{
 "meta": {
  "dossier": "rates",
  "source": "Reserve Bank of India (via the Data Bank)",
  "product": "rbirates",
  "base": "CPI 2024=100",
  "frequency": "monthly",
  "unit": "pct",
  "vintage": "2026-10-09",
  "mock": false,
  "geo": "IND",
  "latestPeriod": "2026-08",
  "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 CPI 2024=100 headline (the NSO's back-cast to 2014, live from 2025)",
  "note": "Derived: each nominal rate minus CPI headline inflation (year on year) for the same month, from the bundles cpi-2024-linked, 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. CPI before January 2025 is the NSO's back-cast of the 2024 index (a reconstruction published by the NSO), so the real rates for 2014-01 to 2024-12 rest on it.",
  "cpiBundle": "cpi-2024-linked",
  "backcastTo": "2024-12-01"
 },
 "dates": [
  "2014-01-01",
  "2014-02-01",
  "2014-03-01",
  "2014-04-01",
  "2014-05-01",
  "2014-06-01",
  "2014-07-01",
  "2014-08-01",
  "2014-09-01",
  "2014-10-01",
  "2014-11-01",
  "2014-12-01",
  "2015-01-01",
  "2015-02-01",
  "2015-03-01",
  "2015-04-01",
  "2015-05-01",
  "2015-06-01",
  "2015-07-01",
  "2015-08-01",
  "2015-09-01",
  "2015-10-01",
  "2015-11-01",
  "2015-12-01",
  "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",
  "2026-01-01",
  "2026-02-01",
  "2026-03-01",
  "2026-04-01",
  "2026-05-01",
  "2026-06-01",
  "2026-07-01",
  "2026-08-01"
 ],
 "series": {
  "cpi": {
   "name": "cpi_headline_yoy_pct",
   "label": "CPI inflation, year on year (CPI 2024=100), as published in the CPI guide",
   "color": "#5F6675",
   "data": [
    8.53,
    7.75,
    8.09,
    8.41,
    8.35,
    6.77,
    7.35,
    7.09,
    5.68,
    4.63,
    3.26,
    4.31,
    5.18,
    5.35,
    5.32,
    4.95,
    4.92,
    5.37,
    3.66,
    3.63,
    4.27,
    4.9,
    5.37,
    5.56,
    5.72,
    5.4,
    4.9,
    5.35,
    5.78,
    5.71,
    6.14,
    5.18,
    4.39,
    4.22,
    3.6,
    3.46,
    3.16,
    3.61,
    3.77,
    3.13,
    2.22,
    1.46,
    2.32,
    3.18,
    3.34,
    3.61,
    4.92,
    5.24,
    5.1,
    4.36,
    4.35,
    4.49,
    4.91,
    4.89,
    4.1,
    3.65,
    3.65,
    3.35,
    2.34,
    2.07,
    1.94,
    2.65,
    2.78,
    3.05,
    3.03,
    3.29,
    3.26,
    3.38,
    4.07,
    4.59,
    5.53,
    7.32,
    7.62,
    6.51,
    5.95,
    7.12,
    6.28,
    6.24,
    6.71,
    6.68,
    7.29,
    7.61,
    6.9,
    4.55,
    4.05,
    5.1,
    5.49,
    4.27,
    6.29,
    6.25,
    5.55,
    5.28,
    4.37,
    4.56,
    4.9,
    5.68,
    6.08,
    6.06,
    6.9,
    7.82,
    6.98,
    6.94,
    6.66,
    6.99,
    7.33,
    6.77,
    5.92,
    5.71,
    6.53,
    6.4,
    5.66,
    4.69,
    4.31,
    4.84,
    7.45,
    6.86,
    5.09,
    4.83,
    5.48,
    5.73,
    5.05,
    5.16,
    4.93,
    4.8,
    4.88,
    5.14,
    3.67,
    3.67,
    5.46,
    6.25,
    5.5,
    5.21,
    4.06,
    3.49,
    3.56,
    3.34,
    3.03,
    2.31,
    1.62,
    2.01,
    1.41,
    0.04,
    0.49,
    1.17,
    2.73,
    3.21,
    3.4,
    3.48,
    3.94,
    4.38,
