Big Banks Cut FD Rates After RBI Signal: What It Means for You

Major Indian banks have reduced their fixed deposit interest rates following the RBI’s decision to cut the repo rate.

FD Rates Fall

State Bank of India has lowered FD rates across most tenure slabs. Even senior citizen rates have been slightly reduced, reflecting RBI’s economic slowdown.

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HDFC Trims FD Payouts

HDFC Bank dropped its FD rates, particularly for shorter tenures. The bank's revised rates now range between 3% and 7.25%, depending on the deposit duration.

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YES Bank Joins

YES Bank too revised its FD rates post the repo cut. While senior citizens still get slightly better rates, younger depositors now earn lower interest than earlier.

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PNB Tweaks FD

Punjab National Bank has marginally reduced interest rates. The new rates vary based on deposit term and customer category.

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Canara Cuts FD

Canara Bank has implemented repo-linked adjustments in its fixed deposit offerings, reducing the appeal of short-term investments.

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BOI Caps Gains

Bank of India (BOI) has modified its rate standards, lowering the maximum returns on offer. Customers will need to reassess their savings strategies as FD rates continue to fall.

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RBI Repo Cut

The RBI’s decision to cut repo rate reduces borrowing costs for banks. As a result, banks pass on this benefit by offering lower interest on deposits.

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REPO RATE reduces Free Pik

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