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As Interest Rates Fall, Borrowers’ Gain Is Depositors’ Pain
RBI’s 75-bps rate cut will bring relief to borrowers, but will pinch depositors, who rely on interest income from fixed deposits.
31 Mar 2020, 02:09 PM IST
The Reserve Bank of India’s decision to cut interest rates by a steep 75 basis points will bring relief to borrowers, but will pinch depositors, who rely on interest income from fixed deposits, equally.Large banks have already started to cut rates in response to the RBI’s policy rate reduction. State Bank of India cut rates across its retail term deposits by 20-50 basis points. Bulk deposits, or deposits above Rs 2 crore, saw steeper...
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