With the Reserve Bank of India (RBI) raising the repo rate by 1.40 percentage points over three policy reviews, interest rates on fixed deposits (FDs) have inched up in the last few months. The rates of 3-year and 5-year tenure FDs offered by major banks like ICICI, HDFC and SBI are in the range of 5.5-6.1%, up from 5-5.3% before the rate hikes.
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