Tag: repo rate

Home loan interest rates cross 9% mark: Know key strategies to lower your EMI burden

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Reserve Bank of India (RBI) has left the repo rate unchanged at 6.5% for the seventh consecutive time. However, there seems to be no relief for home loan borrowers facing the brunt of high-interest rates, with rates hovering above 9%.

Major lenders like HDFC and Bank of India have recently raised their loan rates, too.

It’s worth noting that the central bank had raised the repo rate by a cumulative 250 basis points to 6.50% since the onset of the rate hike cycle in May 2022, before deciding to pause.

For most banks, the external benchmark to which their home loans are linked is the repo rate. So, with the hike in repo rate, all existing home loans on floating rates of interest became expensive.

Here’s a look at recent home loan interest rates of some banks:

(Source: Bankbazaar)

So, when will home loan rates go down?

According to Adhil Shetty, CEO at Bankbazaar, the expectation is for rates to potentially adjust towards the end of this year when inflation moderates and the food inflation remains within expected parameters.

“This cautious approach by the RBI indicates a deliberate assessment of the impacts of previous rate actions and economic data before contemplating further adjustments,” Shetty said.

This implies that home loan borrowers may have to wait longer for relief from high rates and the consequent high loan EMIs.

So, what should borrowers do?

In light of this, borrowers can take proactive steps to alleviate their financial strain.

Here are some of the strategies they can follow (as compiled by Shetty of Bankbazaar):

Know the benchmark

The benchmark rate is an integral part of retail lending. It is the lowest rate at which loans are given.

Since October 2019, floating home loan rates have been linked to the repo rate, currently at 6.5%.

Before 2019, loans were linked to the Marginal Cost of Funds Based Lending Rate (MCLR) and before that, to the base rate.

Loans tied to old benchmarks remain unaffected by changes in rates, especially during periods of high inflation. To address this, RBI introduced external benchmarks in 2019.

Therefore, if the loan is still tied to old benchmarks, borrowers may be paying a higher interest. They can consider switching to repo-linked loans.

Switch to a lower spread

Loan spread, another critical component of repo-linked loans, is determined based on the credit score, income sources, and the loan amount applied for.

In 2024, there has been a significant reduction in home loan spreads compared to the beginning of 2020 when they were 275 to 360 basis points higher than the repo rate.

Currently, the lowest interest rates range from 8.30% to 8.50%, resulting in a difference of 180 to 200 basis points.

Borrowers can consider obtaining a lower spread for future benefits.

Consider switching

Currently, the lowest home loan rate is 8.30%, with many lenders offering rates around 8.50%.

Borrowers can assess how much extra they are paying above 8.50% for the home loan. If it’s less than 50 basis points, it can be managed in the current scenario.

However, if it’s more than 50 basis points, which is within the range of 9-10%, they can consider refinancing the loan at a lower rate.

Refinance to lighten the load

Borrowers can discuss with the existing lender about refinancing the loan at a lower rate. This option might involve less paperwork and processing fees.

However, if the bank doesn’t offer this option, users can explore refinancing with another lender. Keep in mind that there might be additional costs involved such as processing fees, EMIs, and legal fees, resulting in a total cost of refinancing ranging from 0.5% to 1.00% of the loan amount.

However, if a rate cut is significant, refinancing will pay off in lower interest payments.

Prepay on time to lighten the burden

If the financial situation allows, users can consider making a 5% prepayment on the remaining loan amount to reduce the burden.

They can increase EMI or reduce the tenure by making an additional EMI prepayment at the beginning of the year. However, if the interest rate is too high, one can even consider prepaying the entire remaining loan.

But before doing so, one should consider the financial situation and the impact of this step.

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Experts expect RBI to keep interest rates unchanged in April

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Reserve Bank of India (RBI) is gearing up for its Monetary Policy Committee (MPC) meeting from April 3rd to 5th, 2024, amid a backdrop of robust growth in India and a thriving US economy that influences global trends.

CNBC-TV18 recently convened a Citizen’s MPC discussion to delve into the RBI’s potential moves regarding interest rates and its guidance for the future.

Discussing India’s GDP growth, Sonal Varma, Managing Director & Chief Economist- India and Asia Ex-Japan at Nomura, expressed optimism. She highlighted the strong performance expected for FY24, with estimates inching towards 8%, surpassing the initial 7.6% advanced estimate.

