Bank interest rates have begun to rise as a result of the RBI’s hike in the repo rate. Along with an increase in loan interest rates, interest rates on bank savings have also begun to rise.
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The second-largest private sector bank in the nation, ICICI Bank, followed SBI and HDFC Bank in raising interest rates on fixed deposits, or FDs, from 0.25 percent to 0.50 percent.
The interest rates on Fixed Deposits under Rs 2 crore have risen at ICICI Bank. The bank raised the rate of interest on FDs that are older than 46 days.
In addition, the interest rate on FDs with terms longer than one year has been raised by 0.50 percent. The bank offers older people a maximum interest rate of 7.50%. The bank’s new rates went into effect on December 16th.
The repo has been raised by the RBI five times so far this year. In the bi-monthly monetary policy review on December 7, the central bank raised the repo rate by an additional 0.35 percent to 6.25 percent with the goal of lowering inflation.
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