Several Indian banks raise fixed deposit rates; ICICI and a state-run bank among reported moves
What happened
Multiple Indian news outlets report that banks have raised interest rates on fixed deposits (FDs). According to ABP News, ICICI Bank increased FD rates for select tenures, with senior citizens able to earn up to 7.20% on tax-saver FDs. A state-run bank, identified in a News18 Hindi link as Bank of India, also reportedly raised FD rates and launched a new scheme.
When it started
The publication dates of the articles are not given in the material provided, so the exact timing of the rate changes is unknown. One MSN headline says the changes took effect 'from today,' but the date is not stated.
How it spread
According to the reports, the changes apply to select tenures and deposit categories, and the rates differ by bank. The reports do not describe the full rate tables or the terms of the new scheme. Readers should check each bank's official rate sheet for current details.
Why it matters
News reports link the changes to a repo rate increase, according to the News18 Hindi headline. The reports do not give further detail on how the banks made their decisions. The headlines describe the moves as festive-season offers, but the material does not confirm the reasons.