Fixed deposit interest rates in India are going down on account of the demonetization drive which has led to surplus funds being available in the form of deposits with financial institutions. As a result, they have lowered their fixed deposit interest rates to balance out the lowered interest rates on loans. Financial institutions do not require to raise money from the public by encouraging fixed deposits at present. Hence, they have reduced rates and instead, are focusing on getting more loan accounts with lower rates. But some of the Banks and NBFCs provide the best offers on Fixed deposit interest rates just you need to research on it before investing your money on FD plans. Cheaper loan rates induce growth for businesses and infrastructure and deposit rates are reduced to make up the difference. In case inflation stays at the same level, fixed deposit interest rates will not rise anytime soon.
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |