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As the government is set to announce a slew of reforms, one of them may not attract you much. 
 The government plans to lower down <keyword id="6371181" type="UNKNOWN" weightage="20" keywordseo="interest-rates">interest rates</keyword> on saving products like <keyword id="76579" type="CITY" weightage="20" keywordseo="PPF">PPF</keyword>, National <keyword id="25450" type="UNKNOWN" weightage="20" keywordseo="savings">Savings</keyword> Certificate (NSC) and the bank FDs may also attract lower interest. 
 
The move by the finance ministry will impact people who take maturity period of less than five years. However, it is speculated that women and senior citizens will b exempted with savings plans like Sukanya Samriddhi Yojana. 
 Meanwhile, the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> wants the banks to follow suit and follow the small savings rate cut with lower fixed deposit rates. 
 RBI says the PPF and other plans gave higher returns as compared to <keyword id="6377620" type="UNKNOWN" weightage="20" keywordseo="fixed-deposits">fixed deposits</keyword>. This has, in turn, forced banks to maintain higher deposit rates.

Soon, you may not get return benefits on your savings

New Delhi, Jun 2 () ICICI Bank on Tuesday said it has cut interest rate on saving deposits by 25 basis points (bps). The new rates will come into effect from Thursday, it said in a regulatory filing. The private sector lender has cut interest rate on all deposits of less than Rs 50 lakh to 3 per cent, a reduction of by 25 bps as against the existing 3.25 per cent. Likewise, for deposits of Rs 50 lakh and above, the account holders will earn interest of 3.50 per cent, down from 3.75 per cent currently. Currently, banks have ample liquidity, and a comparatively less demand for loans due to the lockdown has created a asset-liability mismatch, which has put pressure on interest outgo against customers' deposits. Earlier in May, the country's largest lender SBI had cut the interest rates on fresh retail term deposits and on renewal of maturing deposits by up to 40 bps across tenors. SBI Chairman Rajnish Kumar has already said that in the current scenario, interest rates are going to reduce. "The reduction in interest rates will be for both borrowers and depositors," Kumar said recently. KPM HRS

ICICI Bank cuts interest rate on saving deposits by 25 bps

Mumbai, Apr 20 () The fourth largest private sector lender Kotak Mahindra Bank has slashed the interest rates on savings deposits for the second time this month.The bank had lowered the savings rates from April 1 and the new lower rates are effective Monday and comes even after reporting a healthy jump in its deposit base in the March quarter earlier this month.The largest lender SBI that controls almost a quarter of the banking system had also slashed the pricing on its savings account deposits earlier this month to just 2.75 per cent flat.In an email to its savings bank account holders on Sunday, Puneet Kapoor, the bank's president for products, alternate channels and customer experience delivery said, "effective April 20, the interest rates on daily balances in savings account stands revised to 4.5 per cent per annum for daily balances above Rs 1 lakh and 3.75 per cent for daily balances up to Rs 1 lakh."This is still a full 100 bps more than the SBI rate, which offers only a flat rate to everyone and 25-50 bps over the industry average, while its higher rate is still much above the both.When contacted, the bank's spokesman told that the move reflects falling interest rates scenario and will help better manage the cost of funds and pass on the benefit to borrowers. Kotak was one of a handful banks-–Yes Bank, Indusind Bank, RBI and DBS--to offer higher pricing on savings deposits that had peaked at 7 per cent for the past many years. These banks were offering higher rates to bring down their cost of funds by increasing the low-cost Casa (current and savings) accounts. While banks like SBI and HDFC Bank have very high Casa base of over 55 per cent, the same is very low for these banks in the mid-30 to early 40s type.A higher Casa helps banks bring down their cost of funds as there is a current account holder gets no interest on the balance in the account, the savings accounts offer 3 - 3.5 per cent on average at best. Earlier this month, Kotak Bank had said it saw an 11.7 per cent spike in customer deposits and a 1.3 per cent jump in advances in the March quarter over the December 2019 quarter.In the March quarter, its current account deposits grew 16.9 per cent sequentially, while the savings bank deposits jumped 14 per cent. This comes amidst its peers including RBL Bank and Indusind Bank, which also offer 4-5 per cent interest on savings deposits have seen a dip in deposits during the quarter as the economy has been on southward ho for many quarters now, which got a deadly shock later last month due to the Covid-19 pandemic. Effective April, Kotak had reduced the rate offered for deposits of over Rs 1 lakh in the savings account to 5 per cent from 6 per cent earlier, while those under Rs 1 lakh will continue to earn 4 per cent, saying the lower pricing was to support the economy and to extend support to government effort in fighting the pandemic. The bank also pointed to the overall falling interest rates. The share of the low cost current and savings accounts deposits in the overall deposit base rose to 56.2 per cent as on March 31, as against 53.7 per cent in December and 52.5 per cent in the year-ago period. The Kotak counter traded 0.7 per cent up at Rs 1,194.50 on the BSE at 1315 hrs against the benchmark Sensex negotiating a choppy trade. BEN AA MR

Kotak Bank lowers interest rates on savings deposits 2nd time in Apr

Mumbai, May 25 () Private sector lender Kotak Mahindra Bank (KMB) on Monday slashed the interest rate on savings deposits by a further 0.50 per cent. The bank has cut rates twice last month on its deposit rate offering on the savings accounts. From Monday, daily balance of over Rs 1 lakh will earn 4 per cent interest as against the 4.50 per cent earlier, while those under that threshold will earn 3.50 per cent, the bank said. The revisions are applicable for deposits in residents accounts only, it said. It can be noted that deposit rates across the system are dipping due to a combination of an interest rate lowering by the Reserve Bank of India and also a lack of loan growth where the money can be deployed. Largest lender SBI offers an interest rate offering of as low as 2.75 per cent on the savings bank deposits, while others like Yes Bank, which also has an aggressive strategy, have hinted at the possibility of lowering the rates in near future. During a recent media call, Uday Kotak, the lender's managing director, had counted deposit accretion as among the key focus areas for the bank amid the COVID-19 pandemic crisis. KMB was among banks - like Yes Bank, IndusInd Bank and DBS - to offer higher pricing on savings deposits that had peaked at 7 per cent for the past many years. AA BAL BAL

Kotak Mahindra Bank slashes interest rate by 0.50 pc on savings deposits

<ul><li>Apple launched a high-yield savings account for its Apple Card customers on Monday as it grows its financial product offerings.</li><li>The iPhone maker partnered with Goldman Sachs on the account, which offers an interest rate of 4.15%.</li><li>Here's how Apple's new high-yield savings account stacks up against the competition.</li></ul><a href="https://markets.businessinsider.com/stocks/aapl-stock?miRedirects=1">Apple</a> launched a high-yield savings account on Monday as more and more consumers seek to take advantage of <a href="https://www.businessinsider.com/fed-raised-interest-rates-again-amid-calls-to-pause-svb-2023-3">the high interest rate environment.</a>The savings account is available to Apple Card customers through its partner, <a href="https://markets.businessinsider.com/stocks/gs-stock?miRedirects=1">Goldman Sachs</a>, and offers a yield of 4.15% with no minimum deposits, no minimum balance requirements, and no fees.While Apple's starting yield of 4.15% isn't the highest for a high-yield savings account, there is something Apple offers that few others do: convenience. At least, convenience for iPhone users who already have an Apple Card, as the savings account integrates into the iPhone's Wallet app."Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place," Apple vice president <a href="https://affiliate.insider.com?h=46ed99a0f6ca2d811971db79e79fde1069e67554eade1c19c7962c05c04cba57&amp;postID=643d7df9186a0b33ec6ad8cd&amp;site=bi&amp;u=https%3A%2F%2Fwww.apple.com%2Fnewsroom%2F2023%2F04%2Fapple-cards-new-high-yield-savings-account-is-now-available-offering-a-4-point-15-percent-apy%2F%23%3A~%3Atext%3DApril%252017%252C%25202023-%2CApple%2520Card%2527s%2520new%2520high%252Dyield%2520Savings%2520account%2520is%2520now%2520available%2CSavings%2520account%2520from%2520Goldman%2520Sachs." target="_blank" rel="noopener">Jennifer Bailey said.</a>Here's how Apple's new high-yield savings account stacks up against the competition, according to <a href="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now">Insider's Personal Finance team.</a><h3>1. UFB Premier Savings</h3><div type="image" title="UFB Direct" height="125" width="250" msid="99567173" hostid="261" sizebytes="2068"></div>Interest Rate: 4.81% Minimum Deposit Amount: $0 Fees: No monthly service fee<h3>2. Bask Bank Interest Savings Account</h3><div type="image" title="Bask Bank logo on a teal background with coin and card motifs" height="1250" width="2500" msid="99567175" hostid="261" sizebytes="216962"></div>Interest Rate: 4.65% Minimum Deposit Amount: $0 Fees: No monthly service fee<h3>3. Salem Five Direct eOne Savings</h3><div type="image" title="Salem Five Bank logo" height="227" width="700" msid="99567178" hostid="261" sizebytes="7916"></div>Interest Rate: 4.61% Minimum Deposit Amount: $10 Fees: No monthly service fee<h3>4. Bread Savings High-Yield Savings Account</h3><div type="image" title="Bread Savings" height="119" width="424" msid="99567180" hostid="261" sizebytes="5764"></div>Interest Rate: 4.50% Minimum Deposit Amount: $100 Fees: No monthly service fee<h3>5. CIT Bank Savings Connect Account</h3><div type="image" title="cit bank logo" height="100" width="232" msid="99567182" hostid="261" sizebytes="3434"></div>Interest Rate: 4.50% Minimum Deposit Amount: $100 Fees: No monthly service fee<h3>6. TAB High-Yield Savings Account</h3><div type="image" title="tab bank" height="530" width="2312" msid="99567184" hostid="261" sizebytes="26216"></div>Interest Rate: 4.40% Minimum Deposit Amount: $0 Fees: No monthly service fee<h3>7. LendingClub High-Yield Savings Account</h3><div type="image" title="LendingClub" height="1749" width="3499" msid="99567187" hostid="261" sizebytes="697996"></div>Interest Rate: 4.25% Minimum Deposit Amount: $100 Fees: No monthly service fee<h3>8. Ally High-Yield Savings Account</h3><div type="image" title="ally bank logo" height="100" width="232" msid="99567189" hostid="261" sizebytes="2376"></div>Interest Rate: 3.75% Minimum Deposit Amount: $0 Fees: No monthly service fee

Apple just launched a high-yield savings account. Here's how it stacks up against competitors.

The Indian government was thinking to reset the interest rates on small savings schemes for the upcoming quarter, but because of several protests from individuals who depend on PPFs and post office deposits to meet their financial needs, the decision has been put on a hold. 
 The government had moved to rates linked to the market for small savings products like <keyword id="76579" type="CITY" weightage="100" keywordseo="PPF">PPF</keyword>, KVPs and Senior Citizens Savings Scheme, so that the returns can be linked to government bonds in order to avoid these instruments eating into the bank deposit base. 
 
RBI had also demanded this, so that it could help lenders cut rates when deposit rates were lowered. This is why the centre decided to reset interest rates every quarter, which were earlier done annually. 
 The ongoing quarter has seen the average yield on government securities coming down to around 7.5%; this would have resulted in <keyword id="3248275" type="UNKNOWN" weightage="100" keywordseo="PPF-rates">PPF rates</keyword> falling to less than 8% as against the present 8.1%. 
 
However, as of now, the government has decided not to change these rates, because inflation is already troubling Indian customers. 
 
<a href="http://financialtribune.com/sites/default/files/field/image/06_Brief_0.jpg">Image source</a>

Interest rates for PPF might stay unchanged in the next quarter

<ul><li>India’s largest private sector bank <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) is yet again reducing the interest rates on term deposits across all maturities. </li><li>From now on, the <keyword id="3159390" type="PERSON" weightage="20" keywordseo="marginal-cost">marginal cost</keyword> of funds based lending rate (MCLR) for a year will be 8.15% per annum. </li><li>In view of the falling interest rate scenario and surplus liquidity, SBI also realigns its interest rate on term deposits (TD) w.e.f. September 10. </li><li> Recently, the Reserve Bank of India reduced the repo rates by 110 bps.</li></ul>India’s largest private sector bank State Bank of India (SBI) will reduce the interest rates on term deposits across all maturities, starting tomorrow i.e. 10 September 2019. The bank slashed the retail term deposit rates by 25 bps or 0.25%. The bulk term deposit rates have slipped by 10-20 bps. "In view of the falling interest rate scenario and surplus liquidity, SBI also realigns its interest rate on term deposits (TD) w.e.f. September 10,” the bank said. However, while this might come as bad news for those who want to store their money in FDs, those keen on taking loans have some good news in store. The bank also announced a reduction in marginal cost of funds based lending rate (MCLR) by 10 bps. Given that, the MCLR for a year will be 8.15% per annum — which is currently at 8.25%. This is the fifth year that the bank has cut MCLR. Recently, the Reserve Bank of India (RBi) reduced the repo rates by 110 bps, and asked the banks to trim the interest rates in favour of the customers. Under this, the borrowers will directly benefit from the RBI rate cuts.

SBI will cut interest rates on fixed deposits and term deposits by 0.25%

The Indian government has reduced the interest rate on <keyword id="807514" type="UNKNOWN" weightage="20" keywordseo="small-saving-schemes">small saving schemes</keyword> such as <keyword id="76579" type="CITY" weightage="20" keywordseo="PPF">PPF</keyword>, Kisan Vikas Patra and Sukanya Samriddhi scheme. 
 
In a bid to make banks cut their deposit rates, the government has lowered the interest rate by 0.1% for the April-June quarter. 
 
Meanwhile, interest rate on savings deposits has been retained at 4% annually. 
 
A finance ministry notification said investments in the public provident fund (PPF) scheme will fetch lower annual rate of 7.9 per cent, the same as 5-year National Savings Certificate. The existing rate for these two schemes is 8 per cent. 
 
Kisan Vikas Patra (KVP) investments will yield 7.6 per cent and mature in 112 months. 
 The one for girl child savings, <keyword id="3035572" type="UNKNOWN" weightage="20" keywordseo="Sukanya-Samriddhi-Account-scheme">Sukanya Samriddhi Account Scheme</keyword>, will offer 8.4 per cent annually, from 8.5 per cent at present, while it will be the same at 8.4 per cent for the 5-year Senior Citizens Savings Scheme. The interest rate on the senior citizens scheme is paid quarterly. 
 
Term deposits of 1-5 years will fetch a lower 6.9-7.7 per cent that will be paid quarterly while the 5-year recurring deposit has been pegged lower at 7.2 per cent. 
 
"On the basis of the decision of the government, interest rates for small savings schemes are to be notified on a quarterly basis," the ministry said while notifying the rates for the fourth quarter of 2016-17 starting from April 1, 2017. 
 
While announcing the quarterly setting of interest rates, the ministry had said the rates of small saving schemes would be linked to government bond yields. 
 
The move is expected to prompt banks to lower the deposit rate in line with the small savings rate as offered by the government.

Interest rates on small saving schemes like PPF lowered

(Eds: Adding details) New Delhi, Mar 31 () The government on Tuesday slashed interest rates on small savings schemes, including NSC and PPF, by up to 1.4 percentage points for the first quarter of 2020-21, in line with moderation in bank deposit rates. Interest rates for small savings schemes are notified on a quarterly basis. "The rates of interest on various small savings schemes for the first quarter of the financial year 2020-21 starting April 1, 2020, and ending on June 30, 2020, have been revised," the finance ministry said in a notification. With the reduction, term deposits of 1-3 years will now earn an interest rate of 5.5 per cent as against 6.9 per cent, down 1.4 percentage points, the notification said. However, the interest rate on the five-year term deposit has been reduced to 6.7 per cent from current rate of 7.7 per cent, it said adding that interest rate on these are paid quarterly. The cut in the interest rate on a 5-year recurring deposit is 1.4 percentage points. The new rate for this saving instrument will be 5.8 per cent. The interest rate for the five-year Senior Citizens Savings Scheme has been lowered by 1.2 percentage points to 7.4 per cent, from the existing 8.6 per cent. The interest on the senior citizens scheme is also paid quarterly. However, interest on savings deposits has been retained at 4 per cent annually. The girl child savings scheme Sukanya Samriddhi Yojana account will earn a lower rate of 7.6 per cent as against 8.4 per cent during the first quarter of the next financial year 2020-21. The interest rate moderation for Public Provident Fund (PPF) and National Savings Certificate (NSC) for the next quarter is 0.8 percentage points and 1.1 percentage points, respectively, it said. The rates will now stand at 7.1 per cent for PPF and 6.8 per cent for NSC. The Kisan Vikas Patra (KVP) will give a lower yield of 6.9 per cent with enhanced maturity period of 124 months as against 7.6 per cent and 113 months maturity at present. While announcing the quarterly setting of interest rates in 2016, the finance ministry had said the rates of small savings schemes would be linked to government bond yields. Last month, Economic Affairs Secretary Atanu Chakraborty had hinted at revision in small savings rates for the next quarter, in line with market rate for speedier transmission of monetary policy rate. Stating that the Shyamala Gopinath Committee report has been accepted, but operation of the linkage was still in the works, he had said "wait for this quarter interest rates. That will give you a fairly good indication." Bankers have been complaining that high small savings rates prohibits them to cut their deposit rates immediately to check flight of savings. DP HRS

Govt cuts interest rate on small savings schemes for June quarter

The government on Tuesday slashed interest rates on small savings schemes, including NSC and PPF, by up to 1.4 percentage points for the first quarter of 2020-21, in line with moderation in bank deposit rates. Interest rates for small savings schemes are notified on a quarterly basis. "The rates of interest on various small savings schemes for the first quarter of the financial year 2020-21 starting April 1, 2020, and ending on June 30, 2020, have been revised," the finance ministry said in a notification. With the reduction, term deposits of 1-3 years will now earn an interest rate of 5.5 per cent as against 6.9 per cent, down 1.4 percentage points, the notification said. However, the interest rate on the five-year term deposit has been reduced to 6.7 per cent from current rate of 7.7 per cent, it said adding that interest rate on these are paid quarterly. The cut in the interest rate on a 5-year <keyword id="697865" type="PERSON" weightage="20" keywordseo="Recurring-Deposit">recurring deposit</keyword> is 1.4 percentage points. The new rate for this saving instrument will be 5.8 per cent. The interest rate for the five-year Senior Citizens Savings Scheme has been lowered by 1.2 percentage points to 7.4 per cent, from the existing 8.6 per cent. The interest on the senior citizens scheme is also paid quarterly. However, interest on savings deposits has been retained at 4 per cent annually. The girl child savings scheme Sukanya Samriddhi Yojana account will earn a lower rate of 7.6 per cent as against 8.4 per cent during the first quarter of the next financial year 2020-21. The interest rate moderation for <keyword id="114852" type="COMPANY" weightage="20" keywordseo="Public-Provident-Fund">Public Provident Fund</keyword> (PPF) and National Savings Certificate (NSC) for the next quarter is 0.8 percentage points and 1.1 percentage points, respectively, it said. The rates will now stand at 7.1 per cent for PPF and 6.8 per cent for NSC. The <keyword id="162207" type="PERSON" weightage="20" keywordseo="Kisan-Vikas-Patra">Kisan Vikas Patra</keyword> (KVP) will give a lower yield of 6.9 per cent with enhanced maturity period of 124 months as against 7.6 per cent and 113 months maturity at present. While announcing the quarterly setting of interest rates in 2016, the finance ministry had said the rates of small savings schemes would be linked to government bond yields. Last month, Economic Affairs Secretary Atanu Chakraborty had hinted at revision in small savings rates for the next quarter, in line with market rate for speedier transmission of monetary policy rate. Stating that the Shyamala <keyword id="60820" type="PERSON" weightage="20" keywordseo="Gopinath">Gopinath</keyword> Committee report has been accepted, but operation of the linkage was still in the works, he had said "wait for this quarter interest rates. That will give you a fairly good indication." Bankers have been complaining that high small savings rates prohibits them to cut their deposit rates immediately to check flight of savings. DP HRS

India lowers interest rate on small savings to 5.5%

Mumbai, Jun 2 () The country's largest lender <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) has reduced interest rate on savings bank deposits by 5 basis points to 2.70% per annum across all brackets. The revised interest rate is applicable from May 31, 2020, the bank's website showed. For savings bank deposits, the bank has two slabs -- balance up to Rs 1 lakh and those with above Rs 1 lakh balance. In April, the bank had reduced its savings bank deposits rate by 25 basis points to 2.75% per annum across all slabs. The lender, from May 27, has also slashed its retail term deposit rates by up to 40 basis points (bps) across all tenors. It was the second reduction in fixed deposits (FD) rates by the lender in May. For deposits maturing in seven days to 45 days, the lender is offering an interest rate of 2.90% as against 3.30% earlier, according to the SBI website. It has revised the rate for FDs in 180 days to 210 days bracket to 4.40% compared from 4.80% earlier. The interest rate on deposits maturing in 5 years to 10 years has been cut to 5.40% from 5.70% earlier. The bank has also cut interest rates for bulk deposits (Rs 2 crore and above) by up to 50 basis points. HV RVK

You Searched For "saving deposit interest rates" and got 11 results

Soon, you may not get return benefits on your savings

BI India Bureau

ICICI Bank cuts interest rate on saving deposits by 25 bps

PTI

Kotak Bank lowers interest rates on savings deposits 2nd time in Apr

PTI

Kotak Mahindra Bank slashes interest rate by 0.50 pc on savings deposits

PTI

Apple just launched a high-yield savings account. Here's how it stacks up against competitors.

Matthew Fox

Interest rates for PPF might stay unchanged in the next quarter

BI India Bureau

SBI will cut interest rates on fixed deposits and term deposits by 0.25%

BI India Bureau

Interest rates on small saving schemes like PPF lowered

BI India Bureau

Govt cuts interest rate on small savings schemes for June quarter

PTI

India lowers interest rate on small savings to 5.5%

PTI

SBI Bank FD interest rates reduced again - check the latest rates

PTI

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