SBI Chairman Dinesh Kumar Khara said that the bank will once again increase the interest on FD. The statement of the SBI chief came after the Reserve Bank increased the repo rate. Khara said that the bank has already increased the interest on FD.
New Delhi. After the increase in the repo rate of the Reserve Bank of India (RBI), many banks have increased the interest rates of loans. Some banks have also increased the interest paid on fixed deposits. Now the country’s largest government bank State Bank of India can also increase the interest rates on FD. Two days ago, RBI on Wednesday increased the repo rate by 50 basis points to 4.90 percent.
SBI Chairman Dinesh Kumar Khara said that the bank will once again increase the interest on FD. The statement of the SBI chief came after the Reserve Bank increased the repo rate. Khara said that the bank has already increased the interest on FD. Now after increasing the repo rate of RBI, one more increase can be seen in it.
Interest rate was increased even a month ago
Last month, SBI had increased the interest rates on fixed deposits of Rs 2 crore or more. According to SBI’s website, interest rates on fixed deposits of 3 to 5 and 5 to 10 years tenor of Rs 2 crore or above were increased by 90 basis points. Now interest will be available at the rate of 4.50 per cent per annum.
Know how much interest you will get
At present, customers get an interest of 5.10 percent on FDs opened in State Bank of India for 12 months to 24 months. At the same time, if you make an FD for three to five years, then the interest rate on FD will be 5.45 percent.
Will have to pay more EMI
After increasing the repo rate, banks have also started increasing the interest rates of their loans. The EMI of the loan of the customers will also become expensive. Due to increase in repo rate, the loan becomes expensive, because banks also increase their MCLR rate. The loan becomes expensive when the MCLR rate increases. The RBI, while issuing the credit policy on Wednesday, June 8, increased the repo rate by half a percentage. Along with this, RBI had also indicated to gradually reduce cash from the system. After the policy, SBI had said that now the EMI is going to increase soon.
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