Let’s call him Mr Saver. He represents the saving community in India, the world’s fourth largest economy. There’s a spring in his steps these days. The relationship manager of his bank had been chasing him, sending WhatsApp messages non-stop.
When he didn’t respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits (FDs) with the bank. The rate for one- to two-year FDs has risen to 8 per cent for Mr Saver, a senior citizen.
This is a large private bank. Many are offering similar interest rates on FDs or even higher.
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