How does ₹2,000 note withdrawal impact your bank FD rates? This is what experts say
Bank FD interest rate: The withdrawal of ₹2000 notes from circulation by the RBI may increase liquidity of banks, leading to lower deposit rates
Bank FD interest rate: The Reserve Bank of India (RBI) recently announced to withdraw ₹2000 notes from circulations. While those who have ₹2000 in cash are busy depositing it at their bank account before the given deadline of 30th September 2023, some personal finance experts have said that RBI's move may help increase liquidity of various banks. In that case, banks may not offer high deposit rates and hence, if you are planning to start new bank fixed deposit (FD) in near term, then you should try to start that before the upcoming RBI's Monetary Policy Committee (MPC) meeting scheduled from 6-8 June 2023.