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HDFC Bank is offering up to 7.75 per cent interest rates on FD, depending upon deposit tenure and depositor’s age; ICICI Bank is offering FD rates up to 7.75 per cent, SBI is giving up to 7.50 per cent a year
India Business News: SBI FD rates hiked: The State Bank of India (SBI) has announced an increase in interest rates on certain fixed deposits (FDs) for deposits below Rs 2
The bank has also hiked the interest rate on tenure of 180 days to 210 days from 5.25 per cent to 5.75 per cent.
While banks had raised their fixed deposit (FD) rates, the increases have not been close to the repo rate’s 2.5% rise. The RBI had raised its concerns about a shortfall in transmission in the interest rates. Banks have been facing tighter liquidity conditions and higher credit growth, which have also been pushing the rates up in the short term.
FD rates hike: The bank credit rose 9.1% to Rs 124.5 lakh crore in April-August 2023, while bank deposits surged by 6.6% to Rs 149.2 lakh crore in the period. As a result, will banks hike the interest rates of fixed deposits (FDs) in the short-term or long run? Let's find out what experts say