Looking ahead to FY25, Varma anticipates a potential upgrade from the RBI’s projection of 7% to around 7.2%, aligning with recent models forecasting an even higher 7.4% growth.

Shifting the focus to inflation, Soumya Kanti Ghosh, Group Chief Economic Advisor at the State Bank of India, he foresees inflation remaining anchored within the 4 to 5% range for the next fiscal year, aided by potential continued deflation in core elements.

When questioned about the Reserve Bank’s actions regarding interest rates, Sonal Varma stated her expectation that the RBI would opt for a pause. Dr. Samiran Chakraborty, Chief Economist for India at Citi, Ghosh, Chinoy, and Dr. Pronab Sen shared a similar view, anticipating a pause in rates.

Regarding the RBI’s stance, Dr. Sen anticipates it to be neutral, while the others foresee no alteration in the RBI’s stance.

A majority of the 56 economists polled by Reuters believe the Indian central bank will hold off on rate revision until July, a bit longer than the anticipated actions of the US Federal Reserve, on strong growth and persistently high inflation.

Watch this video for more.

Also Read | Jayesh Mehta of DSP Finance thinks a rate cut by RBI may take six months

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RBI MPC decision HIGHLIGHTS: A push for banks to increase lending rates, an FAQ for Paytm customers and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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RBI MPC decision HIGHLIGHTS: The Reserve Bank of India (RBI) on Thursday decided to keep the policy rate unchanged for the sixth time in a row in view of global uncertainty and the need to bring down retail inflation to 4%. Following the RBI’s decision to maintain the status quo, banks and financial institutions will largely keep lending rates stable.

RBI had last raised the repo rate in February 2023 to 6.5% after six consecutive rate hikes aggregating to 250 basis points since May 2022. Announcing the decision of the Monetary Policy Committee (MPC), RBI Governor Shaktikanta Das on Thursday said it has decided to keep the policy repo rate unchanged on the basis of an assessment of the current and evolving macroeconomic situation.

MPC also decided to remain focused on the withdrawal of accommodation to ensure that inflation progressively aligns to the target while supporting growth, he said. These decisions are in consonance with the objective of achieving the medium-term target for Consumer Price Index (CPI) inflation of 4% within a band of +/- 2% while supporting growth.

For 2024–25, the RBI has projected a growth rate of 7% and retail inflation at 4.5%, with risks evenly balanced. The real GDP growth for the next financial year is projected at 7%, with Q1 growth at 7.2%, Q2 at 6.8%, Q3 at 7%, and Q4 at 6.9%.

Here are the latest updates from the RBI monetary policy decision today:

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RBI Policy expectations: Steve Brice of Standard Chartered Wealth foresees no change in rates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Steve Brice, Chief Investment Officer of Standard Chartered Wealth expects the Reserve Bank of India (RBI)’s Monetary Policy Committee to leave key interest rates unchanged at its next announcement on February 8.

Brice also foresees the central bank retaining the withdrawal of accommodation stance. “The focus will switch to the policy statement. I think the central bank will want to see further progress on inflation (RBI’s tolerance band for inflation is set between 2 and 6%) coming down before they shift that stance towards easing policy,” he said.

The RBI had left the repo rate unchanged at 6.50% at its last meeting in December. Repo is the rate at which the central bank lends to commercial banks in case they face any shortfall of funds. The current policy stance is aimed at reducing liquidity to control inflation without significantly hindering economic growth.

Also Read | RBI can adjust cash reserve ratio to manage liquidity, say economists

Brice noted that the first rate cut from the US Federal Reserve is now likely in June instead of March as there are some concerns that inflation may not come down as quickly as anticipated. He also highlighted the short term inflation upside risks due to the ongoing tensions in the Red Sea.

The US Federal Reserve’s Federal Open Market Committee (FOMC) maintained status quo on rates in January. The Fed rate that ranges between 5.25% and 5.5% is at an over two-decade high.

Also Read | Jerome Powell-led US Federal Reserve keeps interest rates unchanged for 4th consecutive time

Brice also shared his outlook on the Chinese market. About $7 trillion of value has been wiped off China and Hong Kong equities since their peaks in 2021 as investors factor in risks ranging from geopolitical tensions to sluggish consumption.