    4.45,
    4.82
   ],
   "unit": "pct_per_annum"
  },
  "repo": {
   "name": "real_repo_pct",
   "label": "Real policy repo rate: month-end repo minus CPI inflation",
   "color": "#2E4BD8",
   "data": [
    -0.53,
    0.25,
    -0.09,
    -0.41,
    -0.35,
    1.23,
    0.65,
    0.91,
    2.32,
    3.37,
    4.74,
    3.69,
    2.57,
    2.4,
    2.18,
    2.55,
    2.58,
    1.88,
    3.59,
    3.62,
    2.48,
    1.85,
    1.38,
    1.19,
    1.03,
    1.35,
    1.85,
    1.15,
    0.72,
    0.79,
    0.36,
    1.32,
    2.11,
    2.03,
    2.65,
    2.79,
    3.09,
    2.64,
    2.48,
    3.12,
    4.03,
    4.79,
    3.93,
    2.82,
    2.66,
    2.39,
    1.08,
    0.76,
    0.9,
    1.64,
    1.65,
    1.51,
    1.09,
    1.36,
    2.15,
    2.85,
    2.85,
    3.15,
    4.16,
    4.43,
    4.56,
    3.6,
    3.47,
    2.95,
    2.97,
    2.46,
    2.49,
    2.02,
    1.33,
    0.56,
    -0.38,
    -2.17,
    -2.47,
    -1.36,
    -1.55,
    -2.72,
    -2.28,
    -2.24,
    -2.71,
    -2.68,
    -3.29,
    -3.61,
    -2.9,
    -0.55,
    -0.05,
    -1.1,
    -1.49,
    -0.27,
    -2.29,
    -2.25,
    -1.55,
    -1.28,
    -0.37,
    -0.56,
    -0.9,
    -1.68,
    -2.08,
    -2.06,
    -2.9,
    -3.82,
    -2.58,
    -2.04,
    -1.76,
    -1.59,
    -1.43,
    -0.87,
    -0.02,
    0.54,
    -0.28,
    0.1,
    0.84,
    1.81,
    2.19,
    1.66,
    -0.95,
    -0.36,
    1.41,
    1.67,
    1.02,
    0.77,
    1.45,
    1.34,
    1.57,
    1.7,
    1.62,
    1.36,
    2.83,
    2.83,
    1.04,
    0.25,
    1,
    1.29,
    2.44,
    2.76,
    2.69,
    2.66,
    2.97,
    3.19,
    3.88,
    3.49,
    4.09,
    5.46,
    5.01,
    4.08,
    2.52,
    2.04,
    1.85,
    1.77,
    1.31,
    0.87,
    0.8,
    0.43
   ],
   "unit": "pct_per_annum"
  },
  "call": {
   "name": "real_call_pct",
   "label": "Real call money rate: monthly average call rate minus CPI inflation",
   "color": "#A3A9B4",
   "data": [
    -0.34,
    0.46,
    0.28,
    -0.05,
    -0.35,
    1.31,
    0.92,
    0.89,
    2.12,
    3.31,
    4.57,
    3.8,
    2.71,
    2.34,
    2.26,
    2.49,
    2.55,
    1.74,
    3.38,
    3.44,
    2.87,
    1.82,
    1.41,
    1.17,
    1.09,
    1.37,
    2.03,
    1.12,
    0.66,
    0.62,
    0.22,
    1.22,
    2.03,
    1.99,
    2.54,
    2.66,
    2.88,
    2.4,
    2.2,
    2.8,
    3.82,
    4.62,
    3.74,
    2.72,
    2.54,
    2.26,
    0.95,
    0.67,
    0.78,
    1.57,
    1.6,
    1.41,
    1,
    1.21,
    2.06,
    2.71,
    2.81,
    3.1,
    4.06,
    4.4,
    4.45,
    3.65,
    3.46,
    3.04,
    2.91,
    2.48,
    2.36,
    2,
    1.27,
    0.5,
    -0.49,
    -2.27,
    -2.66,
    -1.53,
    -1.01,
    -2.96,
    -2.45,
    -2.67,
    -3.24,
    -3.25,
    -3.88,
    -4.27,
    -3.75,
    -1.37,
    -0.86,
    -1.87,
    -2.26,
    -1.08,
    -3.1,
    -3.11,
    -2.37,
    -2.09,
    -1.18,
    -1.3,
    -1.6,
    -2.33,
    -2.6,
    -2.79,
    -3.58,
    -4.34,
    -2.95,
    -2.45,
    -1.87,
    -1.98,
    -2.03,
    -0.72,
    0.02,
    0.5,
    -0.3,
    0.03,
    0.83,
