Axis Bank CEO and MD, Amit Chaudhary, said that the interest rate of 10-12% on the fixed deposits is not going to come back again. To cover the impacts of the Covid-19, RBI has cut down the rate, which has brought the interest rate up to 2.9 per cent. This is as low as one earns on the savings account. He further added that those planning to depend on the fixed deposits as a source of income after retirement should be prepared that they might not earn expected returns from it.
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