{
 "meta": {
  "dossier": "rates",
  "source": "Reserve Bank of India (via the Data Bank)",
  "product": "rbirates",
  "base": "CPI 2012=100",
  "frequency": "monthly",
  "unit": "pct",
  "vintage": "2026-10-07",
  "mock": false,
  "geo": "IND",
  "latestPeriod": "2025-12",
  "releaseDate": null,
  "revisionPolicy": "Policy rates and auction results are final when announced. The Handbook restates a few effective dates between editions (newest edition wins, differences listed in rates-policy meta). Lending and deposit rates: each monthly release repeats the full history; the newest release wins.",
  "coverage": "Real interest rates (nominal rate minus CPI inflation), monthly, on the retired CPI 2012=100 headline as published, January 2016 to December 2025",
  "note": "Derived: each nominal rate minus CPI headline inflation (year on year) for the same month, from the bundles cpi, rates-monthly, rates-call-monthly, rates-gsec-curve and rates-lending. These are ex-post real rates: they subtract the inflation that happened, not the inflation savers expected, which nobody publishes monthly. The 2012 base was retired after December 2025.",
  "cpiBundle": "cpi",
  "backcastTo": null
 },
 "dates": [
  "2016-01-01",
  "2016-02-01",
  "2016-03-01",
  "2016-04-01",
  "2016-05-01",
  "2016-06-01",
  "2016-07-01",
  "2016-08-01",
  "2016-09-01",
  "2016-10-01",
  "2016-11-01",
  "2016-12-01",
  "2017-01-01",
  "2017-02-01",
  "2017-03-01",
  "2017-04-01",
  "2017-05-01",
  "2017-06-01",
  "2017-07-01",
  "2017-08-01",
  "2017-09-01",
  "2017-10-01",
  "2017-11-01",
  "2017-12-01",
  "2018-01-01",
  "2018-02-01",
  "2018-03-01",
  "2018-04-01",
  "2018-05-01",
  "2018-06-01",
  "2018-07-01",
  "2018-08-01",
  "2018-09-01",
  "2018-10-01",
  "2018-11-01",
  "2018-12-01",
  "2019-01-01",
  "2019-02-01",
  "2019-03-01",
  "2019-04-01",
  "2019-05-01",
  "2019-06-01",
  "2019-07-01",
  "2019-08-01",
  "2019-09-01",
  "2019-10-01",
  "2019-11-01",
  "2019-12-01",
  "2020-01-01",
  "2020-02-01",
  "2020-03-01",
  "2020-04-01",
  "2020-05-01",
  "2020-06-01",
  "2020-07-01",
  "2020-08-01",
  "2020-09-01",
  "2020-10-01",
  "2020-11-01",
  "2020-12-01",
  "2021-01-01",
  "2021-02-01",
  "2021-03-01",
  "2021-04-01",
  "2021-05-01",
  "2021-06-01",
  "2021-07-01",
  "2021-08-01",
  "2021-09-01",
  "2021-10-01",
  "2021-11-01",
  "2021-12-01",
  "2022-01-01",
  "2022-02-01",
  "2022-03-01",
  "2022-04-01",
  "2022-05-01",
  "2022-06-01",
  "2022-07-01",
  "2022-08-01",
  "2022-09-01",
  "2022-10-01",
  "2022-11-01",
  "2022-12-01",
  "2023-01-01",
  "2023-02-01",
  "2023-03-01",
  "2023-04-01",
  "2023-05-01",
  "2023-06-01",
  "2023-07-01",
  "2023-08-01",
  "2023-09-01",
  "2023-10-01",
  "2023-11-01",
  "2023-12-01",
  "2024-01-01",
  "2024-02-01",
  "2024-03-01",
  "2024-04-01",
  "2024-05-01",
  "2024-06-01",
  "2024-07-01",
  "2024-08-01",
  "2024-09-01",
  "2024-10-01",
  "2024-11-01",
  "2024-12-01",
  "2025-01-01",
  "2025-02-01",
  "2025-03-01",
  "2025-04-01",
  "2025-05-01",
  "2025-06-01",
  "2025-07-01",
  "2025-08-01",
  "2025-09-01",
  "2025-10-01",
  "2025-11-01",
  "2025-12-01"
 ],
 "series": {
  "cpi": {
   "name": "cpi_headline_yoy_pct",