    1.79,
    2.25,
    1.7,
    -0.97,
    -0.28,
    1.55,
    1.9,
    1.3,
    1.03,
    1.71,
    1.47,
    1.66,
    1.75,
    1.72,
    1.45,
    2.84,
    2.84,
    1.1,
    0.24,
    1.02,
    1.44,
    2.54,
    2.86,
    2.75,
    2.6,
    2.79,
    3.07,
    3.76,
    3.43,
    4.05,
    5.44,
    4.92,
    4.18,
    2.64,
    1.86,
    1.85,
    1.65,
    1.31,
    0.94,
    0.84,
    0.33
   ],
   "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": [
    0.34,
    1.19,
    0.79,
    0.48,
    0.34,
    1.98,
    1.14,
    1.54,
    2.85,
    3.67,
    4.86,
    3.61,
    2.51,
    2.42,
    2.48,
    2.94,
    2.72,
    2.5,
    4.14,
    4.42,
    3.26,
    3.02,
    2.7,
    2.53,
    1.8,
    2.24,
    2.5,
    2.52,
    1.68,
    2.07,
    1.27,
    1.93,
    2.42,
    2.6,
    2.7,
    3.71,
    3.99,
    3.48,
    3.29,
    4.09,
    4.29,
    5.13,
    4.23,
    3.36,
    3.48,
    3.42,
    2.33,
    2.28,
    2.27,
    3.34,
    3.07,
    3.31,
    3.02,
    3.11,
    3.64,
    4.36,
    4.36,
    4.49,
    5.35,
    5.37,
    5.35,
    4.8,
    4.59,
    4.41,
    4.1,
    3.64,
    3.32,
    3.33,
    2.76,
    2.28,
    1.06,
    -0.4,
    -0.78,
    0.14,
    0.78,
    -0.57,
    -0.51,
    -0.26,
    -1.02,
    -0.58,
    -1.19,
    -1.73,
    -1.07,
    1.43,
    2.02,
    1.24,
    0.89,
    2.09,
    -0.03,
    0.14,
    0.68,
    1.09,
    1.91,
    1.91,
    1.48,
    0.84,
    0.65,
    0.76,
    -0.06,
    -0.64,
    0.5,
    0.44,
    0.76,
    0.22,
    0.13,
    0.67,
    1.39,
    1.62,
    0.85,
    1.04,
    1.68,
    2.49,
    2.75,
    2.29,
    -0.25,
    0.3,
    2.15,
    2.55,
    1.84,
    1.47,
    2.11,
    1.92,
    2.14,
    2.38,
    2.13,
    1.91,
    3.31,
    3.23,
    1.31,
    0.59,
    1.29,
    1.57,
    2.65,
    3.25,
    3.05,
    3.06,
    3.19,
    4.06,
    4.8,
    4.63,
    5.23,
    6.59,
    6.11,
    5.49,
    4.05,
    3.5,
    3.68,
    3.6,
    3.09,
    2.36,
    2.37,
    2.14
   ],
   "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,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    -0.51,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    -0.31,
    -1.39,
    -1.64,
    -0.5,
    -2.4,
    -2.34,
    -1.72,
    -1.53,
    -0.67,
    -0.84,
    -1.16,
    -1.88,
    -2.23,
    -2.12,
    -2.78,
    -3.79,
    -2.77,
    -2.33,
    -1.86,
    -1.96,
    -2.02,
    -1.24,
    -0.05,
    0.45,
    -0.31,
    -0.15,
    0.83,
    1.67,
    2.01,
    1.52,
    -1.09,
    -0.52,
    1.24,
    1.51,
    0.88,
    0.76,
    1.42,
    1.31,
    1.71,
    1.69,
    1.61,
    1.35,
    2.84,
    2.82,
    1.11,
    0.22,
    0.97,
    1.39,
    2.56,
    3.06,
    3.16,
    3,
    3.08,
    3.44,
    3.99,
    3.55,
    4.2,
    5.53,
    5.1,
    4.5,
    2.93,
    2.44,
    2.67,
    2.28,
    1.86,
    1.57,
    1.4,
    0.85
   ],
   "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": [
    0.23,
    1,
    0.7,
    0.37,
    0.38,
    1.96,
    1.41,
    1.66,
    3.02,
    4.05,
    5.42,
    4.33,
    3.43,
    3.24,
