![]() The last hike was by 25 bps in February 2023, bringing the repo rate to 6.5 per cent. ![]() Since May 2022, the repo rate has increased by 250 basis points (bps). The Reserve Bank of India (RBI) on August 10 left its key interest rates unchanged for a third straight meeting but signalled tighter policy if food prices continue to drive inflation higher. These rates are effective from February 24. ![]() The tenure of the scheme ranges from 7 days to 10 years. Senior citizens are provided an additional interest rate. ICICI Bank offers the Fixed Deposit (FD) scheme with interest rates ranging between 3.00% and 7.10% p.a. Senior citizens will earn an interest rate of 3.5% to 7.75% on these deposits. HDFC Bank offers an interest rate ranging from 3% to 7.25 % to general customers on deposits maturing in 7 days to 10 years. These rates are effective February 15, 2023. Senior citizens will get 50 basis points (bps) extra on these deposits. SBI FDs between 7 days to 10 years will give 3% to 7.1% to general customers. According to the bank's website, the these rates are effective from August 12, 2023. Senior citizens will get an interest rate in the range of 4% to 7.75% on these deposits. Canara Bank offers interest rates ranging from 4% to 7.25% on deposits maturing in seven days to ten years for the general public.
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