On Wednesday, the Central Reserve Bank had increased the repo rate by 0.40 percent. With this increase, the repo rate has gone up to 4.40 percent. After the decision of the Reserve Bank, now the banks have also started the process of increasing the interest on the loan. At the same time, Kotak Mahindra Bank has also increased the interest rate on fixed deposits.
Bank of Baroda and ICICI Bank have made loans expensive. Both these banks have increased the interest rates linked to the repo rate. After this, taking all types of loans taken from Bank of Baroda and ICICI Bank will become expensive.
How much increased According to ICICI Bank, the acting benchmark lending rate has been increased by 40 basis points. It has been increased to 8.10 per cent. At the same time, Bank of Baroda has also increased the Repo Linked Lending Rate i.e. BRLLR for the loan. It has increased by 40 bps to 6.90 per cent. The increased interest of both the banks has been implemented.
Kotak Mahindra Bank has announced an increase in deposit interest rates for retail customers. The new rates are applicable on all deposits below Rs 2 crore. The bank has increased the interest rate by 0.35 percent. The interest rate has been increased by 0.30 percent for FD for 390 days.
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Now this rate has increased to 5.50 percent. At the same time, the interest rate on 23-month FD has been increased by 0.35 percent. Now the interest rate of FD has become 5.60 percent.