the reference interest rate in India, as reported in early 2011, was 5.5%. During 2000-2010, the Indian average interest rate is 5.82%, reaching a historic high mark of 14.5% in August 2000 to a record low of 3.25% in April 2009.
In India, the Reserve Bank of India (RBI) takes all decisions on interest rates. Recently, RBI has urged banks to raise their deposit rates to attract more investors. The reason for this step is that credit growth has been in good form in India, while deposit growth continues to be compensated. After that, Kotak Mahindra Bank has offered the highest ever rate of 9.25% on deposits for 700 days.
Bank of India
India is considered to be 'the most regulated "banking sector globally, with more than 170 banks in urban, semi-urban and rural areas. Many banks are still difficult even during the worst global recession ever 2008th Here are India top 10 banks with high interest rates, as ranked by Business Review India :
the Indian banking industry is sufficiently funded and synchronized. Although market share has fallen to half its value within one year, the nation's banking sector announced profit growth of 40%. SBI features in the list of 500 prominent companies in the world, and this has strengthened the confidence of investors, and foreign direct investment. This achievement, along with direct support from the Government of India, contributed to its high interest rates.
Economic growth in India
According to data published by Indian Central Bureau of Statistics, India's GDP growth 8.8% in the second quarter of 2008. Its information technology industry has attracted many investors, which led to this industry is becoming very focused. In addition, a series of related back-up policies to make the Indian government also has advanced economic growth.
a lot of questions still need to be addressed if we are to achieve the status of "sound economics", such as controlling inflation, increasing employment opportunities and equal distribution of wealth. Interest rates and deposit rates are expected to remain high going forward, and 2011 is likely to be profitable from the perspective of an ordinary man.