Rates on Fixed Deposits: On Wednesday, the Reserve Bank of India (RBI) announced a 0.50 percent or 50 basis point increase in the repo rate. The current repo rate is 4.9 percent. The announcement was made by RBI Governor Shaktikanta Das in response to rising inflation in the country. After the increase in the repo rate, taking a bank loan will be more expensive. Following this announcement, many private banks, including ICICI Bank and Yes Bank, revised their fixed deposit interest rates.
The interest rates on fixed deposits have been revised by ICICI Bank. The interest rate on fixed deposits at ICICI Bank has been increased from Rs 2 crore to Rs 5 crore. On FDs with terms ranging from 7 days to 10 years, customers can earn 3 percent to 6.5 percent interest. The new fixed deposit interest rates will take effect on June 7, 2022.
RBL, a private bank, has also changed its fixed deposit interest rates. RBL Bank now offers various tenures with interest rates ranging from 3.25 percent to 6.50 percent. The new fixed deposit interest rates will take effect on June 8, 2022.
Bank of the private sector The interest rates on Yes Bank’s fixed deposits have also been revised. Customers can earn interest ranging from 3.25 to 6.40 percent on FDs with terms ranging from 7 to 10 years. From June 6, 2022, the new interest rates will be in effect.
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Following the announcement of a 0.50 percent increase in the RBI’s interest rates, there were speculations that the interest rates on FDs would rise again due to the repo rate being raised twice in a row. If the FD interest rate is increased by 90 basis points, the interest rate will rise from 5.5 percent to 6.4 percent. On this basis, if you invest Rs 1 lakh in a 5-year fixed deposit, you will earn an additional Rs 5958 in interest.
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