FD Rates: The Reserve Bank of India (RBI) has recently cut the repo rate by 25 basis points. After this the repo rate has come down to 6%. After the repo rate cut, many big banks of the country have reduced interest rates on their fixed deposit (FD) schemes. This list includes major banks like SBI, Bank of India, HDFC Bank, Yes Bank, Punjab National Bank and Canara Bank. This decision has been brought in the market with the aim of increasing the cash in the market by making monetary policy more flexible.
State Bank of India (SBI) has cut interest rates by 10 basis points on some of its FD schemes since 15 April 2025. The interest rate on deposits from one year to two years has now been reduced from 6.80% to 6.70% and two years to three years deposit from 7.00% to 6.90%. However, senior citizens will get an additional 0.50% interest benefit as before under the SBI We-Care scheme.
Bank of india
Bank of India (BOI) has also changed interest rates. The interest rate on deposits of 91 to 179 days has been reduced from 4.50% to 4.25%. The rate on FD of one year less than 180 days has come down from 6.00% to 5.75%, while one to two years FD will get reduced from 6.80% to 6.75% interest. Also, the bank has stopped its 400-day special FD scheme, which used to pay 7.30% interest earlier.
HDFC Bank has cut interest rates on long -term FD schemes by 35 to 40 basis points. At the same time, Yes Bank has cut 25 basis points on FDs of 12 to 24 months. This will now give customers less returns than before.
Punjab national bank
Punjab National Bank (PNB) has also made changes in interest rates and now its interest rate on FD schemes is between 3.50% to 7.10%. The highest interest is available at 390 days FD.
Canra bank
Canara Bank has also cut a 20 basis point on some schemes, but its 444 days FD is still getting 7.25% interest. Senior citizens are getting 0.50% and Super Senior Citizen is getting an additional interest of 0.80%. Experts say that interest rates are quickly decreasing in banks due to repo rate cuts. In such a situation, investors need to think again on their FD strategy.