RBI has increased the repo rate by 250 basis points. SBI (the largest lender in India) has increased its 2-year FD rates by just 190 basis points. SBI hasn't passed on the full benefits to the depositors. Credit demand in the Indian economy is still considerably high. So, experts believe that banks/NBFCs are likely to increase FD rates even if the RBI doesn't increase repo rates further. The FD rates are quite close to their highest levels. Even if you don't lock in all your available funds in FDs, at least lock in a part of them at the current rate for a longer period.