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Banking industry

Inflation in India: Latest Rates and Fixed Deposit Interest Rates

Strategic Insights

— 2 min read

Inflation in India continues to be a concern, with the Consumer Price Index (CPI) showing that inflation was 7.01 percent in June 2022, compared to 7.04 percent in May and 7.79 percent in April. The Reserve Bank of India has stated that there are signs that inflation may be peaking, but this prediction may be premature. Meanwhile, interest rates are rising, and it is essential to consider investing in fixed deposits, which can offer higher returns than traditional savings accounts.

Key Takeaways:

  • The latest inflation rate in India is 7.01 percent, as per the Consumer Price Index (CPI) data for June 2022.
  • The Wholesale Price Index's (WPI) annual percentage change in value is used as the benchmark for calculating inflation in India.
  • Suryoday Small Finance Bank offers interest rates ranging from 3.25 percent to 7.49 percent for tenures ranging from 7 days to 10 years.
  • Utkarsh Small Finance Bank offers interest rates ranging between 3 percent to 7.25 percent for tenures between 7 days to 10 years, with the highest interest rate of 7.25 percent for tenure between 700 days to 1000 days.
  • ESAF Small Finance Bank offers interest rate ranging between 4 percent to 7.25 percent for tenure between 7 days to 10 years, with the highest interest rate of 7.25 percent for tenure between 2 years to less than 3 years.
  • Ujjivan Small Finance Bank offers interest rates ranging between 2.90 percent to 7.20 percent for tenure between 7 days to 120 months, with the highest interest rate of 7.20 percent for tenure 990 days and 42 months and 1 day to 60 months.

Statistics:

  • Inflation in India: 7.01 percent (June 2022), 7.04 percent (May 2022), and 7.79 percent (April 2022).
  • Suryoday Small Finance Bank: 7.49 percent interest rate for 999 days.
  • Utkarsh Small Finance Bank: 7.25 percent interest rate for tenure between 700 days to 1000 days.
  • ESAF Small Finance Bank: 7.25 percent interest rate for tenure between 2 years to less than 3 years.
  • Ujjivan Small Finance Bank: 7.20 percent interest rate for tenure 990 days and 42 months and 1 day to 60 months.

Sources:

  • Reserve Bank of India (July bulletin)
  • Suryoday Small Finance Bank (interest rates as on July 19, 2022)
  • Utkarsh Small Finance Bank (interest rates as on July 19, 2022)
  • ESAF Small Finance Bank (interest rates as on July 19, 2022)
  • Ujjivan Small Finance Bank (interest rates as on July 19, 2022)
  • Times of India (article on inflation and fixed deposit interest rates)

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