Although the global conditions are challenging and due to its effect, the Indian conditions have also been seen. The Monetary Policy Committee of RBI has taken this decision with majority.

What is RBI’s forecast for growth?

For the financial year 2024, RBI has increased it from 6.4 percent to 6.5 percent without increasing the economic growth rate. In this way, RBI is confident of a slight increase in growth.

What did the RBI governor say on inflation

The RBI governor said that “there are still many challenges before the country’s central bank on the inflation front and our work is not over yet. Till the time the inflation rate comes close to or under the target set by the RBI, we will have to continuously Gotta work.”

Repo rate will remain at 6.5 percent

Under the monetary policy before the financial year 2023-24, Governor Shaktikanta Das has informed about not increasing the repo rate. Now the RBI repo rate will remain at 6.50 percent. The government last increased the repo rate for the financial year 2022-23 on February 8, 2023. 

The post RBI Repo Rate: RBI gave big relief and did not increase repo rate, Your loan will not be expensive first appeared on Rightsofemployees.com.

Though banks are in a race to increase the interest rates and pass on the benefits to the customers, there are only a few banks which are offering the highest interest rates to senior citizens. Today we are going to tell you about such banks which are earning 8% or more to senior citizens.

These banks are getting more than 8 percent returns

1. Axis Bank gives 8.01% interest to senior citizens on FDs of 2 years to less than 30 months.
2. Punjab National Bank is giving 8.05% return to super senior citizens on 666 days FD.
3. DCB is giving 8.35% return to senior citizens on FDs ranging from 700 days to less than 36 months. The bank is paying 8 percent interest on FDs of less than 700 days from 18 months.
4. IDFC First Bank is offering 8% return on FDs of 18 months – 1 day – 3 years to senior citizens.
5. Yes Bank gives 8 percent interest rate to senior citizens on FD of 25 months and the bank gives 8.25 percent interest on 35 months special FD.
6. Other big banks like HDFC Bank and ICICI Bank offer 7.50% returns to senior citizens.
7. Canara Bank gives 7.65% interest on 444 days FD to senior citizens.

who is a senior citizen

An Indian who is 60 years or more but less than 80 years of age at any time during the previous year is considered as a senior citizen. A super senior citizen is one whose age is 80 years or more.

TDS on Senior Citizen FD

Banks will deduct TDS at the rate of 10% and 20% if neither PAN nor Form 15G and 15H are submitted. For senior adults aged 60 years and above, the annual maximum for FD interest income is Rs 50,000; After that, banks levy 10 per cent TDS.

The post Bumper FD Rate for Senior Citizen: Senior citizens are earning more than 8% from FDs in these banks, see full list first appeared on Rightsofemployees.com.