RBI’s repo rate increased again, fixed deposits started getting interest above 8%

Inflation in the world has increased rapidly in the last few days due to the Russia-Ukraine war and the Corona epidemic. In such a situation, its effect is visible on India as well. The retail inflation rate in the country is above 7.00 percent. Rising inflation has broken the back of common people. In such a situation, the Central Government and the Reserve Bank are continuously taking strict steps so that they can control the inflation rate. In the last few months, the Reserve Bank has continuously increased its interest rates. RBI’s repo rate has increased from 4 percent to 5.90 percent. The last time the RBI increased the repo rate was on 30 September 2022. Since this increase, the banks of the country are continuously increasing the interest rates of their loan and deposit rates.