State Bank of India (SBI) has raised interest rates on select FDs by up to 25 basis points besides introducing a new tenor of 400 days with an interest rate of 7.10 per cent effective February 15. However, it is important to compare FD rates offered by the banks before you decide to lock in money with the bank. Several banks have raised their lending rates which in turn has made home loans and personal loans costlier while some banks have increased the interest rates on fixed deposits on select tenors.įixed deposits have remained a preferred choice of investments for conservative investors looking for liquidity and guaranteed returns.
The rate hike was in line with the expectations of the economists.
The Reserve Bank of India (RBI) raised the repo rate by 25 basis point (bps) after its Monetary Policy Committee (MPC) review on February 8.
