If you are among those investors who prefer the safety of bank deposits, then a 40 basis points repo rate hike by the Reserve Bank of India (RBI) is good news .
Major lenders such as HDFC Bank and ICICI Bank have revised their fixed deposit (FD) rates over the past three weeks.
HDFC Bank is now offering 2.50-5.75% for different tenors on domestic term deposits of less than ₹2 crore, while ICICI Bank’s FDs also are in the same range. State Bank of India, which had last revised its FD rates, offers interest of 5.50% on tenors of five years and up to 10 years.
