What is the latest inflation rate in India?
The annual percentage change in the value of the Wholesale Price Index (WPI) is known as inflation. It accurately estimates how much the prices of goods and services vary over the course of a year. In India, WPI is used as a benchmark to calculate inflation. The retail inflation rate for June 2022 is 7.01 percent.
Inflation beating FD interest rates
Given that interest rates are rising, it’s best to climb your ladder. Fixed deposit And make short term investments so that you can reinvest them when they mature and earn bigger returns. Laddering will help in addressing the liquidity concerns and will give you regular returns from time to time.
Note that these bank fixed deposit interest rates are for balances below Rs 2 crore and for regular citizens.
Suryoday Small Finance Bank offers interest rates ranging from 3.25 per cent to 7.49 per cent for tenures ranging from 7 days to 10 years. This bank offers 7.49 percent on fixed deposits for 999 days.
For deposits of less than six months, simple interest is paid on maturity. Each quarter, the cumulative interest is determined and added to the principal so that interest is paid on the interest earned in the previous quarter as well.
In case of monthly deposit scheme, interest is calculated for the quarter and paid on a monthly basis at a discount to the standard FD rate.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank offers interest rates between 3 per cent to 7.25 per cent for tenures ranging between 7 days to 10 years. The bank offers the highest interest rate of 7.25 per cent for tenures between 700 days to 1000 days.
For fixed deposits of less than 181 days, the interest will be calculated on the basis of simple interest on maturity. As per RBI guidelines, interest on fixed deposits can be paid for a period of less than one quarter (monthly payment). No interest is paid on deposits withdrawn prematurely within seven days from the date of deposit.
ESAF Small Finance Bank
ESAF Small Finance Bank offers interest rates between 4 per cent to 7.25 per cent for tenures ranging between 7 days to 10 years. The bank offers the highest interest rate of 7.25 per cent for tenures ranging from 2 years to less than 3 years.
Ujjivan Small Finance Bank offers interest rates between 2.90 per cent to 7.20 per cent for tenures between 7 days to 120 months. The bank offers the highest interest rate of 7.20 per cent for tenures of 990 days and 42 months and 1 day to 60 months.
(Interest rates till 19th July 2022)