India is one the developing nations and I would say that in the last few years, India has seen decent growth and maybe in another few years things can even get better. We all wish India also understands the importance of Blockchain technology and cryptocurrencies and start legalizing things with good regulation. But having a decent return from Fixed deposits is definitely a great move for now at least.

I had a discussion with one of my non-crypto friends. I asked him how he was managing his savings. There are multiple savings schemes in India and people prefer the right savings scheme that is best for them. He mentioned having most of his savings as just fixed deposits. That is when we started discussing about the returns we get for fixed deposits. I also tried explaining to him about Crypto and the 20% APR we get from HBD savings, but he did not want to invest in something that he was not sure about.

Source

So yeah above is the current fixed deposit rates that banks offer in India. The good thing is that senior citizens get more interest in their savings compared to others. There are also schemes available where senior citizens can get monthly interest as salaries from their savings. People usually do this after their retirement. They deposit a huge amount of money in senior citizen savings schemes and expect returns from that once in 3 months.

In the recent budget, the government has also increased the maximum amount that can be deposited in the Senior Citizen Savings Schemes. There is also another interesting thing where these accounts can also be a joint accounts where a youngster can have a joint account with their parents. Most people have joint accounts where a husband and wife would have the funds in the same account and try to get returns together.

I would be happy to see the fixed deposits giving at least a minimum of 10% returns. But I understand it can be hard. This would not only affect the earnings people would get but would also affect the loan interest rates as well. People might find it hard to take loans after that because the interest rates would have to go up if the returns from the fixed deposits itself is this much.

An increase in the fixed deposit returns is great news for senior citizens mostly because they would have all been retired already and would have their funds in the bank and make their living out of the interest. The increase in the interest rate would mean that they might start getting more returns from their investment. This can also make some people do an early retirement too where people quit working, get their settlement, and put it in the bank to enjoy the interest rates. This would start giving more job opportunities for the youngsters as the old people are trying to leave. It is so impressive to see how all these things are interconnected with each other.

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