Bank FD News: Bank Customers Leaving Savings & Going Towards FD, You Must Also Know This important News

By Yuva Patrakar Dec 8, 2023, 12:20 IST

Bank FD News: These days people are getting attracted towards FD more than Saving Account. This is a new trend visible in the banking sector. Where earlier the demand for savings accounts was high, now people are taking more interest in FDs. If we look at the figures, the growth in making new FDs in the last one year has been 25.8 percent. At the same time, a decrease of 12 percent has been recorded in the growth rate of savings account.

People are turning to FD again

Now this question arises. Why is this happening? Let us tell you that the biggest reason behind this is the interest rate. If we talk about average, then interest rate of 2.5-3 percent is given on savings account. Whereas the interest rate on FD is given as per 6.5 to 7 percent. Therefore, now people are once again turning towards FD. It is not so. That this is happening only with a few banks.

This situation may remain till the next monetary policy of RBI

This trend is being seen in almost all the banks. According to the information shared by ICICI Bank, savings accounts have been opened at the rate of 6.2 percent in the last one year. Whereas FDs have been made at the rate of 25.8. Not only this, deficit has also been recorded in the current account. A growth rate of 14.8 percent was seen in Current Account which was earlier 17 percent. If we talk about how long this trend will be seen, then the situation may remain the same till the next monetary policy of RBI.

There will be positive impact on all banks

RBI has not made any change in the repo rate for the last four times. That means banks are not able to work freely right now. Some changes may occur as soon as the repo rate increases. If we talk about this effect on banks then it will have a positive effect on all the banks. If cash remains with banks for a longer period, loans can be given easily. Interest will work like oxygen for banks. However, store costs may increase for the bank. But this will not cause much trouble to the banks.

Superfast News Coverage By YuvaPatrkaar.com Team

Publish Date: December 08, 2023

Posted By Sunil