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What will be the impact on bank customers’ accounts after the Reserve Bank’s decision?

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new Delhi. The MPC meeting on behalf of the Reserve Bank of India has not made any changes in policy interest rates. Even after making no change in repo and reserve repo rates, FD account holders will breathe a lot of relief. The reason is that banks will no longer reduce their FD rates. On the other hand, the interest rates of personal loan, home loan and auto loan will also not be reduced.

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FD investors will get benefit
– With policy interest rates stable, there is good news for those saving through fixed deposits.
– Banks will not take further decision to reduce interest rate on FD.
– SBI has not made any change in FD rates since September 2020.
SBI is paying interest from 2.9% to 5.4% on FD.

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Effect on saving account
After cutting policy rates, banks also reduce FD rates, but this is not the case in savings accounts.
– This reduction in deposit rate is not in proportion to the repo rate.
– As a money depositor in the bank, lowering interest rates means that less interest will be paid on new deposits in the account.
– Which means the return on the depositor’s deposit will also be less.
– Increasing the interest rate means higher returns on deposits.

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Effect on loan EMI
– No change in the repo rate means that the EMI of the loan will not decrease.
– Since March this year, the central bank had cut policy rates by 115 basis points.
– The last change in policy interest rates was made by RBI on May 22.

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