   "label": "CPI inflation, year on year (CPI 2012=100), as published in the CPI guide",
   "color": "#5F6675",
   "data": [
    5.69,
    5.21,
    4.87,
    5.43,
    5.74,
    5.82,
    6.09,
    5.1,
    4.39,
    4.23,
    3.67,
    3.43,
    3.17,
    3.61,
    3.83,
    3.1,
    2.19,
    1.47,
    2.3,
    3.31,
    3.31,
    3.57,
    4.9,
    5.18,
    5.05,
    4.48,
    4.33,
    4.5,
    4.83,
    4.9,
    4.23,
    3.65,
    3.73,
    3.36,
    2.31,
    2.22,
    2.06,
    2.54,
    2.82,
    2.95,
    3.1,
    3.29,
    3.12,
    3.27,
    3.92,
    4.67,
    5.49,
    7.28,
    7.51,
    6.65,
    5.87,
    7.27,
    6.3,
    6.09,
    6.72,
    6.75,
    7.37,
    7.54,
    6.99,
    4.63,
    4.14,
    4.97,
    5.54,
    4.26,
    6.21,
    6.28,
    5.65,
    5.27,
    4.29,
    4.55,
    4.87,
    5.61,
    6,
    6.14,
    6.92,
    7.74,
    7.12,
    6.99,
    6.61,
    6.97,
    7.45,
    6.77,
    5.88,
    5.71,
    6.46,
    6.41,
    5.68,
    4.74,
    4.24,
    4.83,
    7.46,
    6.8,
    5.02,
    4.88,
    5.58,
    5.75,
    5.13,
    5.09,
    4.84,
    4.85,
    4.83,
    5.09,
    3.58,
    3.71,
    5.46,
    6.16,
    5.44,
    5.19,
    4.27,
    3.56,
    3.36,
    3.1,
    2.86,
    2.11,
    1.64,
    2.04,
    1.4,
    0.29,
    0.75,
    1.34
   ],
   "unit": "pct_per_annum"
  },
  "repo": {
   "name": "real_repo_pct",
   "label": "Real policy repo rate: month-end repo minus CPI inflation",
   "color": "#2E4BD8",
   "data": [
    1.06,
    1.54,
    1.88,
    1.07,
    0.76,
    0.68,
    0.41,
    1.4,
    2.11,
    2.02,
    2.58,
    2.82,
    3.08,
    2.64,
    2.42,
    3.15,
    4.06,
    4.78,
    3.95,
    2.69,
    2.69,
    2.43,
    1.1,
    0.82,
    0.95,
    1.52,
    1.67,
    1.5,
    1.17,
    1.35,
    2.02,
    2.85,
    2.77,
    3.14,
    4.19,
    4.28,
    4.44,
    3.71,
    3.43,
    3.05,
    2.9,
    2.46,
    2.63,
    2.13,
    1.48,
    0.48,
    -0.34,
    -2.13,
    -2.36,
    -1.5,
    -1.47,
    -2.87,
    -2.3,
    -2.09,
    -2.72,
    -2.75,
    -3.37,
    -3.54,
    -2.99,
    -0.63,
    -0.14,
    -0.97,
    -1.54,
    -0.26,
    -2.21,
    -2.28,
    -1.65,
    -1.27,
    -0.29,
    -0.55,
    -0.87,
    -1.61,
    -2,
    -2.14,
    -2.92,
    -3.74,
    -2.72,
    -2.09,
    -1.71,
    -1.57,
    -1.55,
    -0.87,
    0.02,
    0.54,
    -0.21,
    0.09,
    0.82,
    1.76,
    2.26,
    1.67,
    -0.96,
    -0.3,
    1.48,
    1.62,
    0.92,
    0.75,
    1.37,
    1.41,
    1.66,
    1.65,
    1.67,
    1.41,
    2.92,
    2.79,
    1.04,
    0.34,
    1.06,
    1.31,
    2.23,
    2.69,
    2.89,
    2.9,
    3.14,
    3.39,
    3.86,
    3.46,
    4.1,
    5.21,
    4.75,
    3.91
   ],
   "unit": "pct_per_annum"
  },
  "call": {
   "name": "real_call_pct",
   "label": "Real call money rate: monthly average call rate minus CPI inflation",
   "color": "#A3A9B4",
   "data": [
    1.12,
    1.56,
    2.06,
    1.04,
    0.7,
    0.51,
    0.27,
    1.3,
    2.03,
    1.98,
    2.47,
    2.69,
    2.87,
    2.4,
    2.14,
    2.83,
    3.85,
    4.61,
    3.76,
    2.59,
    2.57,
    2.3,
    0.97,
    0.73,
    0.83,
    1.45,
    1.62,
    1.4,
    1.08,
    1.2,
    1.93,
