Fixed deposit interest rates to go up again? RBI hits at another hike

In its monthly bulletin released on Tuesday, the Reserve Bank of India (RBI) said that the competition between Indian banks to expand their deposit base may force them to increase the fixed deposit (FD) rates. Indian banks have continually raised deposit interest rates since the RBI started hiking the repo rate last year. Since May 2022, it has increased the repo rate by 250 basis points (bps).

In the bulletin, the RBI said that the Indian economy is unlikely to face any major repercussions from the ongoing global financial turmoil. 

"Unlike the global economy, India would not slow down -