The rate is published. The cost usually is not.
RateQ reads the published Indian rate landscape so you don't have to: a short daily brief on what moved and what it may mean for a household, a timeline of every change we logged, and the evidence boards underneath — each with its source and date. No sign-up. No lender lead form. No paid ranking.
What changed, when — and what didn't
Every event the monitor logged, in order. Holds and "no change" notifications are listed on purpose: a rate that stays put for nine quarters is information, not an absence of it.
What is your current home-loan rate costing you?
The brief tells you where the market floor is. This checker makes it personal: enter the outstanding principal, current rate, remaining tenure and a rate you could realistically qualify for. It compares both amortisation schedules, adds the estimated switching cost and shows the break-even month. The calculation stays in your browser.
Home loans: the benchmark is public. Your spread is personal.
The repo has sat at 5.25% since December 2025, and the cheapest advertised mortgage in the board starts at 7.10% — a spread of about 185 bps over the benchmark. Advertised starting rates cluster within roughly 125 bps of each other, so the expensive loan is rarely the wrong bank; it is usually an old spread that was never renegotiated. The MPC meets 3–5 Aug. Before it does, the useful question is not "will rates move" but "is my spread still fair" — the checker above answers that in your own numbers.
| Lender | From Rate | Spread over Repo | Benchmark | Rate Position |
|---|---|---|---|---|
| Bank of India | 7.10% | +185 bps | Repo-linked | Lowest tracked |
| Bank of Maharashtra | 7.10% | +185 bps | Repo-linked | Lowest tracked |
| Canara Bank | 7.15% | +190 bps | Repo-linked | Near floor |
| Punjab National Bank | 7.20% | +195 bps | Repo-linked | Near floor |
| State Bank of India | 7.25% | +200 bps | Repo-linked | Near floor |
| Indian Bank | 7.40% | +215 bps | Repo-linked | Middle |
| Bank of Baroda | 7.45% | +220 bps | Repo-linked | Middle |
| Union Bank of India | 7.45% | +220 bps | Repo-linked | Middle |
| Kotak Mahindra | 7.70% | +245 bps | Repo-linked | Higher |
| Axis Bank | 8.35% | +310 bps | Repo-linked | Review |
▶ Evidence: the repo path & how a reset reaches your loan
1 · The policy rate changes. The MPC’s next scheduled meeting is 3–5 Aug 2026.
2 · The benchmark resets. External-benchmark-linked bank loans must reset at least once every three months. Your sanction letter sets the loan’s reset terms.
3 · The lender applies the reset. Depending on the loan terms and borrower choice, the change can alter the EMI, the remaining tenure, or both.
4 · The spread needs a separate check. A lower advertised rate does not automatically change an existing loan’s spread. Ask the lender for the current conversion terms before moving the loan.
Fixed deposits: compare yield, cover and access
The gap between a big-bank FD and the top of the board is still 150–200 bps. The peak tracked rate is 8.50% — a senior-citizen rate at a small finance bank — while the large private banks sit near 6.40–7.10%. Within the ₹5 lakh DICGC limit, moving money to a better-paying bank changes the yield, not the guarantee. Above the limit, or with an NBFC, the extra return is a different risk decision, not a free upgrade.
| Institution | Tier | General | Senior | Peak Tenure | vs SBI 3Y (6.40%) |
|---|---|---|---|---|---|
| Shivalik SFB | Small Finance Bank | ~8.00% | 8.50% | 23–27 m | +160–210 bps |
| Utkarsh SFB | Small Finance Bank | ~7.75% | 8.25% | 666 days | +135–185 bps |
| Suryoday SFB | Small Finance Bank | 7.90% | 8.25% | 30 m / 5 y | +150–185 bps |
| Jana SFB | Small Finance Bank | 7.77% | 8.00% | 24–60 m | +137–160 bps |
| AU SFB | Small Finance Bank | 7.10% | 7.45% | 30–36 m | +70–105 bps |
| Equitas SFB | Small Finance Bank | 7.00% | 7.50% | 3 y | +60–110 bps |
| Shriram Finance | NBFC (AA-rated) | 7.60% | 8.10% | 3 y | +120–170 bps |
| Yes Bank | Private bank | 6.75% | 7.50% | 36–60 m | +35–110 bps |
| ICICI Bank | Private bank | 6.50% | 7.10% | 36–60 m | +10–70 bps |
| HDFC Bank | Private bank | 6.40% | 7.00% | 36–55 m | +0–60 bps |
| Canara Bank | Public sector | 6.25% | 6.75% | 3 y | −15–35 bps |
Small savings: compare the post-tax return
Nothing moved — for the ninth consecutive quarter. SCSS and SSY remain the joint-highest at 8.2%, above every FD in the board and well above the 10-year government yield. PPF at 7.1% looks ordinary until tax: because its interest is tax-free, a taxable FD in a high slab needs a meaningfully higher pre-tax rate to match it. The rates hold until 30 Sep; the next notification is due around the end of that quarter.
