DEPOSIT RATE
Vigil over unsecured loans may weigh on credit growth: Binod Kumar, MD, Indian Bank
The Indian retail credit industry remains far from saturation due to several factors. The country continues to add many working-age citizens, particularly millennials and Gen Z, who have better incomes and changing spending habits. Increased global integration and upward social mobility have significantly influenced consumer behaviour, creating new demand for credit, says Indian Bank managing director Binod Kumar.
FD rate up to 9.1% for senior citizens investing for 5 years; Know the list of banks
Senior citizens can still find attractive fixed deposit rates, with some banks offering up to 9.1% for five-year terms on deposits up to Rs 3 crore. Senior citizens (aged 60 or above) can invest in FDs and earn an attractive rate of interest. Read below to know the full list of the banks.
ITR for UAE NRIs: Submit returns by July 31 to avoid penalties
Indian expatriates in the UAE must file their Income Tax Returns (ITR) for the financial year 2024-25 by July 31, 2025. Recent changes include increased capital gains tax rates, affecting investors in listed shares and securities. Filing is crucial for claiming refunds, avoiding penalties, and carrying forward losses.
Finance Ministry OKs 8.25% EPF interest rate
The government has approved an 8.25% interest rate on Employees' Provident Fund (EPF) deposits for FY 2024-25, benefiting over 70 million subscribers. The labour ministry has instructed EPFO to credit the interest, unchanged from FY24, after finance ministry approval. EPF offers high, stable returns and tax benefits, making it an attractive investment for salaried individuals.
Govt ratifies interest rate of 8.25% on employees' provident fund for FY25
The central government has approved an 8.25% interest rate for Employees' Provident Fund deposits for fiscal year 2024-25. This benefits over 7 crore subscribers. The rate matches last year's, supported by strong income. EPFO also saw a surge in auto-claims settlements. You can check your EPF balance easily. Use the UMANG app, EPFO portal, or a missed call.
European Stocks end week in red as Trump targets EU, Apple with tariff threats
European shares plummeted following President Trump's tariff threats on the EU and Apple, reigniting global trade war anxieties. The pan-European STOXX 600 index experienced a significant drop, marking its first weekly decline in six weeks.
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Did Elon Musk's DOGE mislead the public about social security fraud? New data suggests...
Elon Musk's DOGE is under scrutiny for claims of widespread Social Security fraud, used to justify proposed reforms. DOGE claimed massive fraudulent payments, but data suggests fraud rates are significantly lower than claimed. The Social Security Administration reports a small fraction of calls and payments are linked to fraud, contradicting DOGE's assertions.
Savings Ki Vidya' campaign by Federal Bank: A fresh approach to savings
Federal Bank has launched 'Savings Ki Vidya,' an integrated marketing campaign featuring Vidya Balan, aiming to boost deposits. The campaign emphasizes the bank's relationship-focused approach, highlighting that genuine connections and excellent service create lasting value. Balan's authentic portrayal guides viewers towards smart saving choices, reinforcing Federal Bank's commitment to putting 'Humans at the Core and Digital to the Fore'.
NRI deposit inflows at an 11-year high in FY25 as rates entice
NRI deposits in Indian banks surged to an 11-year high in FY25, reaching $16.2 billion, driven by attractive interest rates and rupee depreciation. Dollar deposits (FCNR(B)) saw significant inflows, with NRIs earning higher returns compared to their home countries. Rupee deposits (NRE(RA)) also increased, reflecting the benefits of currency fluctuations.
‘On rates, it’s status quo or cuts; concerned about banks’ mis-selling of insurance’: RBI governor Sanjay Malhotra
RBI Governor Sanjay Malhotra emphasizes India's economic resilience and commitment to managing rupee volatility without targeting specific rates. He highlights the importance of real interest rates for depositors and the central bank's focus on customer protection and cybersecurity. The governor also addresses concerns about UPI concentration and governance lapses in banks.
Are RBI floating rate bonds the best option as FD rates plummet?
Investors are showing increased interest in the Reserve Bank of India's floating rate savings bonds. These bonds offer annual yields up to 8.05% for a seven-year term. Fixed deposit rates are declining, making these bonds attractive. The bonds provide a 35-basis-point markup over the National Savings Certificate. While safe, they lack liquidity and cannot be prematurely withdrawn.
Canara bank revises FD, savings interest rate: Check latest rates
Canara Bank has revised its interest rates for fixed deposits and savings accounts, effective May 2025. Savings account interest rates vary from 2.70% to 4.00%, depending on the account balance.
IndusInd Bank shares slide 6% after posting Q4 loss of Rs 2,329 crore
IndusInd Bank reported a consolidated net loss of Rs 2,329 crore in Q4 FY25, a stark contrast to the previous year's profit, primarily due to its derivatives segment. Net interest income also saw a significant decline. Despite the quarterly loss, the bank reported a profit for the full fiscal year, maintaining a healthy balance sheet with adequate capital and liquidity.
