If you are a traditional investor investing in Fixed Deposits (FDs), then there is good news for you. In the latest report of State Bank of India (SBI) research, it has been said that if some figures remain correct in the financial year 2022-23, then banks will be under pressure to increase the interest rates of deposits.
In the report prepared by SBI's Chief Economic Advisor Dr. Soumya Kanti Ghosh, it has been said that in the financial year 2022, more than the target of Rs 2 lakh crore was deposited in small savings schemes. As a result, net borrowings fell to Rs 1.7 lakh crore. A target of borrowing Rs 4.1 lakh crore has been set in the financial year 2023, while the small savings schemes are expected to raise Rs 1.7 lakh crore. It has been said in the report that if these figures remain true, then there will be pressure on banks to increase the interest rates of FD. This is because the interest rates of small savings schemes are already much higher than that of bank deposits.
There has been no change in the interest rates of small savings schemes for a long time.
The report said that the government has not made any changes in small savings schemes from the first quarter of FY 2021 intending to protect small depositors from the corona epidemic. However, the Reserve Bank of India (RBI) has since cut key monetary rates repo rate by 115 basis points and reverse repo rate by 155 points. At present, the repo rate of RBI is 4 percent and the reverse repo rate is 3.35 percent. Banks also made significant cuts in deposit and loan interest rates following the fall in key monetary rates. Recently SBI, HDFC Bank, Axis Bank, and Kotak Mahindra Bank have hiked interest rates for different periods.
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