Consider the following statements regarding the SBI's short-term retail fixed deposit rates:

1. SBI has increased interest rates on short-term retail fixed deposits by 25 to 75 basis points.
2. This is the first increase in fixed deposit rates by the bank since December 2023.
3. A fixed deposit is an investment instrument where an amount is deposited with banks for a set period and at a fixed rate of interest.

Which of the above statements are correct?