Many banks have changed their FD interest rates. Interest rates on post office FDs of two years and three years have also been increased.
The Reserve Bank of India (RBI) is increasing the interest rates to control inflation. The Monetary Policy Committee (MPC) has increased the key repo rate to 5.90 per cent. The Monetary Policy Committee consisted of three members from RBI and three external experts. Many banks have changed their FD interest rates. Interest rates on post office FDs of two years and three years have also been increased. These rates have come into effect from 1 October.
Let us have a look at the latest interest rates offered by SBI FD, Post Office Deposit and Kisan Vikas Patra –
SBI FD latest interest rates
State Bank of India (SBI) last raised interest rates in August. According to the information available on SBI’s website, the interest was last revised on August 13. According to the official website of the bank, FDs with maturity in seven days to 10 years offer interest rates ranging from 2.90% to 5.65% for general customers and 3.4% to 6.45% for senior citizens.
Latest Post Office Deposit Interest Rates
The one-year FD scheme of the post office will continue to earn an interest rate of 5.5 per cent quarterly, as given in the last three months. The interest rate on 2-year FDs has been increased by 20 basis points to 5.7%. After the change, the 3-year FD with the post offices will be 5.8 percent from the current 5.5 percent. The interest rate of 6.7 percent will be available on the FD of 5 years.
Kisan Vikas Patra Latest Interest Rates
The government has made changes in both the tenure and interest rates of Kisan Vikas Patra (KVP). The new rate for KVP will be 7 percent and the maturity period will be 123 months. At the same time, the current interest rate is 6.9 percent and the maturity period is 124 months.