. “We’re neutral Chinese equities. We were worried about the fundamentals; the headwinds seem to be significant from the growth, regulatory, and geopolitical sides. But valuations balance that often this extreme pessimism. So, to get a very long term bounce, like six to 12 months past in the Chinese stock market, we need to see further policy actions, inflation bottoming out and recovering,” Brice said.

For the entire interview, watch the accompanying video

Catch all the latest updates from the stock market here

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Home loan rates rise by 2.5% in 20 months — how much has your EMI increased?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The last 20 months have witnessed an average home loan interest rate surge from 7% to 9.5%, according to the BankBazaar Aspiration Index. This has led to a rise in equated monthly instalments (EMIs) by ₹158 per lakh, translating to a spike from ₹775 to ₹932 per lakh.

What this means is that there has been a significant increase in average home loan interest rates over the past 20 months.

For instance, if previously, the EMI for a loan of ₹1 lakh was ₹775, after the rise in interest rates, it increased to ₹932 per lakh.

This increment of ₹158 per lakh might seem nominal for every lakh borrowed, but for larger loan amounts or longer tenures, the cumulative effect could significantly impact the total repayment amount over the loan’s lifetime.

Here’s a table illustrating the increase in EMIs for different loan amounts due to this rise:

Adhil Shetty, CEO of BankBazaar, said “The sustained rate hikes have burdened borrowers, with more than half reporting a 1-3% increase in interest rates, adding ₹2,000-₹10,000 to their EMIs.”

Chakrivardhan Kuppala, the Co-Founder of Prime Wealth Finserv, also highlighted the shift in mortgage rates.

In 2021, the average rate stood at around 3.27% for a 30-year fixed mortgage. However, as of now, the average rate has more than doubled, soaring to 7.12%.

This doubling of mortgage rates indicates a percentage increase in the interest that borrowers would pay for a 30-year fixed mortgage.

For instance, if someone borrowed at the average rate in 2021 and maintained the same loan terms into the current period, they would be paying significantly more in interest payments over the loan’s lifetime due to this drastic increase in rates.

Ratan Chaudhary, Head of Home Loans at Paisabazaar, indicated that while the recent stability in the repo rate may suggest a respite for borrowers, the series of rate hikes since May 2022 has created a challenging environment for those with floating interest rates.

He said: “Despite the current stability, existing borrowers have experienced multiple EMI increases due to successive repo rate hikes.”

Since the initial surge in May 2022 due to global inflationary pressures, the repo rate has soared from 4% to its current 6.5%.

The key concern now lingers on the horizon of potential rate hikes by major lenders.

As external benchmark rates directly impact floating interest rates on home loans, decisions by banks and non-banking financial companies (NBFCs) to increase rates further hinge on multiple factors such as economic conditions, central bank policies, and market dynamics.

A look at home loan rates of key banks

(Source: Bankbazaar)

Looking ahead, Chaudhary highlighted the nuances in the lending landscape, mentioning, “Lenders have adjusted home loan spreads and credit risk premiums to accommodate borrowers. Many banks are offering discounts to applicants with robust credit histories, even amid repo rate increments, thereby reducing home loan interest rates for those with higher credit scores.”

As borrowers navigate these challenging times, the prospect of potential rate hikes remains a critical point of concern.

Amid this uncertainty, the possibility of exploring alternatives like switching to lower home loan rates or continuing to prepay parts of the loan persists as strategies to alleviate the burden of escalating EMIs.

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RBI monetary policy announcement tomorrow: CNBC-TV18 Poll anticipates unchanged repo rates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Reserve Bank of India (RBI) will announce its monetary policy outcome on December 8, Friday. A poll by CNBC-TV18 predicts that the central bank will likely keep the repo rate unchanged in its upcoming review.

This time, what the markets are really interested in isn’t the interest rates or the overall approach, as those are expected to stay the same given the current situation. Instead, people are eagerly waiting to see if the governor will make any surprising announcements, including increasing risk weights or selling bonds in the open market.

ALSO READ: Will RBI stay with interest rate pause?

