The share of term deposits earning 7% and above has more than doubled to 72.94% in March, latest central bank data showed.

The proportion of term deposits yielding 7% or more has surged to 72.94% as of March, more than doubling in two years, according to the latest RBI data. This rise comes as banks raised rates to attract deposits following a 225 basis point hike during the previous tightening cycle aimed at curbing inflation triggered by Covid-era monetary easing.