State Bank of India, IDBI Bank hike retail fixed deposit rates
State Bank of India has increased retail fixed deposit rates by up to 80 basis points (bps) on select maturities, with effect from October 22. Banks are getting aggressive in increasing deposit rates on the back of a healthy pick-up in loan growth and lagging deposit growth. The peak deposit rate of SBI now stands at 6.25 per cent for two years to less than three years maturity, as compared to 5.65 per cent earlier. Senior citizens will get 6.75 per cent for the same maturity. For one year to less than two years, SBI is offering 6.10 per cent as compared to 5.60 per cent earlier. Also Read :RBI received good response from countries for rupee trade: T Rabi Sankar Another lender, IDBI Bank, has come out with a special fixed deposit scheme offering 6.4 per cent for 555 days. The special rate is available till December 31. Senior citizens will get 6.90 per cent. IDBI Bank has also hiked the deposit rates in some other buckets by up to 40 bps. On Thursday, ICICI Bank increased the retail fixed deposit rates by 20 bps on select tenures, while Kotak Mahindra Bank raised the rates by 25 bps. Public sector lender Punjab National Bank increased the retail fixed deposit rates by 50 bps from October 19 on select tenors. According to the latest RBI data, bank credit is growing at 17.9 per cent year-on-year till October 7, as compared to 6.5 per cent a year ago. Deposit is growing at 9.6 per cent as against 10.2 per cent a year ago. Read More The Spuzz.com
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Today's forex news: Reserve Bank of Australia raises rates by 25 basis points
EUUSD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔼 WTI 🔽 https://preview.redd.it/a9s83putbe4a1.jpg?width=1081&format=pjpg&auto=webp&s=120dc3fa61d5f7b9eda70af6b0d84b909b659115 The Reserve Bank of Australia has just increased its interest rate by 25 basis points to 3.1%, aligning with market estimates. Meanwhile, Australia recorded 0.6% quarterly growth for its GDP, slightly lower than the projected 0.7%, and AUD/USD suffered minor losses at 0.6692. As the Federal Reserve is yet to put an end to the tightening cycle, the greenback continues to strengthen against other major currencies. As a result, EUUSD retreated to 1.0469, while GBP/USD slid more than 50 pips to 1.2137. USD/CAD increased over 60 pips to 1.3651, as investors anticipated a rate hike of 50 basis points in Canada later tonight. USD/JPY rebounded from a low of 136.03 to 137.05. Multiple attacks deep in Russian territory suggest Ukraine will not sit idly during winter. This is despite the extended Russian invasion putting pressure on the global oil supply. WTI oil futures decreased to $74.25 a barrel. Spot gold rose to $1,771.07 an ounce, and Bitcoin suffered minor oscillations, currently at 17,066.0. In the stock market, the S&P 500 slipped 57 points (-1.44%) to 3,941, the Dow Jones Industrial Average fell 350 points (-1.03%) to 33,596, and the Nasdaq 100 fell 237 points (-2.01%) to 11,549. 📱 Get instant market news delivered to you in real-time→ https://mytd.cc/22z Mitrade has appeared on Yahoo Finance, Bloomberg, MarketWatch, Nasdaq and more. For more details: https://www.mitrade.com/about-us/media Our awards: https://www.mitrade.com/about-us/awards Follow Mitrade's other social channels: Twitter: u/MitradeOfficial Instagram: u/mitrade_official *Not Personal Advice. All trading involves risks. This information is not intended for distribution where it is contrary to local regulations. #fintech #finance #investing #trading #crypto #cfd #forex #commoditytrading #FinancialNews #FinServ #economy
Today's forex news: Bank of England raised rates by 75 basis points
EUUSD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔽 WTI 🔽 https://preview.redd.it/9a339m6euux91.jpg?width=1080&format=pjpg&auto=webp&s=d55fe1b765fc4487dcfa611c4053e19656e70d6c After the Federal Reserve’s 75 basis point rate hike, the Bank of England has followed suit - though notably less inclined to continue aggressive tightening, being warier of an economic recession. GBP/USD lost over 230 pips to a closing price of 1.1165, while EUUSD slumped from a high of 0.9943 to 0.9751. Later tonight, investors anticipated the US Nonfarm Payrolls to increase employment by 200,000 displaying the resilience in the labor market, hence justifying the hawkish stance of the Fed. Recent rate hikes saw USD/CAD climbing to 1.3745, and USD/JPY rising over 30 pips to 148.27. Due to China’s zero-COVID policy and continued tightening among global central banks, the gold price rebounded from a month-low of $1,617.05 to closed lower at $1,629.65 an ounce. The commodity-sensitive AUD/USD pair declined and stabilized at 0.6287, as WTI oil futures fell to $88.17 a barrel. 📱 Get instant market news delivered to you in real-time→ https://mytd.cc/1VA Mitrade has appeared on Yahoo Finance, Bloomberg, MarketWatch, Nasdaq and more. For more details: https://www.mitrade.com/about-us/media Our awards: https://www.mitrade.com/about-us/awards Follow Mitrade's other social channels: Twitter: u/MitradeOfficial Instagram: u/mitrade_official *Not Personal Advice. All trading involves risks. This information is not intended for distribution where it is contrary to local regulations. #fintech #finance #investing #trading #crypto #cfd #forex #commoditytrading #FinancialNews #FinServ #economy
Today's forex news: Bank of Canada raised its interest rate by 75 bps
EUUSD 🔼 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔼 XAU 🔼 WTI 🔽 https://preview.redd.it/ax83iqkg6km91.jpg?width=1080&format=pjpg&auto=webp&s=566801ec474515cc0b5943f75dc85d5ef40ef9c7 Coinciding with the greenback’s softening, the Bank of Canada raised its interest rate by 75 basis points to 3.25%. USD/CAD rose to 1.3125, and USD/JPY reached a high at 144.99, then retreated to 143.7. EUUSD briefly surfaced above the parity before closing at 0.9999, as the market expects a 75 basis points rate hike from the European Central Bank tonight. The Pound/Dollar pair closed higher with minor gains at 1.1525, after sliding to a low of 1.1413, not seen since 1985. Although the Australian trade balance only recorded an $8.733 billion reading, considerably lower than the original estimate of $14.500 billion. The GDP results were not far from the mark, a 3.6% quarterly increase enabled the Aussie to climb to 0.6769 against the US dollar. Gold futures recovered and stabilized at $1,727.8 an ounce as the greenback eased. Slowing global demands saw WTI crude futures returning to pre-Russian invasion levels at $81.94 a barrel. 📱 Get instant market news delivered to you in real-time→ https://mytd.cc/1M7 Mitrade has appeared on Yahoo Finance, Bloomberg, MarketWatch, Nasdaq and more. For more details: https://www.mitrade.com/about-us/media Our awards: https://www.mitrade.com/about-us/awards Follow Mitrade's other social channels: Twitter: u/MitradeOfficial Instagram: u/mitrade_official *Not Personal Advice. All trading involves risks. This information is not intended for distribution where it is contrary to local regulation.
Effects of the trade War with China? The most aggressive pace in 22 years, the highest level in 13 years, and the most unexpected in 4 years. It is the latest interest rate hike by the central banks of the United States, Britain and India. UK facing recession in 2023 !??