All the respondents of the CNBC-TV18 poll expect no changes in the repo rate this time. This has been the policy for the fifth consecutive time, mainly because of better-than-expected economic growth and ongoing uncertainty about inflation.

According to the survey, most participants don’t anticipate any more rate hikes in this fiscal year. As for the first rate cut, 20% expect it in the first quarter of the next fiscal year, while almost 70% expect it only in the second half of FY25.

There’s no expected change in the policy stance, which is expected to remain at the withdrawal of accommodation. There’s not even a hint of a possible change in stance, as many believe it will be challenging for the Monetary Policy Committee (MPC) members to reach a consensus on shifting to a neutral stance just yet.

Read Here | Experts caution ahead of RBI Monetary Policy: Weak growth, dual-paced economy, food inflation raise concerns

The predicted inflation rate for FY24 at 5.4% is likely to remain the same, with only 10% expecting a slight upward revision. On GDP numbers, most expect the RBI to increase the forecast for the year to between 6.6% and 6.9% based on a stronger-than-expected performance in the second quarter.

The governor is expected to express a more cautious outlook in his statement, leaning towards being hawkish rather than dovish. This is because concerns about inflation persist, and there are still risks to the economy.

In terms of liquidity-related measures, some expect clarification on the announced OMO bond sales. There’s also anticipation for any changes in the standing deposit facility mechanism, which could tighten policy without adjusting rates. Others are looking for short-term announcements related to liquidity.

Regarding prudential measures, there’s a general expectation that the RBI might make adjustments where it sees excesses, similar to what it did for unsecured loans. There could be more standardisation of risk weights. The governor has previously warned about high lending rates from certain microfinance lenders, so the markets will be watching for any regulatory actions in that area. However, these changes may not necessarily happen in this policy announcement.

Also Read | RBI MPC meet: Will the central bank stay with interest rate pause?

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These banks raised fixed deposit interest rates ahead of RBI’s MPC review

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Several prominent banks, including ICICI Bank, HDFC Bank, Bank of India, Federal Bank, and Yes Bank, have recently increased their fixed deposit (FD) interest rates. These revisions come in the days leading up to the Reserve Bank of India’s (RBI) forthcoming Monetary Policy Committee (MPC) announcement, slated for December 8, 2023. Experts anticipate that the central bank will likely keep the repo rate unchanged in its upcoming MPC review.

Banks that have raised their FD rates

ICICI Bank

Private lender ICICI Bank has restructured its FD interest rates for deposits ranging from ₹2 crore to ₹5 crore, effective December 6, 2023. The revised rates span from a minimum of 4.75% for a tenure between 7 to 14 days to 7.25% for a period extending from 390 days to 15 months.

Here’s a look at FD rates of ICICI Bank on deposits of ₹2 crore and above but less than ₹5 crore:

(Source: ICICI Bank)

Bank of India

Bank of India, has also joined the trend by increasing its FD rates, primarily targeting deposits from ₹2 crore and above to less than ₹10 crore. This revision, effective December 1, 2023, ranges from 5.25% for a tenure between 46 to 90 days to a substantial 7.25% for a tenure of 1 year.

Here’s a look at the FD rates of the Bank of India on deposits from ₹2 crore and above to less than ₹10 crore:

(Source: Bank of India)

HDFC Bank

HDFC Bank, another major player, has adjusted its FD rates for non-withdrawable fixed deposits, offering returns of up to 7.45% for tenures spanning one to two years and 7.2% for durations extending from two to ten years. Non-withdrawable fixed deposits lack a premature withdrawal facility, meaning depositors cannot close them before the designated term.

Here’s a look at the FD rates of HDFC Bank on deposits from ₹2 crore and above to less than ₹5 crore:

(Source: HDFC Bank)

Federal Bank

Federal Bank also re-evaluated its deposit rates, with an increase to 7.50% for a 500-day tenure for both residents and non-resident deposits, and a lucrative 8.15% for senior citizens. The rates for other tenures were also adjusted accordingly.

The interest rates on Foreign Currency Non-Resident Account (FCNR) and Resident Foreign Currency (RFC) have also been hiked. Here are the revisions:

The scenario

The recent surge in FD rates by banks can be attributed to the delayed transmission of RBI’s policy rate hikes. The RBI’s benchmark policy rate (repo) has remained unchanged for the past four bi-monthly monetary policies, standing at 6.5% since February 2023. However, the central bank earlier implemented six consecutive rate hikes, totalling 250 basis points, until the pause in April.

