Bank Deposit: During a meeting with RBI officials, Finance Minister Nirmala Sitharaman expressed concern over banks’ declining deposits. The Finance Minister had asked the banks to develop attractive schemes to increase deposits. Loans should be given only to those who need them.
After the government’s stance, all the banks have become severe about growing deposits. In the coming time, not only will the loan be made expensive, but along with launching fixed deposits one after the other, there is also a possibility of announcing attractive interest on deposits.
Loan Growth Is More Than Deposit
According to RBI data, the growth rate of loans in the banking system is around 13.7 per cent annually, and the growth rate of deposits is only 10.6 per cent annually. Concerns have been raised about this many times before. Many small banks, including RBL Bank, Bank of Maharashtra, Federal Bank, and Tamilnad Mercantile Bank, have recently launched special FD schemes.
Banks Launching Special FD Schemes
Federal Bank has launched special FDs of 7.35 per cent for 400 days, 7.40 per cent for 777 days and a unique scheme of 50 months. Senior citizens will get 0.50 per cent extra interest on all these schemes. Meanwhile, 7.50 per cent interest is given on 400-day deposits of more than Rs 1 crore. Also, 7.55 per cent interest will be given for 777 days and 50 months. RBL Bank has launched the Vijay Deposit Scheme. In this, 8.10 per cent interest will be given for 500 days, and 8.60 per cent interest will be given to senior citizens.
Big Banks Are Also Increasing Interest Rates On FD
Bank of Maharashtra has announced on its social media platforms that it will give 7.25 percent interest on deposits of 777 days. Tamilnad Mercantile Bank offers a 7.50 percent interest rate for 400 days. Bandhan Bank has also announced that it will give 8 percent in 21 months in the special FD scheme. Big banks, including HDFC Bank, State Bank of India, and Bank of Baroda, have also started special FD schemes.
