. Earlier, big banks including HDFC Bank, State Bank of India and Bank of Baroda have also launched special FD schemes.
