invest bank giving up to 9% interest rates: If you want to benefit from FD, invest now, these banks are giving up to 9% interest, rates may come down later
Investment in FD: invest bank giving up to 9 percent Interest rates on FD may come down. After the cut in repo rate, banks can also cut it. If this happens, then investing in FD will give less benefit. However, many banks are currently offering interest rates up to 9 percent. If you want high returns, you can invest now.
The Reserve Bank has cut the repo rate by 25 basis points. With this cut, interest rates will also come down. This will make it cheaper to take a loan and there can also be a cut in interest rates on FDs. If this happens, you will get less interest on FDs than now. However, it is necessary to get approval from the board to reduce interest rates on FDs.
If you are planning to invest in FDs, then this is a good time. There are many banks that are giving up to 9 percent annual interest on FDs. If you make an FD now, then you will get returns according to the old interest rate. On the other hand, if the bank reduces the interest rates, then you may suffer a loss.
How much interest is being given now?
1. Unity Small Finance Bank
This bank is offering an interest rate of 9 percent per annum on FD. This interest rate in this bank is on FD of 1001 days. If you make an FD of Rs 1 lakh in this bank, then you will get Rs 1.30 lakh on maturity. That is, you will get a profit of Rs 30 thousand.
2. Suryoday Small Finance Bank
This bank is offering an interest rate of 8.60 on 5-year FD. If you invest Rs 1 lakh in the FD of this bank, then after 5 years you will get Rs 1.50 lakh. That is, you will get a profit of Rs 50 thousand.
3. YES Bank
This bank is offering 8 percent interest on FD. This interest rate is on 18-month FD. If you invest one lakh rupees in this bank, you will get 1.20 lakh rupees after 18 months. That is, there will be a profit of 20 thousand rupees.
4. Bank of Maharashtra
Bank of Maharashtra is giving 7.45 percent interest on 366-day FD. If you make an FD of one lakh rupees in it, then you will get 1.10 lakh rupees on maturity. That is, there will be a profit of 10 thousand rupees on an investment of one lakh.
What is repo rate?
Depending on the dynamics of growth and inflation, the MPC may opt for another cut or change in stance. The repo rate is the interest rate at which the Reserve Bank of India lends to commercial banks.
Repo rate was cut
RBI has cut the repo rate by 25 basis points on Friday itself. After this cut, the repo rate has come down from 6.50 percent to 6.25 percent. This is the first cut in the last five years. On the other hand, SBI Research has said that if the inflation trend remains favorable, then RBI can cut the repo rate once again in April.
SBI says that RBI is committed to long-term price stability and sustainable economic growth. RBI has maintained its inflation forecast of 4.8 percent for the current financial year, while it has projected inflation to be 4.2 percent in the next financial year.