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A 100 bps rate cut since February 2025 is seen as a positive step to boost demand for loans or consumption. However, the flip side is that deposit rates - especially for retail - are set to trend lower at a time when the overall savings rate itself is trending down.
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Which are the banks that have cut FD rates of late? Take a look
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Banking sector's liquidity has reduced from Rs 1.26 lakh crore surplus to Rs 2.22 lakh crore deficit in the past six months
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Bankers say the mismatch between deposit rate hikes and increase in lending rates may be attributed to the stiff liquidity conditions and steep competition in the market.
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SBI’s hiked deposit rates will be effective from October 22, 2022.
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Just as she offered a glass of water to a thirsty speaker, cash-perched interest earners would welcome some sort of out-of-turn economic succour from Sitharaman
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Equity markets are too risky, mutual funds are fighting a trust deficit post the infamous Franklin Templeton episode, and real estate and gold-- two other traditional safer assets - aren’t attractive from a return perspective. In short, there aren’t many options.
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Check out which banks offers the highest savings deposit rate.
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R Baskar Babu, MD & CEO of Suryoday Small Finance Bank (SSFB), talks about the bank's nearly two-year journey, challenges and opportunities for small finance banks and whether they have been able to achieve the RBI's objectives.
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Among the changes, the Bank of Japan (BOJ) said it would make yield curve control a centerpiece of its new policy framework, by a seven-to-two vote, Reuters reported. It said it would buy 10-year JGBs so that the yield would hover around zero percent, Reuters reported.
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In a recent speech, Finance Minister Arun Jaitley called for lower deposit rates in the economy, saying high interest rates on savings instruments translate into higher cost of lending and lead to sluggishness in the economy.
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The central bank maintained its negative 0.1 percent deposit rate and its 80 trillion yen base money target. However, it did leave the door open to additional easing steps and said it will provide loans at zero interest rates to areas impacted by the recent Kyushu earthquakes.
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The ECB cuts its deposit rate deeper into negative territory, charging banks more for parking their cash, and increased monthly asset buys to 80 billion euros from 60 billion euros, exceeding expectations for an increase to 70 billion.
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Speaking to CNBC-TV18, Ashish Parthasarthy, Head Treasurer of the bank says that rates are reviewed on a quarterly basis and are adjusted accordingly. The current reduction is base rate will not have much impact on the bank‘s margin, he adds.
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With the European Union continuing to reel under chronic conditions of low inflation and high unemployment, the European Central Bank (ECB) today cut interest rate on deposit facility by 10 basis points to -0.30 percent. It also decided to extend its existing asset purchases programme until end March 2017.
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"Almost 80 percent of our advances are linked to base rate so there would be an impact of 20-25 basis points on our margins," the bank's Executive Director R K Takkar said.
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Additionally, there has been a 300 basis points reserve requirement cut for financial and auto leasing companies and a 50 bps cut in reserve requirement for rural commercial and rural corporate banks.
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Ganeshram Jayaraman, Head-Institutional Equities, SPARK Capital Advisors, says the brokerage company is betting big on automotive industry and expects it to be the biggest beneficiary of an improving economy.
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In the wake of the Reserve Bank of India slashing its benchmark lending rate, commercial banks will start cutting their base rates “sooner rather than later,†Bank of Baroda CMD Ranjan Dhawan told CNBC-TV18.
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In an interview to CNBC-TV18, SBI Chairman Arundhati Bhattacharya said the availability of liquidity is the reason for a revision in rates
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A report on Wednesday from Bloomberg news cited two unnamed sources as saying the central bank was considering lowering its deposit rate, one of its two main lending rates, to below zero.
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India's fourth largest private sector bank today announced the revision of its deposit rates by 0.25-0.5 percent in select tenors. This provides an opportunity for retail depositors to lock in higher rates on term deposits.
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Explaining the series of rate cuts, Ashish Parthasarthy, HDFC Bank says that liquidity in August improved significantly, both in the system as well as in the balance sheets of individual banks.
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Chairman of Central Bank of India, MV Tanksale said SBI has certainly given a lead with the rate cut and they are looking at revising deposit rates downwards. According to him, the liquidity situation of Central Bank is comfortable and they need to reduce the cost of funds.
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Country's largest lender State Bank of India is pulling strings to reduce fund cost. It is slashing retail term deposits rates by 50-100 basis points across tenures. Calling it part of rate rationalisation, SBI Chairman Pratip Chaudhuri says that lowering deposit mobilization is due to slowdown.
