The government on Wednesday cut interest rates on small savings schemes, including NSC and PPF, by up to 1.1 per cent for the first quarter of 2021-22 in line with falling fixed deposit rates of banks. Interest rate on Public Provident Fund (PPF) has been reduced by 0.7 per cent to 6.4 per cent while National Savings Certificate (NSC) will now earn 0.9 per cent less at 5.9 per cent. Interest rates for small savings schemes are notified on a quarterly basis. The rates of interest on various small savings schemes for the first quarter of the financial year 2021-22 starting from April 1 has been revised, the finance ministry said in a notification.
The bank will give 3.25 per cent interest on savings bank deposits with a balance exceeding Rs 100,000. At present, the interest rate is 3.5 per cent.
A higher-than-expected consumer price inflation (CPI) print for March in the US has dashed hopes of an interest rate cut by the US Federal Reserve (US Fed) in June. Analysts now expect the US central bank to start cutting rates in September, provided inflation remains in check and oil prices remain supportive. The markets, analysts believe, partially factored in this possibility.
Since this is a long-term investment, investors must do their homework and choose a fund manager carefully.
Indrans' standout performance deserves a sharper screenplay than this over-edited, all-too-familiar revenge saga, rues Sreeju Sudhakaran.
A Delhi court sentenced Madhya Pradesh Congress MLA Rajendra Bharti and a former bank employee to three years' imprisonment each in a cheating case involving the forging of bank records to obtain illegal interest payments between 1998 and 2011.
Dive into the chaotic world of Ab Hoga Hisaab, a revenge drama that attempts to weave a complex narrative of crime and retribution but often loses its way amidst a multitude of bizarre subplots, notes Deepa Gahlot.
State Bank of India and Canara Bank said on Thursday interest rates are expected to remain soft and stable in the near future as inflation is down and there is ample liquidity with the banks. "Interest rates are expected to remain stable to down," SBI Chairman O P Bhatt told reporters before participating in a meeting of bankers and exporters with Finance Minister P Chidambaram in New Delhi.
The Indian banking system's net liquidity surplus has reached a four-year high of Rs 4.57 trillion, driven by maturing government securities, with further maturities expected to push the surplus to around 5 trillion.
The Indian government is set to accelerate reforms, including measures to enhance foreign direct investment, speed up divestment, and boost asset monetisation, to maintain economic growth despite rising fuel and fertiliser import costs driven by the West Asia crisis.
Interest rates in the economy have peaked, but it is difficult to predict whether they would fall just as property prices have in some parts of the country, a senior official of housing lender HDFC said.
Gram Chikitsalay Season 2 returns with a confirmed connection to Panchayat universe and a more heartwarming narrative, observes Sreeju Sudhakaran.
Following the footsteps of other banks, Lord Krishna Bank has hiked interest rates on domestic deposits by 25 to 50 basis points.
Madhya Pradesh Congress MLA Rajendra Bharti has been disqualified from the state legislative assembly after being convicted in a bank fraud case involving the tampering of bank records to secure illegal interest payments.
Banks have been reluctant to transmit the entire policy rate cut by RBI to borrowers.
Madhya Pradesh Congress MLA Rajendra Bharti has been disqualified from the state legislative assembly after being convicted in a bank fraud case involving the tampering of bank records. The disqualification has sparked a political row, with the Congress party alleging a violation of democratic process.
Former RBI governor Raghuram Rajan on Monday said the central bank will have to raise interest rates to tame inflation and the hikes need not be considered by politicians and bureaucrats as some "anti-national" activity. Known for his frank views, Rajan also said it was important to remember that the "war against inflation" is never over. "Inflation is up in India. At some point, the RBI will have to raise rates, like the rest of the world is doing," he said in a LinkedIn post.
rediffGURU T S Khurana answers readers' personal income tax queries
State Bank of India announced on Friday a hike in interest rates on fixed deposits by 0.25 to 0.50 per cent with effect from Saturday.
A prolonged supply shock can transmit to lower incomes, and dampen confidence and sentiment, warns Aditi Nayar, chief economist, head-research and outreach, ICRA.
Ravi Bishnoi opens up on missing three T20 World Cups, his desire to become a permanent fixture in India's T20 side, and his goal of securing a place in the 2028 World Cup squad.
Traders rejoice when the Fed drops the rate, but...
This decision would pave the way for crediting Rs 54,000 crore as 8.65 per cent interest for 2018-19, into the accounts of more than 6 crore EPFO subscribers.
The finance ministry and the Reserve Bank of India will work together to ensure price stability and benign interest rates in the economy, Finance Minister P Chidambaram said on Saturday.
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Else, more capital outflow and pressure on rupee likely.
The Nifty 50 firms' contribution to the overall earnings of India Inc has steadily declined, reaching its lowest share in at least 21 quarters at 47.1 per cent in Q4FY26, down from 51.8 per cent a year earlier.
Ahead of RBI policy meet, India Ratings said an interest rate hike of 0.50 per cent in the remaining part of the fiscal will throw the BSE 500 companies into a quandary.
'We thought everything will be back to normal within one month. Now it's four months and still a final solution is miles away.'
While the RBI deregulated interest rates on fixed deposit schemes in 1997, it continues to fix the rate on savings deposits.
Why would a country that requires close to $90 billion in net foreign capital annually to create jobs, build productive capacity, and sustain rapid growth permit $30 billion of capital to flow abroad, thereby contributing to pressure on the rupee? asks Debashis Basu.
Amid fears of a third wave of coronavirus pandemic and hardening of retail inflation, the Reserve Bank is likely to maintain status quo on interest rate and watch the developing macroeconomic situation for some more time before taking any decisive action on monetary policy. The RBI is scheduled to announce its bi-monthly monetary policy review on August 6 at the end of the three-day meeting -- August 4-6 -- of the Monetary Policy Committee (MPC). The RBI Governor-headed six-member MPC decides on the key policy rates.
Ali Fazal brings a wounded ferocity to his role that makes it one of his best performances so far, notes Deepa Gahlot.
Given the macro setting, the outlook remains positive for each of the four key parameters - inflation, current account deficit, fiscal deficit and currency stability, says Rahul Bhushkute.
Former IPL chairman Lalit Modi has claimed that several Indian cricket stars initially dismissed T20 cricket as a "stupid game" and were unwilling to play the inaugural 2007 T20 World Cup, highlighting how dramatically perceptions of the format have changed since then.
Reserve Bank of India governor D Subbarao said the rapid expansion of the government borrowing programme was coming in the way of the central bank's monetary policy objective of a lower interest rate regime and called for more independence for the central bank.
An interest rate cut, at a time when demand was not showing any sign of revival, would boost sentiments, especially for interest-rate sensitives like the car and real estate sectors, which had been showing negative growth, a majority of the 15 CEOs polled by Business Standard said.
India's leading passenger vehicle manufacturers are significantly increasing investments and factory capacities, alongside planning major product launches for FY27, driven by strong confidence in sustained domestic demand growth despite global geopolitical tensions and supply chain risks.
While inflation dropped to 0.44 per cent for the week ended March 7, the BPLR of the top five Indian banks was in the range of 12.25-16.75 per cent. In the corresponding period last year, inflation was estimated at 7.78 per cent, while lending rates were in the range of 12.25-12.75 per cent. Real interest rate is the difference between WPI-based inflation and the prevailing benchmark prime lending rate.
Bankers on Tuesday said interest rates have bottomed out in the second quarter and rates may start rising in the coming months in line with a pick-up in credit off take, expected on the back of a revival in the economy.