    2.71,
    2.73,
    3.09,
    4.09,
    4.25,
    4.33,
    3.76,
    3.42,
    3.14,
    2.84,
    2.48,
    2.5,
    2.11,
    1.42,
    0.42,
    -0.45,
    -2.23,
    -2.55,
    -1.67,
    -0.93,
    -3.11,
    -2.47,
    -2.52,
    -3.25,
    -3.32,
    -3.96,
    -4.2,
    -3.84,
    -1.45,
    -0.95,
    -1.74,
    -2.31,
    -1.07,
    -3.02,
    -3.14,
    -2.47,
    -2.08,
    -1.1,
    -1.29,
    -1.57,
    -2.26,
    -2.52,
    -2.87,
    -3.6,
    -4.26,
    -3.09,
    -2.5,
    -1.82,
    -1.96,
    -2.15,
    -0.72,
    0.06,
    0.5,
    -0.23,
    0.02,
    0.81,
    1.74,
    2.32,
    1.71,
    -0.98,
    -0.22,
    1.62,
    1.85,
    1.2,
    1.01,
    1.63,
    1.54,
    1.75,
    1.7,
    1.77,
    1.5,
    2.93,
    2.8,
    1.1,
    0.33,
    1.08,
    1.46,
    2.33,
    2.79,
    2.95,
    2.84,
    2.96,
    3.27,
    3.74,
    3.4,
    4.06,
    5.19,
    4.66,
    4.01
   ],
   "unit": "pct_per_annum"
  },
  "gsec_10y": {
   "name": "real_gsec_10y_pct",
   "label": "Real 10-year government bond yield: month-end yield minus CPI inflation",
   "color": "#5F6675",
   "data": [
    1.83,
    2.43,
    2.53,
    2.44,
    1.72,
    1.96,
    1.32,
    2.01,
    2.42,
    2.59,
    2.63,
    3.74,
    3.98,
    3.48,
    3.23,
    4.12,
    4.32,
    5.12,
    4.25,
    3.23,
    3.51,
    3.46,
    2.35,
    2.34,
    2.32,
    3.22,
    3.09,
    3.3,
    3.1,
    3.1,
    3.51,
    4.36,
    4.28,
    4.48,
    5.38,
    5.22,
    5.23,
    4.91,
    4.55,
    4.51,
    4.03,
    3.64,
    3.46,
    3.44,
    2.91,
    2.2,
    1.1,
    -0.36,
    -0.67,
    0,
    0.86,
    -0.72,
    -0.53,
    -0.11,
    -1.03,
    -0.65,
    -1.27,
    -1.66,
    -1.16,
    1.35,
    1.93,
    1.37,
    0.84,
    2.1,
    0.05,
    0.11,
    0.58,
    1.1,
    1.99,
    1.92,
    1.51,
    0.91,
    0.73,
    0.68,
    -0.08,
    -0.56,
    0.36,
    0.39,
    0.81,
    0.24,
    0.01,
    0.67,
    1.43,
    1.62,
    0.92,
    1.03,
    1.66,
    2.44,
    2.82,
    2.3,
    -0.26,
    0.36,
    2.22,
    2.5,
    1.74,
    1.45,
    2.03,
    1.99,
    2.23,
    2.33,
    2.18,
    1.96,
    3.4,
    3.19,
    1.31,
    0.68,
    1.34,
    1.59,
    2.44,
    3.18,
    3.25,
    3.3,
    3.36,
    4.26,
    4.78,
    4.6,
    5.24,
    6.34,
    5.85,
    5.32
   ],
   "unit": "pct_per_annum"
  },
  "fd_fresh": {
   "name": "real_wadtdr_fresh_pct",
   "label": "Real rate on new fixed deposits: WADTDR on fresh deposits minus CPI inflation",
   "color": "#C47A16",
   "data": [
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    -0.43,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    -0.4,
    -1.26,
    -1.69,
    -0.49,
    -2.32,
    -2.37,
    -1.82,
    -1.52,
    -0.59,
    -0.83,
    -1.13,
    -1.81,
    -2.15,
    -2.2,
    -2.8,
    -3.71,
    -2.91,
    -2.38,
    -1.81,
    -1.94,
    -2.14,
    -1.24,
    -0.01,
    0.45,
    -0.24,
    -0.16,
    0.81,
    1.62,
    2.08,
    1.53,
    -1.1,
    -0.46,
    1.31,
    1.46,
    0.78,
    0.74,
    1.34,
    1.38,
    1.8,
    1.64,
    1.66,
    1.4,
    2.93,
    2.78,
    1.11,
    0.31,
    1.03,
    1.41,
    2.35,
    2.99,
    3.36,
    3.24,
    3.25,