| Scheme | Rate p.a. | Term | Tax Treatment | Best For |
|---|---|---|---|---|
| Sukanya Samriddhi (SSY) | 8.20% | Girl child <10 · to 21 y | EEE — fully tax-free | Top rate |
| Senior Citizen Savings (SCSS) | 8.20% | 5 y · age 60+ | Taxable · 80C on deposit | Top rate |
| National Savings Certificate (NSC) | 7.70% | 5 y · locked at purchase | Taxable · 80C | Fixed term |
| Kisan Vikas Patra (KVP) | 7.50% | Doubles in ~115 m | Taxable | Fixed term |
| PO Time Deposit 5 y | 7.50% | 5 y | Taxable · 80C | Fixed term |
| PO Monthly Income (POMIS) | 7.40% | 5 y · monthly payout | Taxable | Income |
| Public Provident Fund (PPF) | 7.10% | 15 y | EEE — fully tax-free | Core holding |
| PO Time Deposit 1–3 y | 6.90–7.10% | 1 / 2 / 3 y | Taxable | Below SFB FDs |
| PO Recurring Deposit 5 y | 6.70% | 5 y monthly | Taxable | Below SFB FDs |
Government bond yields: the market’s price of time
The 10-year G-sec eased about 5 bps to 6.77% at the 27 Jul close, leaving it roughly 152 bps above the repo rate. That gap is the market saying policy relief is not imminent — consistent with an RBI projecting 5.1% inflation for FY27. For households the practical read is stable-to-firm deposit rates and no near-term rescue for expensive home loans; spread fixes will come from negotiation, not from the MPC.
▶ Evidence: recent prints & how to read the curve
Compare like with like. SCSS and SSY at 8.2% have eligibility and holding conditions that a traded government bond does not. The higher quoted rate is not a free spread.
Watch the gap to repo. A wider 10-year spread can reflect inflation, bond supply, currency pressure or term-premium concerns. It does not, by itself, predict the next bank rate change.
Corporate yields add credit risk. Compare the spread, rating, liquidity, maturity and issuer exposure. The corporate-rate board is planned, not live.
Fee and premium changes worth noticing
Nothing on this wire yet — deliberately. A rate stays visible on the product page; a fee change often arrives in a revised schedule, MITC document or renewal notice. This section will track the published document, the old term, the new term and the effective date. Until the feeds are live, RateQ will not present estimated or illustrative changes as current data.
How RateQ handles a published rate
RateQ is a public data product from AffluenceQ. It converts published rates into comparable fields, then adds household calculations where the maths is useful. The source remains the institution or public authority. The brief and timeline are rendered from the same data objects as the boards — never written separately.
Collect. Read the RBI, Department of Economic Affairs and institution rate pages. Use a licensed market-data source for bond yields. Store the source URL, publication date and effective date with the number.
Normalise. Map tenure, customer category, deposit size, credit band and benchmark into common fields. Do not collapse a promotional starting rate into a general market rate.
Check. Flag changes, stale pages and values that disagree with the primary source. Publish only after the source and effective date are clear. A board without a current source date visibly degrades instead of passing as current.
Calculate. Run EMI, interest and break-even calculations in the browser. Keep assumptions visible beside the result.
① Reset-date reminders. Save your reset month; get flagged 30 days before the review.
② Conversion versus transfer comparison. Price the lender’s conversion fee against a full balance transfer, side by side.
③ Full government and corporate yield curve. NSDL/CCIL-sourced, refreshed daily, with licensed data.
④ Fee-change history. Source documents and effective dates for every tracked revision.