{
 "name": "India Real Deposit Rate (Term-Deposit Rate minus CPI Inflation)",
 "unit": "percent (nominal deposit rate, CPI, and real rate)",
 "dashboard": "https://bankpulse.ai/dashboards/real-deposit-rate/",
 "source": "RBI deposit-rate data (term-deposit rates of scheduled commercial banks) and MOSPI / RBI CPI-Combined inflation",
 "reviewed_by": "Vikram Jain",
 "license": "https://creativecommons.org/licenses/by/4.0/",
 "updated": "2026-06-19T07:18:02+05:30",
 "dateModified": "2026-06-19T07:18:02+05:30",
 "method": "real_deposit_rate = nominal_1y_term_deposit_rate - cpi_inflation",
 "note": "Rounded and approximate; recent years provisional and revised. The real deposit rate was slightly negative through FY21-FY23 (inflation ran ahead of deposit rates) and turned clearly positive (about +2%) by FY25 as CPI eased. Actual returns vary by bank, tenor and senior-citizen premia.",
 "series": [
  {
   "fiscal_year": "FY21",
   "term_deposit_rate_pct": 5.5,
   "cpi_inflation_pct": 6.2,
   "real_deposit_rate_pct": -0.7,
   "approximate": true,
   "note": "Negative real rate -- deposits lagged inflation"
  },
  {
   "fiscal_year": "FY22",
   "term_deposit_rate_pct": 5.3,
   "cpi_inflation_pct": 5.5,
   "real_deposit_rate_pct": -0.2,
   "approximate": true,
   "note": "Roughly flat in real terms"
  },
  {
   "fiscal_year": "FY23",
   "term_deposit_rate_pct": 6.5,
   "cpi_inflation_pct": 6.7,
   "real_deposit_rate_pct": -0.2,
   "approximate": true,
   "note": "Rate hikes chase high inflation -- still slightly negative"
  },
  {
   "fiscal_year": "FY24",
   "term_deposit_rate_pct": 6.9,
   "cpi_inflation_pct": 5.4,
   "real_deposit_rate_pct": 1.5,
   "approximate": true,
   "note": "Real rate turns clearly positive as inflation eases"
  },
  {
   "fiscal_year": "FY25",
   "term_deposit_rate_pct": 6.9,
   "cpi_inflation_pct": 4.6,
   "real_deposit_rate_pct": 2.3,
   "approximate": true,
   "note": "Positive real deposit rate of about +2%"
  }
 ]
}