RBI in India increased loan interest rates and in FDs
@aninditasen (18202)
Raurkela, India
August 9, 2022 8:34am CST
The Reserve Bank of India has increased interest rates both for loans and FDs. People having FDs in banks will be benefitted but it's not easy to save these days because of inflation and invest in fixed deposits. The banks in India will therefore be losing business both ways.
People will not offer to take loans to build houses or buy vehicles for the fear of default. Most people in India come from the middle class or lower middle class who depend on loans to own a house or a vehicle. This section of people will avoid taking a loan as it's not easy to run yourself or a family and pay the loan installment at the same time with high interest rates and the high price rise of essential commodities. Neither the government nor the private parties are increasing the pay package of their employees at the same rate as the prices are rising and the increased percentage of interest. People of our country are trapped in a dilemma.
6 people like this
6 responses
@RebeccasFarm (91297)
• United States
9 Aug 22
This is very sad ..the rich get richer the poor get poorer.
2 people like this
@RebeccasFarm (91297)
• United States
9 Aug 22
@Greencindere I can only imagine how bad it is there..it is bad here but surely not as bad
2 people like this
@aninditasen (18202)
• Raurkela, India
10 Aug 22
The rich take huge loans and seldom are caught when they default. That's how they get rich day by day.
1 person likes this
@Greencindere (674)
•
9 Aug 22
Yes it’s been like that for a while but the poor had enough to survive the day so no complaints. Now that it’s affecting the middle classes people are starting to see just how bad it is.
2 people like this
@allknowing (153529)
• India
10 Aug 22
I have a few deposits but the new interest I suppose will be on new deposits.
1 person likes this
@allknowing (153529)
• India
10 Aug 22
@aninditasen I will have to check on this with my bank. Thanks
1 person likes this
@aninditasen (18202)
• Raurkela, India
10 Aug 22
@allknowing You can talk to the customer care of the bank on the phone too.
@aninditasen (18202)
• Raurkela, India
10 Aug 22
I think it's going to be on all deposits old and new. That will be clear in our bank statement that we get monthly, quarterly or yearly.
1 person likes this
@MarshaMusselman (38865)
• Midland, Michigan
9 Aug 22
The interest rates have been increasing here as well but they've been this high in the past. People will still take out loans for homes and vehicles though.
1 person likes this
@aninditasen (18202)
• Raurkela, India
10 Aug 22
Here we can understand the scenario only after a few months.
1 person likes this
@aninditasen (18202)
• Raurkela, India
10 Aug 22
The solution is to increase pay package according to the rate of inflation.
@aninditasen (18202)
• Raurkela, India
11 Aug 22
@CarolDM That's what we senior citizens can hope for the better.
1 person likes this
@aninditasen (18202)
• Raurkela, India
10 Aug 22
Things will improve only if the common man starts earning more according to the rate of inflation.
1 person likes this
@CarolDM (203396)
• Nashville, Tennessee
10 Aug 22
@aninditasen Exactly, we can hope for the best.
1 person likes this
@Greencindere (674)
•
9 Aug 22
Yeah been happening in Serbia as well since the war in Ukraine. A lot of upper middle class people have insurance and pay extra for a fixed interest rate so they are somewhat safe for now but lower middle class is being affected the most. Not to mention the massive layoffs factories are doing because they lost the export to Russia and Ukraine so for example Michelin tires fired 800 people in a day.
The price of daily necessities is rising and the income is either stagnant or non-existent. We are heading for some rough times, financially speaking.
1 person likes this
@aninditasen (18202)
• Raurkela, India
10 Aug 22
Here insurance is just like a gamble. You have to go through lot of documentation before getting a insurance claim. For example my sons ne bike's rare wheel was stolen. The insurance company even after informing them did not reimburse the money.
1 person likes this
@Greencindere (674)
•
10 Aug 22
@aninditasen so basically they scammed your son. The insurance company I mean. Soon they will be out of business as well for being deemed useless which they are becoming.
1 person likes this
@aninditasen (18202)
• Raurkela, India
11 Aug 22
@Greencindere It was the insurance company didn't want to take the headache of forwarding the FIR copy to its company.
1 person likes this
