RBI has cut the repo rate after 5 years. With this decision of the Reserve Bank (RBI), people will get some relief in loan EMI. Along with this, the interest rates of bank FD will also be reduced. In such a situation, if you want to invest in fixed deposit (FD), then do it as soon as possible.

If you want to earn good profits by investing in FD, then you can book FD through some of the apps given below and earn up to 9.5 percent interest. The special thing is that if you book FD through these apps, you will not have to open an account in the concerned bank. But you may have to do KYC.

FD through Stable Money app (up to 9.5% interest)

• Unity Small Finance Bank – 9.5 percent interest (1001 days FD)
• Shivalik Small Finance Bank – 9.3 percent interest (1 year 5 months 25 days FD)
• Suryoday Small Finance Bank – 9.1 percent interest (5 year FD)
• Utkarsh Finance Bank – 9.1 percent interest (2 year FD)
• North-East Small Finance Bank – 9 percent interest (3 year FD)

FD through Super.Money app (up to 9.3% interest)

You can easily book FD through Super.Money, an app owned by Flipkart. You can also make UPI payments through this app. According to the list of banks listed on the app, you can earn up to 9.3 percent interest here.

• Shivalik Small Finance Bank – 9.3 percent interest (1 year 6 month FD)
• Suryoday Small Finance Bank – 9.1 percent interest (5 year FD)
• Utkarsh Finance Bank – 9.1 percent interest (2 year FD)
• North-East Small Finance Bank – 9 percent interest (3 year FD)
• South Indian Bank – 7.9 percent interest (1 year 7 month FD)
• FD through Tata Neu App (up to 9.1% interest)
• Suryoday Small Finance Bank – 9.1% interest (5 year FD)

Up to Rs 5 lakh is safe in case of bank failure.

In case of bank failure or bankruptcy, the only relief available to the depositor is the insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Under DICGC, insurance cover is available up to Rs 5 lakh. No matter how much money is deposited in all your accounts in a single bank, you will get an insurance cover of only Rs 5 lakh. This amount includes both the principal and the interest amount. DICGC’s deposit insurance covers all insured commercial banks including LABs, PBs, SFBs, RRBs and co-operative banks.

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However, experts believe that the Reserve Bank will not make any change in the policy rate this time too. According to SBI’s research paper, the retail inflation rate is expected to be around five percent in May and after that it will come down to 3 percent in July. After this, perhaps, i.e. in the next MPC meeting, the Reserve Bank may reduce the repo rate.

According to information received from experts, no change is expected in the repo rate i.e. interest rate in this meeting as well. This is the second meeting of the financial year 2024-25. Currently the repo rate is at 6.50 percent. RBI had not increased the interest rates even in the earlier meeting held in April. RBI had last increased the rates by 0.25% to 6.5% in February 2023.

Also Read: Petrol-Diesel Price Today: New rates of petrol and diesel have been released for June 7. Check rate here

MPC meeting is held every two months.

RBI’s monetary policy committee meeting is held every two months. RBI governor Shaktikanta Das may keep the repo rate at the old level in the Reserve Bank’s monetary policy committee meeting being held today. This is the second monetary policy of this financial year.

Repo rate may be cut in the third quarter

According to SBI’s research paper, the central bank should stick to its decision to withdraw the neutral stance. The report titled ‘Introduction to MPC meeting’ expects that the RBI will cut the repo rate in the third quarter of the current financial year. ‘This cut is likely to be small.’ It also said that the Consumer Price Index (CPI) based inflation rate is expected to be close to 5 percent in May. After this, it will come down to 3 percent in July.

Who are the members of MPC?

RBI’s MPC has six members. It has both external and RBI officials. Along with Governor Das, RBI officials Rajiv Ranjan serves as executive director and Michael Debabrata Patra is the deputy governor. Shashank Bhide, Ashima Goyal and Jayant R Verma are external members. Let us tell you that the meeting of RBI’s Monetary Policy Committee is held every two months.

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It is expected that in the first bi-monthly monetary review meeting of the current financial year, the MCP may decide to increase the repo rate by another 0.25 percent. Analysts believe that with this, the process of increasing the interest rate which started from May 2022 will stop.

The meeting will run from 3 to 6 April

Various domestic and global factors will be considered during the three-day meeting (April 3-6) of the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das. After this, the first bi-monthly monetary policy of the financial year 2023-24 will be announced. The governor will tell on Thursday what the six-member committee has decided on the interest rates.

2.5 percent increase in repo rate

To control inflation, the central bank has increased the repo rate by 2.5 percent from May 2022. Despite this, inflation has remained above the Reserve Bank’s (RBI) tolerable level of six percent most of the time. The MPC will specifically consider the increase in the retail inflation rate and the recent action taken by the central banks of the developed countries.

Retail inflation crossed the RBI’s comfortable level in January after remaining below six per cent in November and December 2022. In such a situation, the action of the central bank is necessary. Inflation based on the Consumer Price Index (CPI) was 6.52 per cent in January and 6.44 per cent in February.

Experts believe that the central bank will increase the repo rate by 0.25 percent on Thursday. Perhaps with this, the process of increasing the interest rate will stop. The MPC consists of three officers from the RBI and three external members appointed by the central government.

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