In response to the recent repo rate cut by the Reserve Bank of India (RBI), several banks have revised their fixed deposit (FD) interest rates. The changes impact both regular and senior citizens with varying effects across tenures.
Punjab National Bank (PNB) has reduced interest rates by up to 25 basis points for retail deposits under Rs 3 crore. Post-revision, PNB offers rates between 3.50 per cent and 7.10 per cent, with the highest rate for a 390-day deposit.
State Bank of India (SBI) has lowered FD rates by 10 basis points for tenures between one and three years. One-to-two-year deposits now earn 6.7 per cent (7.2 per cent for seniors), while two-to-three-year deposits earn 6.9 per cent (7.4 per cent for seniors).
IDFC FIRST Bank offers interest rates between 3 per cent and 7.50 per cent (3.5 per cent to 8 per cent for seniors), with the highest returns for 400–500-day deposits.
IndusInd Bank revised rates post-repo cut, raising long-term deposit rates and reducing short-term ones. It now offers 3.5 per cent to 7.75 per cent for general depositors and up to 8.25 per cent for seniors, with peak rates for 15–16-month tenures.
Kotak Mahindra Bank cut its FD rates to a range of 2.75 per cent–7.15 per cent for the general public, and 3.25 per cent–7.65 per cent for senior citizens.
Bandhan Bank raised its FD rates, offering 3 per cent–7.75 per cent for general customers and 3.75 per cent–8.25 per cent for seniors. The highest rates are for a one-year term.
AU Small Finance Bank revised rates to 3.75 per cent–7.75 per cent (4.25 per cent–8.05 per cent for seniors), across tenures from 7 days to 10 years.