Though repo rates have risen, the subsequent adjustment in bank deposit rates has been gradual, as indicated by RBI governor Shaktikanta Das in the last policy review. Banks initially lagged in increasing their FD rates following the RBI’s policy actions, leading to a subsequent catch-up phase.

This trend indicates that banks are now aligning their FD rates with the policy rate hikes, responding to the potential for further rate hikes by the RBI. Consequently, depositors may continue witnessing adjustments in FD rates as banks aim to bridge the gap between policy actions and their interest rate policies, experts say.

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HDFC Bank’s loan EMI may rise as lender hikes MCLR across select tenures

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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HDFC Bank has made changes to its benchmark Marginal Cost of Funds-Based Lending Rates (MCLR) on select tenures, effective as of November 7, 2023. The overnight MCLR has been raised by 5 basis points from 8.60% to 8.65%. The 1-month MCLR of HDFC Bank has increased by 5 basis points to 8.70% from 8.65%.

The 3-month MCLR will be at 8.90%, up by 5 basis points from the previous 8.85%. The 6-month MCLR has been increased to 9.15% from 9.10%. The 1-year MCLR, which is linked to many consumer loans like home and auto, has been kept unchanged at 9.20%. The 2-year and 3-year MCLR has been hiked to 9.25% and 9.30%, respectively.

When comparing HDFC Bank’s rates to those of other banks, the 1-year MCLR currently stands at 9.20%. In contrast, ICICI Bank offers 9.00% MCLR on 1-year tenure, while Bank of India has 8.75% rate.

Notably, both of these banks have also recently announced adjustments to their MCLR across various loan maturities.

This shift in lending rates is of significant note, considering the RBI’s decision to adopt a vigilant stance on inflation, resulting in the steady maintenance of the repo rate. This approach follows a period of active rate hikes, totalling 250 basis points, undertaken by the Reserve Bank of India (RBI) until a pause in April 2023.

Shaktikanta Das, RBI Governor, in his last policy address, had emphasised that while the repo rates have been raised by 250 basis points, this increase has not been fully transmitted to bank lending and deposit rates.

What this means for borrowers is that there is still room for a potential hike in lending rates. During the period when the RBI increased the repo rate, banks gradually followed suit by raising their lending interest rates, although there was some delay in transmission.

For perspective, when the repo rate increases, lending interest rates follow suit, and when the repo rate decreases, lending interest rates decline as well.

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World shares mostly higher ahead of Fed decision on interest rates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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World shares logged meager gains as investors remained cautious ahead of a decision on interest rates Wednesday by the U.S. Federal Reserve.

Oil prices were higher as Israeli airstrikes leveled apartment buildings in Gaza and ground troops battled Hamas militants inside the besieged territory. In recent days, Israeli troops have advanced toward the outskirts of Gaza City from the north and east. Worries that fighting could escalate beyond the latest Israel-Hamas war, potentially disrupting supplies, have roiled oil markets in recent weeks.

U.S. benchmark crude oil advanced 86 cents early Wednesday to $81.88 a barrel. It lost 29 cents on Tuesday to $81.02. Brent crude, the international standard, picked up 85 cents to $85.87 a barrel.

Germany’s DAX edged up less than 4 points to 14,813.13 and the CAC 40 in Paris gained less than 0.1% to 6,891.38. Britain’s FTSE 100 was up less than 1 point at 7,322.05.

The futures for the S&P 500 and the Dow industrials were 0.4% lower ahead of the decision later Wednesday by the Federal Reserve on interest rates. The overwhelming expectation is that the Fed will keep its overnight interest rate steady. The bigger question is how long it will keep that main rate high.

Tokyo’s Nikkei 225 index added 2.4% to 31,601.65 a day after the Bank of Japan held back from any major changes to its near-zero interest rate policy, though it adjusted its controls on government bond yields.

The dollar weakened against the Japanese yen, trading at 151.22 yen. It had jumped Tuesday after the Japanese central bank’s decision, to 151.66 yen.

The euro fell to $1.0548 from $1.0575.

