In its first monetary policy decision after the Union Budget 2023, the Reserve Bank of India (RBI) has hiked the repo rate by 25 basis points. This is good news for fixed deposit investors as soon banks will start passing on the benefits to the customers in terms of hike in deposit rates. Four out of six members of Monetary Policy Committee (MPC) have decided to go ahead with this hike in the repo rate, RBI Governor Shaktikanta Das said. With the raising of key benchmark interest rate by 25 basis points to 6.5 per cent, there will be a direct impact on both bank depositors and new loan borrowers. Currently, top banks, such as State Bank of India (SBI), Axis bank, HDFC, ICICI and Kotak Bank, offer an interest rate in the range of 3% – 6.35%.
Today: November 30, 2023