Outlook Business Desk
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.
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.
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.
Punjab National Bank has marginally reduced interest rates. The new rates vary based on deposit term and customer category.
Canara Bank has implemented repo-linked adjustments in its fixed deposit offerings, reducing the appeal of short-term investments.
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.