RBI MPC Meeting 2023: At present, the country’s top banks, such as State Bank of India (SBI), Axis Bank, HDFC, ICICI and Kotak Bank, are offering interest rates on FDs ranging from 3 per cent to 6.35 per cent.
RBI Monetary Policy: RBI in its first monetary policy meeting after Union Budget 2023 (RBI) Has increased the repo rate by 25 basis points. After this increase, there can be continuous good news for the people investing in FDs. Now the interest rates of FD will start increasing from all the banks of the country. SAG Infotech MD Amit Gupta said in a media report that it will be closely examined as to how much banks increase their FD rates after the policy rate hike in February.
Speaking to Live Mint, Gupta said that the increase in bank loan rates will have a direct impact on both bank depositors and new loan borrowers. Banks increase the interest rate on their consumer loans after an increase in the repo rate, and they often increase the tenure of the loan instead of increasing the monthly EMI after the increase in the loan interest rate.
latest fd rate
At present, the country’s top banks, such as State Bank of India (SBI), Axis Bank, HDFC, ICICI and Kotak Bank, are offering interest rates on FDs ranging from 3 per cent to 6.35 per cent. The interest rate for 2 years tenure is SBI FD 6.75%, Axis Bank FD 7.26%, HDFC Bank FD 7%, ICICI Bank FD 7% and Kotak Bank FD 6.75%. However, IDFC First Bank and IndusInd Bank are offering 7.5 per cent interest rate for 2-year FDs.
RBI MPC increased the repo rate
The MPC of the Reserve Bank of India on Wednesday decided to increase the key benchmark interest rate by 25 basis points to 6.5 per cent. RBI Governor Shaktikanta Das said on Wednesday that four of the six members of the MPC have decided to go ahead with this hike in the repo rate. The MPC, headed by Shaktikanta Das, began its three-day meeting on February 6 amid the rate hike that began in May last year to check inflation. The central bank had increased the repo rate by 35 basis points in the review of the country’s monetary policy in December after an increase of 50 basis points for three consecutive times.
