The Reserve Bank of India (RBI) is increasing the interest rates to control inflation. The Monetary Policy Committee (MPC), comprising three members from RBI and three external experts, raised the prime lending rate or repo rate to 5.90 per cent – the highest since April 2019. Many banks revised their fixed deposits (FDs). ) also the interest rate. Interest rates on post office fixed deposits of two years and three years have also been hiked. Rates are effective October 1
The government on Thursday raised rates on some small savings schemes as it began tightening interest rates for depositors.
So let’s have a look at the latest interest rates offered by SBI FD, post office deposit and Kisan Vikas Patra
SBI FD Latest Interest Rates
State Bank of India (SBI) last hiked interest rates in August. According to the information available on SBI’s website, the interest was last revised on August 13.
Fixed deposits maturing in seven days to 10 years offer interest rates ranging from 2.90% to 5.65% for general customers and 3.4% to 6.45% for senior citizens, according to the bank’s official website.
Post Office Fixed Deposit Latest Interest Rates
The one-year fixed deposit scheme of the post office will continue to earn an interest rate of 5.5 per cent quarterly as it was given in the last three months. The interest rate on 2-year fixed deposits has been increased by 20 basis points to 5.7%. With the amendment, three-year fixed deposits with post offices will be 5.8 per cent, an increase of 30 basis points, from the existing 5.5 per cent. An interest rate of 6.7 per cent will be available on a fixed deposit of five years.
Kisan Vikas Patra Latest Interest Rates
The government has revised both the tenure and interest rates of Kisan Vikas Patra (KVP). The new rate for KVP will be 7 per cent and maturity period will be 123 months, while the current interest rate is 6.9 per cent and maturity period is 124 months.
Hence, the rates offered by post office deposits look attractive as compared to the rates offered by the country’s top lender SBI.
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