The Reserve Bank of India began increasing interest rates in May 2022. In the past one year, the RBI has increased repo rate by 2.50%. This is the interest rate at which RBI lends money to other banks. Due to repo rate hike, banks have also increased deposit interest rates. People used to get 4.50 to 5% rate of interest on fixed deposits. Now, FDs are giving returns of 6.5 to 7 percent…
