FEDERAL BANK REVISES SAVINGS ACCOUNT INTEREST RATE
Federal Bank is a private sector Bank in India, having about 1,336 branches across India. The Bank has increased the interest rate on the savings account held with them, which means they will now increase the interest that they will offer on the money kept in savings account, FDs, etc.
The Federal Bank has made this move just one day after the RBI revised its repo rate on 7th December, 2022. The current Repo rate is now 6.25%, which is 0.35% more than the previous repo rate. Federal Bank’s interest rates are linked to the RBI’s repo rates. Its interest rate changes as and when the RBI’s repo rate changes.
Logically, as the interest rate offered on the savings account will increase, people will be more inclined to put their money in such accounts. They will save more and deposit the money with the bank, which is totally risk free. This way, their idle money will increase without them having to take any efforts or risks. After spending on all the necessities, some wants and putting money in the bank, there will be very little funds available with the people to spend anywhere else. This will effectively help control inflation.
However, this also means that the money available with people to invest in the stock market/ equity market will also be less, as compared historically. Because of this the volatility in the market will be affected. During such times, one has to be a pro to know exactly how and when money can be earned in the market. It is possible to exploit any situation in the market if you have the right knowledge, expertise and guidance.
As 2022 is about to end, the learned and qualified staff of Stakeindia has began its process of understanding, analysing and predicting the market and they have found a way to use the December 2022 market to the best of its capacity and have a wealthy NYE 2023.
IF you are interested in knowing exactly what the market awaits at 2022 end, get in touch with us at stakeindiainstitute@gmail.com
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