Milestone Alert!Livemint tops charts as the fastest growing news website in the world □ Click here to know more. As the inflation rate in India is on a higher trajectory, most of the banks are increasing FD rates to protect the consumer against future rises in inflation," said Ravi Singhal of GCL Securities. This occurs because lenders will demand higher interest rates as compensation for the decrease in purchasing power of the money they are paid in the future. The higher the inflation rate, the more interest rates are likely to rise. SBI vs Post Office vs HDFC Bank Fixed Deposit Interest rates 2022: FD is attractive to small depositors because of the ease of operating the account and the freedom to withdraw anytime. “Inflation is one of the major causes that affects interest rate levels. The new rates are applicable on deposits above Rs 2 crore to Rs 5 crore. ICICI Bank has hiked the interest rates of its fixed deposits for the second time this month. IDFC First Bank has raised interest rates on fixed deposits above Rs 2 crore with effect from May 27, 2022. Why are banks increasing FD interest rates? The latest are private sector lenders, IDFC First Bank and ICICI bank.
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