2 banks promising over 9% interest rates to senior citizens on fixed deposits
- The Reserve Bank of India (RBI) lifted the policy repo rate by 35 basis points in the December policy, which was in line with forecasts.
The Reserve Bank of India (RBI) lifted the policy repo rate by 35 basis points in the December policy, which was in line with forecasts. As a result, the policy repo rate has now climbed to 6.25%, which is the highest level since August 2018. As a result, the repo rate has raised by 225 basis points so far in FY23. After that, banks will probably raise interest rates on a variety of loans and deposit products. After reaching a five-month high of 7.41 per cent in September, India's retail price inflation dropped to 6.77 per cent in October 2022, prompting the RBI to raise the repo rate in September policy to 5.90% since the inflation rate was over the upper limit set by the central bank. The RBI kept its FY23 inflation projection at 6.7% in its December policy while stating that countering inflation is still in place.
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