Indian lenders seek overnight liquidity ops, easier reserve norms from RBI, sources say
Indian lenders are advocating for the Reserve Bank of India (RBI) to reinstate overnight liquidity management operations and ease cash reserve requirements. Banks are seeking a shift from the current 14-day variable repo to fixed-rate overnight instruments and a reduction in the daily maintenance of the cash reserve ratio.
China's youth unemployment rate at 15.8% — is the economy in doldrums? Country's central bank cuts key rates amid trade war with U.S.; here's what key indicators say
China's urban youth unemployment rate for individuals aged 16 to 24 declined to 15.8% in April 2025, down from 16.5% in March, according to the National Bureau of Statistics. While this decrease indicates a slight improvement in employment conditions for young people in Chinese cities, the rate remains significantly higher than the overall urban unemployment rate of 5.1%. China cuts lending rates in a fresh move to support its slowing economy amid the ongoing Sino-U.S. trade war. The People’s Bank of China lowered its key loan prime rates for the first time since October, aiming to ease borrowing costs and encourage consumer spending.
Best banking & PSU mutual funds to invest in May 2025
If you are investing for three years and aware of the risks associated with these schemes, you can consider investing in Banking & PSU schemes.
7.9% rate on 444 day-FD: Check highest interest rate of SBI, Indian Bank, Bank of Baroda and Canara bank
Several Indian banks have revised their fixed deposit rates. State Bank of India offers Amrit Vrishti. Canara Bank has a 444-day FD scheme. Bank of Baroda provides Square Drive Deposit Scheme. Indian Bank presents IND SECURE. These schemes aim to attract depositors with better returns.
Over 260 debt mutual funds beat fixed deposits rate in 2 years. Should you switch?
With SBI slashing FD rates and over 260 debt mutual funds outperforming them in the last two years, experts suggest debt funds now offer a more attractive, tax-efficient alternative for low-risk investors. Categories like short-duration, medium-duration, and gilt funds stand out, especially amid easing interest rates and shifting RBI policy, making them viable options over traditional fixed deposits.
Bajaj Finance lowers deposit rates by upto 50 basis points
It also lowered rates more on long-tenure deposits, perhaps indicating both the receivable time-lines of Bajaj Finance's assets and stiffer competition for shorter-tenure commitments in a falling rate cycle. This is the second such reduction by Bajaj Finance.
SBI cuts fixed deposit rates by 20 bps
State Bank of India has reduced its fixed deposit interest rates. The cut is 20 basis points across all tenors. The new rates are effective from May 16. The highest interest rate is now 6.7 percent for deposits of 2 years to less than 3 years. This decision follows earlier rate cuts by SBI and the Reserve Bank of India.
SBI cuts fixed deposit interest rates again by 20 bps: Check latest FD rates
Latest SBI FD rates May 2025: Effective May 16, 2025, the State Bank of India (SBI) has reduced its fixed deposit (FD) interest rates by 20 basis points across all tenors for both the general public and senior citizens. Here are the latest FD rates after the 20 basis points cut.
SBI reduces deposit rates by 20 bps in all maturity buckets
State Bank of India has reduced its deposit rates by 20 basis points across all maturity periods, including the special 444-day scheme, effective Friday. The 444-day scheme now offers 6.85% annually, down from 7.05%. This is SBI's second deposit rate cut following the Reserve Bank of India's easing of interest rates in February.
Indian Bank launches 2 new FDs, discontinues two other FD schemes: Check details here
Indian Bank has revised its fixed deposit interest rates, introducing IND SECURE (444 days) and IND GREEN (555 days) special retail term deposit products, both launched on May 8, 2025.
FD interest rate up to 8.25%: PNB, Kotak Mahindra Bank, DCB Bank revise FD rates
Several banks, including Punjab National Bank, Kotak Mahindra Bank, and DCB Bank, have adjusted their fixed deposit interest rates. These revisions impact various deposit tenures. Punjab National Bank and Kotak Mahindra Bank's updated rates take effect on May 14, 2025. DCB Bank's changes are already in place since May 7, 2025.
SCSS vs Senior Citizen Bank FDs: Which offers the highest interest rate?
The government-backed Senior Citizen Savings Scheme (SCSS) and bank-offered Senior Citizen Fixed Deposits are two popular investment options for senior citizens to plan a steady income and the safety of capital.
Can Union Bank maintain its momentum after a 13% stock surge?
The loan book grew by 9.5% to ₹9.5 lakh crore while deposits rose by 7.2% to ₹13.1 lakh crore year-on-year compared with 6.7% and 3.8% growth in the previous quarter, respectively. Credit growth was buoyed by 22.1% increase in retail loan book and 12.5% rise in the micro, small, and medium enterprises (MSME).
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