Interest Rate Hike: There is good news for those who keep their hard earned money in the bank. Actually, there is a chance to earn more interest with SBI. This public sector bank has increased the interest rates of savings account.
New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. At the same time, the public sector State Bank of India (SBI) has increased interest rates on savings accounts and fixed deposits (FD).
The new rates effective from October 15, 2022,
SBI announced this on Saturday (October 15). The bank has increased the interest rates by up to 20 basis points on FDs and up to 25 basis points on savings accounts. SBI has revised its interest rate from 2.75 per cent per annum to 2.70 per cent per annum on savings account balance of less than Rs 10 crore. The bank has reduced the interest rate from 2.75 per cent per annum to 3.00 per cent per annum on savings account balance of Rs 10 crore and above.
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RBI increased the repo rate by 0.5 percent to 5.9 percent
Recently RBI increased the repo rate by 0.5 percent to 5.9 percent. This is its 3 year high. The RBI has taken this step to control retail inflation and to deal with the pressure generated by aggressive rate hikes by central banks of various countries. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August. Overall, since May till now, RBI has increased the repo rate by 1.90 percent.
Many banks have increased FD rates,
let us tell you that recently RBL Bank, ICICI Bank, Axis Bank, CSB Bank Ltd., Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their fixed deposit rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.
