Can we see some change in the interest on deposits at least now?For various reasons, the economy of the country is not in a good shape. The price of petrol is likely to touch Rs.100 within the next twenty days at this rate. Even the ordinary share auto guys have happily raised the rates by Rs.5 even for the shortest distances, putting the lower middle class to huge hardship. Since they always travel by shared autos, they really feel the pinch.
The inflation is already high., The deposit rates were raised a few months ago, but this raise is never equal to the inflation. The Government claims on inflation is absolute trash. The real inflation is the retail level. Everything is going through the roof.
At least now, will the interest rates on deposits see an upward climb? If it does not, the middle classes and the poor will suffer so much. The senior citizens will lead very ordinary lives. They are already into the worst hardships ever.