Bank failed to tell me I could lock in an interest rate 12 months out because I said I 'might' be buying a new house, WA state
Last November we made an offer on a new house being built in a new development. The house didn't even have a foundation yet. Shortly after we were under contract I started reaching out to some mortgage companies trying to find out how far out I could lock in an interest rate. We were anxious to lock in as it was pretty clear rates were going up. Trying to make this short and sweet I reached out to my bank whom my current mortgage is under and received no calls back. So I tried emailing and simply wrote, 'We might be buying a house that would finish construction next summer. So we would not have a closing date for sometime. How far out would you be able to lock in an interest rate?' I received a short reply saying, 'I believe we can go out to 120days but the pricing can be higher as the standard lock period on a purchase is 45ay.' The builder was only going to give us a 30 day heads up for a closing date so I was basically forced to watch rates go up till we received the 30 day notice and then lock in a rate and start the process with my chosen mortgage lender. Fast forward till April and stressing over the rates I reached out to my bank again and no replies. So I then called a generic phone number for my bank, not my current mortgage consultant whom I have yet to hear back from over all this, and after talking for just minutes I was told that with their new construction program I could have locked in a rate for 12 months out. So basically I should have been able to lock in a rate around 3.3% but am now stuck with a rate around 5%. Needless to say I have been extremely frustrated over this false and incomplete information I was given. Not locking in this rate when I should have been able to is going to cost me over $150k over the lifetime of my loan. I have gone through 3 complaints with my bank and finally today they called and said that under their third investigation that since I said we 'might' be buying a house in my original email that it was not sufficient information for them to give me more information on their program. Such BS! So I guess if you walk into one of their branch offices and said you 'might' be buying a new car and wanted information on financing that they won't take you seriously and give you all of their information on auto financing. Does anyone have further ideas or suggestions on how I can further handle this since my bank is F'ing me over? On my second complaint I filed they did come back and magically lower my rate .5% after 'discovering I fell into a grey area on conforming limits'. I simply said thank you. After my third complaint I filed they reminded me they did lower my rate that half percent to help with this issue and I just bit my lip as I knew I had to choose my battles wisely. Andy suggestions would be greatly appreciated. TLDR: Bank failed to tell me I could lock in an interest rate 12 months out. Now I'm stuck with a much higher interest rate because I said I 'might' be buying a new house.
Cooling prices give Reserve Bank of India space to slow interest-rate hikes
India’s central bank will probably start slowing the pace of interest-rate increases on Wednesday, signaling it’s near the end of its aggressive tightening cycle. After 190 basis points of rate increases this year, including three half-point moves, the six-member Monetary Policy Committee led by Governor Shaktikanta Das has more than one reason to switch to smaller increments: inflation is coming off a high and headwinds to economic growth are increasing. Twenty-nine of 35 economists in a Bloomberg survey predict the benchmark repurchase rate will be raised by 35 basis points, three see a quarter-point move, while one each expect a 10-, 30- and 50-basis-point action. Das will announce the rate decision through a webcast at 10 am in Mumbai Wednesday, and will address a press conference at 12 pm. Here’s what else to watch out for: Also Read :Stocks to Watch: Adani Green, Tata Motors, Kirloskar Bros, Dhunseri Tea Peak Rates Analysts will be keenly watching for any hints of the beginning of the end of the rate hike cycle. US Federal Reserve Chair Jerome Powell has already signaled a down-shift, a source of comfort for Indian policymakers. Bond market traders, in particular, would interpret a dovish tone as a clear sign of rates peaking. Falling commodity prices and dampening demand may provide reprieve. “The pace of rate hikes will be tempered as external headwinds have eased considerably after the recent sell-off in the dollar, oil prices, and the US Fed’s expected pivot to smaller rate hikes,” said Dhiraj Nim, economist at ANZ Group. It would be crucial to scrutinize the language of the monetary policy committee’s stance as both “nominal and real policy rates are now entering growth restrictive territory.” While most economists expect the RBI to go for another rate increase in February, JPMorgan Chase and Co.’s Sajjid Chinoy said December’s 35 basis points hike could be the last in the cycle. Stance Change Economists, however, seem to differ on the possibility of a change in stance. The stance may stay unchanged at “withdrawal of accommodation” while maintaining a cautious tone, said Chinoy. But others feel a change in stance may offer the RBI flexibility to calibrate its actions depending on the incoming data. “We expect a unanimous MPC vote to change the policy stance to neutral from accommodation,” said Abhishek Gupta of Bloomberg Economics. Read More The Spuzz.com
Unflagging, Unyielding Discrimination Makes Madhya Pradesh The State With India’s Highest Caste-Crime Rate. While enjoying the fruits of their hard work and labour, upper castes and even OBCs avoid physical contact with Dalits. Upper castes similarly dehumanise OBCs.
The Reserve Bank of India will start testing its retail central bank digital currency (CBDC), the digital rupee, in Mumbai, New Delhi, Bengaluru and Bhubaneswar with the initial participation of four banks, including the State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank.
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