    3.64,
    3.97,
    3.52,
    4.21,
    5.28,
    4.84,
    4.33
   ],
   "gapsNote": "One of the two inputs is not published for this month.",
   "unit": "pct_per_annum",
   "gaps": [
    "2020-04-01",
    "2020-05-01",
    "2020-06-01",
    "2020-07-01",
    "2020-08-01",
    "2020-09-01",
    "2020-10-01",
    "2020-11-01",
    "2020-12-01"
   ]
  },
  "fd_outstanding": {
   "name": "real_wadtdr_outstanding_pct",
   "label": "Real rate on all fixed deposits: WADTDR on outstanding deposits minus CPI inflation",
   "color": "#C47A16",
   "data": [
    2.09,
    2.54,
    2.86,
    2.21,
    1.85,
    1.7,
    1.39,
    2.34,
    3.02,
    3.15,
    3.65,
    3.76,
    3.97,
    3.45,
    3.14,
    3.82,
    4.67,
    5.34,
    4.45,
    3.38,
    3.34,
    2.97,
    1.6,
    1.35,
    1.49,
    2.12,
    2.34,
    2.21,
    1.88,
    1.82,
    2.49,
    3.11,
    3.04,
    3.45,
    4.54,
    4.65,
    4.85,
    4.36,
    4.07,
    3.94,
    3.79,
    3.59,
    3.72,
    3.59,
    2.91,
    2.07,
    1.18,
    -0.74,
    -0.99,
    -0.2,
    0.51,
    -1.2,
    -0.18,
    -0.09,
    -0.8,
    -0.94,
    -1.72,
    -1.91,
    -1.45,
    0.83,
    1.22,
    0.32,
    -0.26,
    1,
    -1,
    -1.11,
    -0.53,
    -0.17,
    0.78,
    0.5,
    0.17,
    -0.57,
    -0.97,
    -1.12,
    -1.89,
    -2.71,
    -2.05,
    -1.86,
    -1.41,
    -1.7,
    -2.06,
    -1.28,
    -0.26,
    0.07,
    -0.56,
    -0.39,
    0.54,
    1.6,
    2.19,
    1.68,
    -0.87,
    -0.15,
    1.72,
    1.93,
    1.27,
    1.12,
    1.78,
    1.84,
    2.12,
    2.12,
    2.16,
    1.91,
    3.42,
    3.3,
    1.58,
    0.88,
    1.62,
    1.89,
    2.82,
    3.54,
    3.75,
    4.01,
    4.21,
    4.89,
    5.28,
    4.83,
    5.42,
    6.49,
    5.98,
    5.34
   ],
   "unit": "pct_per_annum"
  },
  "loan_fresh": {
   "name": "real_walr_fresh_pct",
   "label": "Real rate on new loans: WALR on fresh loans minus CPI inflation",
   "color": "#A3A9B4",
   "data": [
    4.98,
    5.33,
    5.6,
    5.16,
    4.87,
    4.61,
    4.3,
    5.3,
    5.96,
    6.25,
    6.55,
    6.69,
    6.76,
    6.19,
    5.91,
    6.71,
    7.65,
    8.03,
    7.5,
    6.22,
    6.11,
    5.91,
    4.66,
    4.23,
    4.38,
    5.07,
    5.01,
    4.91,
    4.57,
    4.55,
    5.42,
    5.98,
    5.94,
    6.43,
    7.58,
    7.57,
    7.89,
    7.26,
    6.87,
    6.79,
    6.74,
    6.37,
    6.63,
    6.39,
    5.6,
    4.82,
    3.95,
    1.95,
    1.81,
    2.57,
    2.84,
    1.19,
    2.2,
    2.19,
    1.76,
    1.56,
    0.85,
    0.78,
    1.25,
    3.39,
    3.95,
    3.18,
    2.38,
    3.81,
    1.57,
    1.45,
    2.34,
    2.78,
    3.61,
    3.35,
    3.11,
    2.11,
    1.82,
    1.68,
    0.71,
    -0.23,
    0.74,
    0.92,
    1.57,
    1.36,
    1.14,
    1.92,
    2.98,
    3.17,
    2.54,
    2.83,
    3.64,
    4.34,
    5.03,
    4.37,
    1.98,
    2.67,
    4.36,
    4.62,
    3.83,
    3.57,
    4.3,
    4.27,
    4.53,
    4.7,
    4.56,
    4.23,
    5.82,
    5.7,
    3.91,
    3.38,
    3.96,
    4.06,
    5.06,
    5.84,
    5.99,
    6.16,
    6.34,
    6.51,
    7.17,
    6.68,
    6.99,
    8.32,
    7.96,
    6.94
   ],
   "unit": "pct_per_annum"
  }
 }
}