Elsewhere in Asia, Hong Kong, the Hang Seng edged less than 0.1% higher, to 17,101.78. The Shanghai Composite index gained 0.1% to 3,023.08.

South Korea’s Kospi advanced 1% to 2,301.56 and the S&P/ASX 200 rose 0.9% to 6,838.30.

Tuesday on Wall Street, the S&P 500 gained 0.6% and the Dow Jones Industrial Average added 0.4%. The Nasdaq composite climbed 0.5%.

More than 80% of the stocks in the S&P 500 strengthened. It closed October with a loss of 2.2% for the month. That’s its third straight monthly drop, the longest losing streak since the COVID-19 pandemic froze the global economy at the start of 2020.

Higher bond yields have taken a toll, since they knock down prices for stocks and other investments, while slowing the overall economy and adding pressure on the entire financial system. The 10-year Treasury yield, which is the centerpiece of the bond market, has jumped from less than 3.50% during the spring to more than 5% recently, touching its highest level since 2007.

The 10-year Treasury yield ticked higher to 4.91% early Wednesday from 4.89% late Monday.

The Fed has already pulled its main overnight interest rate above 5.25% to its highest level since 2001. It’s been saying it will make upcoming moves based on what data say about inflation and the job market, where the worry is that too-strong growth could give inflation more fuel.

Reports on the economy Tuesday came in mixed. One said that growth in wages and benefits for U.S. workers slowed during the summer, compared with year-earlier levels, but not by as much as economists expected.

Another report said that confidence among U.S. consumers weakened last month, but not by as much as economists expected. Strong consumer spending has helped the economy avoid recession, but it could also fan inflation. That’s why the Fed is nervous about too strong growth in wages, as workers fight for higher pay amid high inflation.

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RBI holds repo rate, but experts suggest this may be the best time to book your fixed deposits

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Reserve Bank of India (RBI) on Thursday kept its key interest rates unchanged at 6.50 percent for the third straight monetary policy meeting. However, the overall rise in rates gives fixed deposit (FD) investors a favourable scenario, experts say. They recommend considering FDs with interest rates exceeding 7-8 percent, particularly for senior citizens who may earn an additional 0.50 basis points in interest compared to others.

The time frames of one to three years are touted as the most rewarding tenures for FD investments.

The RBI policy and fixed deposit rates

Before hitting the pause button for the third time on Thursday, August 10, the central bank had raised the repo rate cumulatively by 250 basis points since the beginning of the rate hike cycle in May 2022. Notably, the rates remained unchanged during both the April and June meetings this year.

A significant shift occurred even in fixed deposits as their interest rates began to rise when the RBI initiated repo rate hikes in May 2022. Over the subsequent 10 months, the central bank implemented a series of 2.5 percent repo rate increases until February 2023. The stability in interest rates is evident in the 10-year Government Security (G-Sec) yields, which have remained relatively steady between 6.9 percent and 7.2 percent since May this year.

During the period of RBI’s repo rate hikes, banks eventually followed suit in raising their FD rates, albeit with some lag. Banks that initially delayed raising their FD interest rates have since been increasing them to catch up, while those that acted swiftly have now begun to reduce them.

The current FD rates offered by lenders

(Source: Bankbazaar)

More FD rate hikes are unlikely

Experts believe that the trend of rising interest rates has nearly run its course and there are reports of some banks already reducing their interest rates.

The overall impact of the 2.5 percent repo rate hike has substantially affected FD rates between May 2022 and June 2023. Given this transmission, the likelihood of a significant surge in FD interest rates appears slim unless there is a fresh repo rate hike.

FD rates are influenced by several factors, including the repo rate, the gap between credit growth rates, deposit growth rates, and overall liquidity in the banking system.

Investment strategy

Financial experts assert that the current climate presents an opportune time to secure a desired fixed-income allocation through bank FDs.

“Over the past 15 months, average interest rates on rupee deposits with banks have exhibited a consistent upward trajectory. This trend is mirrored in bank FD rates, which have shown persistent increments despite occasional periods of pause. For consumers, this presents an advantageous window to secure the most favourable rates and consider reinvesting their deposits for higher returns, particularly within the 1-3 year timeframe,” said Adhil Shetty, CEO at BankBazaar.

Catch all updates on RBI policy here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow