The Reserve Bank of India kept its benchmark repurchase rate at 4 percent during its April meeting, as widely expected, saying it was maintaining an accommodative stance as long as necessary to sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. The bank also left the reverse repo rate at which RBI borrows from banks at 3.35 percent and the marginal standing facility (MSF) rate and the bank rate at 4.25 percent. Inflation is expected at 5.0 percent in Q4 2020-21; 5.2 percent in Q1 2021-22; 5.2 percent in Q2; 4.4 percent in Q3 and 5.1 percent in Q4. Meanwhile, GDP growth is projected at 10.5 percent in 2021-22: consisting of 26.2 percent in Q1; 8.3 per cent in Q2; 5.4 percent in Q3 and 6.2 percent in Q4. Policymakers also announced new liquidity support for fresh lending to financial institutions during 2021. source: Reserve Bank of India

Interest Rate in India averaged 6.50 percent from 2000 until 2021, reaching an all time high of 14.50 percent in August of 2000 and a record low of 4 percent in May of 2020. This page provides - India Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. India Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2021.

Interest Rate in India is expected to be 4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in India to stand at 4.25 in 12 months time. In the long-term, the India Interest Rate is projected to trend around 4.75 percent in 2022 and 5.50 percent in 2023, according to our econometric models.

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India Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
4.00 4.00 14.50 4.00 2000 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-10-09 04:50 AM 4% 4% 4% 4%
2020-12-04 04:30 AM 4% 4% 4% 4%
2021-02-05 04:30 AM 4% 4% 4% 4%
2021-04-07 04:30 AM 4% 4% 4% 4%
2021-06-04 04:30 AM 4% 4%
2021-08-06 04:30 AM
2021-10-08 04:30 AM
2021-12-08 04:30 AM
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
India Leaves Rates Steady as Expected
The Reserve Bank of India kept its benchmark repurchase rate at 4 percent during its April meeting, as widely expected, saying it was maintaining an accommodative stance as long as necessary to sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. The bank also left the reverse repo rate at which RBI borrows from banks at 3.35 percent and the marginal standing facility (MSF) rate and the bank rate at 4.25 percent. Inflation is expected at 5.0 percent in Q4 2020-21; 5.2 percent in Q1 2021-22; 5.2 percent in Q2; 4.4 percent in Q3 and 5.1 percent in Q4. Meanwhile, GDP growth is projected at 10.5 percent in 2021-22: consisting of 26.2 percent in Q1; 8.3 per cent in Q2; 5.4 percent in Q3 and 6.2 percent in Q4. Policymakers also announced new liquidity support for fresh lending to financial institutions during 2021.
2021-04-07
India Keeps Rates Steady as Expected
The Reserve Bank of India left its benchmark repurchase rate at 4 percent during its February meeting, saying it was maintaining an accommodative stance as long as necessary to support the economy hit by the COVID-19 crisis, while ensuring that inflation remains within the target going forward, as widely expected. The central bank revised its inflation forecast to 5 percent from 5.2 percent in H1 2021-22 and 4.3 percent for Q3 2021-22. Meanwhile, the real GDP growth is projected at 10.5 percent in 2021-22 - in the range of 26.2 to 8.3 per cent in H1 and 6.0 percent in Q3. At the same time, the reverse repo rate at which RBI borrows from banks was kept unchanged at 3.35 percent and the marginal standing facility (MSF) rate and the bank rate at 4.25 percent. The central bank last revised its policy rate in May last year.
2021-02-05
RBI Holds Rates as Expected
The Reserve Bank of India kept its benchmark repurchase rate at 4 percent during its December meeting, saying it was maintaining an accommodative stance as long as necessary to support the economy hit by the COVID-19 crisis amid high inflationary pressure. Policymakers expect inflation to average 6.8 percent in the third quarter of fiscal 2020-2021 and 5.8 percent in the fourth quarter. For FY21, the central bank revised its economic forecast to a contraction of 7.5 percent from a decline 9.5 percent projected in October. The reverse repo rate at which RBI borrows from banks was left unchanged at 3.35 percent and the marginal standing facility (MSF) rate and the bank rate at 4.25 percent.
2020-12-04
India Leaves Rates Steady as Expected
The Reserve Bank of India held its benchmark repo rate at 4 percent during its October meeting, as widely expected. Policymakers said the decision is consistent with neutral monetary policy stance and is in line with achieving the inflation target of 4 percent +/-2 percent while supporting economic growth and mitigate the impact of COVID-19 on the economy. For 2020-21, policymakers expect inflation to average 6.8 percent for the second quarter of the year and a range of 5.4 - 4.5 percent for the second half. GDP growth for 2020-21 is expected to contract 9.5 percent, with risk tilted to the downside (-9.8 percent) in the second quarter of 2020.
2020-10-09

India Interest Rate
In India, interest rate decisions are taken by the Reserve Bank of India's Central Board of Directors. The official interest rate is the benchmark repurchase rate. In 2014, the primary objective of the RBI monetary policy became price stability, giving less importance to government's borrowing, the stability of the rupee exchange rate and the need to protect exports. In February 2015, the government and the central bank agreed to set a consumer inflation target of 4 percent, with a band of plus or minus 2 percentage points, from the financial year ending in March 2017.