Interest rates hike: According to reports, the interest rates have also been raised on post office term deposits, National Saving Certificate (NSC) and senior citizen savings schemes.
Just like bank fixed deposits several companies/corporates and NBFCs also collect and deposit money for fixed tenure and give interest.
The Reserve Bank of India (RBI) is unlikely to further ease the interest rates in the next meeting of its Monetary Policy Committee even though retail inflation declined in December 2020, a report by Motilal Oswal Institutional Equities said.
Interest rate on deposits in the five years to up to 10 years tenor will be 5.40 per cent compared to 5.70 per cent. For senior citizens also, interest rates on retail term deposits across all tenors have been cut by up to 40 basis points.
If you are looking to buy a home and are concerned about the tax and interest rates, you should take a look at what a joint home loan offers. Taking a joint home loan eases the burden of debt and also allows you to opt for a higher amount of loan. But first, you must read on to know the benefits of taking a joint home loan and who all can opt for it.
It's hard to manage the credit balance bill and pay-off long pending dues, if one fails to pay the due bill on time. Howe, later it becomes a big challenge to get rid off. Adding to backdated credit card bill and unpaid EMIs come with a host of charges, which makes your repayment even more difficult.
In a bid to lower domestic interest rates, Finance Minister Nirmala Sitharaman has proposed to raise a part of the government's gross borrowings from overseas.
The retirement fund body Employees' Provident Fund Organisation (EPFO) today announced an interest rate hike on PF deposits for 2018-19.
Experts are divided in their opinion about the likely action of Reserve Bank of India on the benchmark lending rate.
The new interest rates are applicable on retail deposits below Rs 1 crore.
The scheme will aim at helping those who were exploited by private financiers
Finance Minister Arun Jaitley said that lowering interest rates is a decision entirely in the domain of banks.
As per the new PNB rates, for domestic retail term deposits of less than Rs 1 crore with the tenure of 7 to 29 days, the rate has been increased by 1.25 percentage points to 5.25 per cent from the current 4 per cent.
The MPC also kept reverse repo rate under the LAF unchanged at 5.75 per cent and marginal standing facility (MSF) rate and the Bank Rate at 6.25 per cent.
A majority of the economists have polled in favour of the Reserve Bank of India maintaining a status quo on repurchase rates for commercial banks.
At its previous bi-monthly policy review here in October, the RBI had maintained status quo on its repo, or short term lending rate for commercial banks, at six per cent, citing risks to inflation and uncertainties on the external and fiscal fronts.
The scheme, valid until December 12, 2017, would be offered across 11 projects by Tata Housing in seven cities.
The move is aimed at bringing transparency in loan pricing and ensure that the benefits of change in policy rates are passed on to borrowers.
Only one from the six-member monetary policy committee pressed for lowering rates by at least 25 basis points.
In August this year, the RBI's monetary policy committee had decided to lower interest rates to 6 per cent.
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