Bank FD Rates Change: With the cut in repo rate, banks have reduced the interest rates of their FD schemes.
Bank FD Rates Change: After the cut in repo rate by the Reserve Bank of India (RBI) in February 2025, many big banks including HDFC Bank and Yes Bank have reduced their FD interest rates. Another reason behind this is also being told to be the next meeting of the Monetary Policy Committee (MPC), in which there is a possibility of another cut in the repo rate. Today i.e. from April 7, there is an RBI MPC meeting, in which a decision will be taken on the major benchmark interest rates or repo rate. This is RBI’s first MPC meeting of the financial year 2025-26. Whether RBI will cut the repo rate in this meeting or not, it will be announced on Wednesday, April 9, 2025. But for now know how much the major banks of the country have changed the FD rates (Fixed Deposit Interest Rate).
New rates of HDFC Bank
HDFC Bank has changed its FD interest rates for deposits less than Rs 3 crore. The bank has also discontinued its special edition FD schemes, which earlier offered rates up to 7.40% for specific tenures. The interest rate cut was done on 35-month and 55-month FDs. The interest rate on 35-month deposits is now 7%. It saw a reduction of 35 basis points.
Meanwhile, the interest rate on 55-month deposits was reduced by 40 basis points and it is also now 7%. According to a Business Standard report, the highest interest rate being offered for a period of 10 to 21 months is 7.25%. Apart from this, senior citizens will continue to get 0.50% additional interest across all periods. These new interest rates have become effective from April 1, 2025.
Yes Bank
According to the report, Yes Bank has cut its FD rates by 25 basis points on select periods. For its general customers, the bank now offers interest rates between 3.25% and 7.75% on deposits of less than Rs 3 crore. For senior citizens, the interest rate now ranges between 3.75% and 8.25%, up from 8.25% earlier. Meanwhile, for deposits between 12 and 24 months, the highest interest rate being offered is 7.75%.
Punjab and Sind Bank
Punjab and Sind Bank has also updated its FD interest rates, which will be effective from April 1, 2025. They have discontinued their popular 33-day and 555-day FD options, which offered interest rates of 7.72% and 7.45% respectively. Meanwhile, the 444-day FD rate has come down from 7.40% to 7.10%. While 777-day deposits are now offering an interest rate of 6.50%. Here, a reduction of 0.75% has been made. The rate of 999-day deposits has also been reduced and now it is 6.35%.
Bandhan Bank
Bandhan Bank has revised its interest rates for deposits of more than Rs 3 crore, which will be effective from April 3, 2025. Callable deposits with a period of less than 13 months will now get less than 8% interest. At the same time, non-callable bulk deposits for the same period will get up to 8.3% interest.
Most Read Articles:
- 8th Pay Commission: Big news! The fitment factor may increase beyond the limit in 8th pay commission due to DA, know details
- SIP Calculator: When will you become a millionaire by investing ₹2000, ₹5000 and ₹10,000, check complete calculation
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
