The RBI monetary policy committee's (MPC) decision to go for a relatively mammoth cut, while changing the stance to neutral, should not be confused with a pause on future rate cuts trajectory in the medium term,

After the revision, ICICI Bank offers FD interest rates between 3% and 6.6% to general citizens for amounts below Rs 3 crore; for senior citizens, the rates vary between 3.5% and 7.1%.

Soumya Kanti Ghosh, Group Chief Economic Advisor at State Bank of India, believes RBI’s 6.5% growth forecast is achievable and may even prove conservative, depending on the progress of the monsoon and global developments.