Deposit rates slashed to 7.5% amid rising inflation
Banks have reduced fixed deposit interest rates to 7.5% due to sluggish private-sector lending and increased deposits, further eroding the real returns for savers already hit by inflation.
With private-sector credit growth remaining sluggish and a surplus of deposits in the banking system, banks have lowered fixed deposit interest rates to 7.5%. This reduction poses a challenge for savers, as high inflation continues to diminish the real value of their savings, resulting in negative returns.
