Bank Fixed Deposit: The Reserve Bank of India has been increasing the repo rate continuously, after which it has increased to 5.90 percent. After the increase in the repo rate, the bank is increasing the fixed deposit rates. The objective of banks is to increase fixed deposit investment. Also, the increase in interest rates will also benefit the investors.
Bank Fixed Deposit: After the continuous increase in the repo rate by the Reserve Bank of India (RBI) , many banks have increased the interest rates on fixed deposits (FD). HDFC Bank, ICICI Bank, IndusInd, IDBI Bank are among the lenders who have increased interest on fixed deposits recently. Small and new private banks are also offering attractive rates to the general public as well as senior citizens.
Let us tell you, in the month of August, the central bank increased the repo rates by 50 basis points to 5.4 percent. After the CPC meeting this month, the RBI has again increased the repo rate by 0.50 percent to control inflation, after which the repo rate has increased to 5.90 percent. But inflation figures have risen again. Due to this, there is a possibility again that the repo rate can be increased further in the coming time. After which the interest rates will also be increased.
Is this a good time to invest in FD?
Experts say that investors can put a hold on their investments in fixed deposits. There is a growing possibility that interest rates may be increased further in the coming times. They may be right in their calls but one can never know given the fluid situation. But, it is very difficult to predict ahead. In such a situation, investment can be started from now.
FD Interest Rate Calculator
The interest you can earn on your deposits depends on several factors, including the amount invested, tenure, interest rate, interest calculation frequency and taxation. You can calculate the return on your investment by using the FD calculator.
SBI FD Rates
2.90% to 5.65% (for General)
3.40% to 6.45% (for senior citizens)
HDFC Bank FD Rates
2.75% to 6.10% (for General)
3.25% to 6.60% (for senior citizens)
ICICI Bank FD Rates
2.75% to 6.10% (for General)
3.25% to 6.60% (for senior citizens)
IDBI Bank FD Rates
2.70% to 5.75% (for General)
3.20% to 6.50% (for senior citizens)
Kotak Mahindra Bank FD Rates
2.50% to 5.90% (For General)
3.00% to 6.40% (for senior citizens)
