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The rate increase cycle was paused in April last year after six consecutive rate hikes, aggregating to 250 basis points since May 2022.
Annuities are long-term investments which offer assured returns at regular intervals
The highest increase of 0.3 per cent was for the five-year recurring deposit (RD).
The industrial policy announced for the first time after 2018, will come into effect on April 1.
The 0% interest schemes were banned by the RBI 10 years ago, but it remains on offer even now.
The District Labour Officers are forcing the owners to make the payments in one go in order to meet the targets fixed in the intensive campaign to collect the arrears.
A New Year is set to dawn. From January 1, 2023 a slew of changes with regard to banking, insurance, pension and even overseas travel will come into effect.
While CII is cognisant of the fact that RBI's interest rate hikes of 190 basis points so far in this fiscal have been warranted to tame inflationary pressures, the corporate sector has now started to feel its adverse impact.
The increase will lead to an across-the-board uptick in costs of borrowing for all classes of borrowers but this might also lead to a better return on deposits for those who keep money in banks.
Those who took car and housing loans will now have to shoulder additional interest burden.
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