SBI may once again increase interest on fixed deposits, the effect of raising RBI’s repo rate will be seen – Fixed deposit interest rates to be hiked says SBI Chairman dinesh khara

SBI Fixed Deposit Rate: State Bank of India (SBI) can once again increase the interest on Fixed Deposit. SBI Chairman Dinesh Kumar Khara said that the bank will once again increase the interest on FD. The statement of the SBI chief comes after the Reserve Bank increased the repo rate. Yesterday RBI increased the repo rate by 50 basis points i.e. 0.50 percent.

Now these are the interest rates

At present, SBI customers get an interest of 5.10 percent on FDs opened for a period of 12 months to 24 months. If you open an FD for a tenure of three to five years, the interest rate on the FD will be 5.45 per cent.

EMI will increase

After increasing the repo rate of RBI, the EMI of the loan of the customers will also become expensive. The increase in repo rate makes loans costlier as banks also increase their MCLR rate. The loan becomes costlier 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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