    3.25,
    3.56,
    3.57,
    3.06,
    4.69,
    4.64,
    3.76,
    3.01,
    2.49,
    2.27,
    2.06,
    2.35,
    2.83,
    2.29,
    1.81,
    1.81,
    1.34,
    2.26,
    3.02,
    3.16,
    3.72,
    3.73,
    3.98,
    3.45,
    3.2,
    3.79,
    4.64,
    5.35,
    4.43,
    3.51,
    3.31,
    2.93,
    1.58,
    1.29,
    1.44,
    2.24,
    2.32,
    2.22,
    1.8,
    1.83,
    2.62,
    3.11,
    3.12,
    3.46,
    4.51,
    4.8,
    4.97,
    4.25,
    4.11,
    3.84,
    3.86,
    3.59,
    3.58,
    3.48,
    2.76,
    2.15,
    1.14,
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    -0.06,
    0.43,
    -1.05,
    -0.16,
    -0.24,
    -0.79,
    -0.87,
    -1.64,
    -1.98,
    -1.36,
    0.91,
    1.31,
    0.19,
    -0.21,
    0.99,
    -1.08,
    -1.08,
    -0.43,
    -0.18,
    0.7,
    0.49,
    0.14,
    -0.64,
    -1.05,
    -1.04,
    -1.87,
    -2.79,
    -1.91,
    -1.81,
    -1.46,
    -1.72,
    -1.94,
    -1.28,
    -0.3,
    0.07,
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    -0.38,
    0.56,
    1.65,
    2.12,
    1.67,
    -0.86,
    -0.21,
    1.65,
    1.98,
    1.37,
    1.14,
    1.86,
    1.77,
    2.03,
    2.17,
    2.11,
    1.86,
    3.33,
    3.34,
    1.58,
    0.79,
    1.56,
    1.87,
    3.03,
    3.61,
    3.55,
    3.77,
    4.04,
    4.69,
    5.3,
    4.86,
    5.41,
    6.74,
    6.24,
    5.51,
    3.91,
    3.41,
    3.22,
    3.11,
    2.63,
    2.2,
    2.13,
    1.74
   ],
   "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": [
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    null,
    5.84,
    6.86,
    8.25,
    7.14,
    6.04,
    5.93,
    5.75,
    6.28,
    6.14,
    5.66,
    7.32,
    7.34,
    6.5,
    5.88,
    5.32,
    5.03,
    4.95,
    5.14,
    5.57,
    5.24,
    4.83,
    4.72,
    4.25,
    5.22,
    5.96,
    6.26,
    6.62,
    6.66,
    6.77,
    6.19,
    5.97,
    6.68,
    7.62,
    8.04,
    7.48,
    6.35,
    6.08,
    5.87,
    4.64,
    4.17,
    4.33,
    5.19,
    4.99,
    4.92,
    4.49,
    4.56,
    5.55,
    5.98,
    6.02,
    6.44,
    7.55,
    7.72,
    8.01,
    7.15,
    6.91,
    6.69,
    6.81,
    6.37,
    6.49,
    6.28,
    5.45,
    4.9,
    3.91,
    1.91,
    1.7,
    2.71,
    2.76,
    1.34,
    2.22,
    2.04,
    1.77,
    1.63,
    0.93,
    0.71,
    1.34,
    3.47,
    4.04,
    3.05,
    2.43,
    3.8,
    1.49,
    1.48,
    2.44,
    2.77,
    3.53,
    3.34,
    3.08,
    2.04,
    1.74,
    1.76,
    0.73,
    -0.31,
    0.88,
    0.97,
    1.52,
    1.34,
    1.26,
    1.92,
    2.94,
    3.17,
    2.47,
    2.84,
    3.66,
    4.39,
    4.96,
    4.36,
    1.99,
    2.61,
    4.29,
    4.67,
    3.93,
    3.59,
    4.38,
    4.2,
    4.44,
    4.75,
    4.51,
    4.18,
    5.73,
    5.74,
    3.91,
    3.29,
    3.9,
    4.04,
    5.27,
    5.91,
    5.79,
    5.92,
    6.17,
    6.31,
    7.19,
    6.71,
    6.98,
    8.57,
    8.22,
    7.11,
    5.76,
    5.23,
    5,
    5.02,
    4.57,
    4.15,
    4.07,
    3.79
   ],
   "unit": "pct_per_annum"
  }
 }
}