FD interest rates: After RBI’s rate cut, top 8 banks offer THESE rates on their 1-year fixed deposits | Mint

As we know that the Reserve Bank of India (RBI) has cut its benchmark repo rate by 50 basis points in the third rate cut in a row, banks were quick to follow suit by resorting to rate cuts of loans as well as of fixed deposits (FDs).

Recently, HDFC Bank, ICICI Bank and Indian Bank cut their fixed deposit interest rates. Here we list out the interest rates offered by all top banks on their 1-year term deposits.

FD interest rates: Top 8 banks offer these rates

HDFC Bank: The largest private bank offers 6.25 percent on 1-year fixed deposit to regular citizens and 6.75 percent to senior citizens. The rates came into force on June 10 i.e., after the RBI rate cut.

ICICI Bank: This private sector bank also offers 6.25 percent on 1-year fixed deposit to regular citizens as well as 6.75 percent to senior citizens.

Kotak Mahindra Bank: This private sector bank also offers the same rate i.e., 6.25 percent to regular citizens and 50 basis points higher to senior citizens. These interest rates came into force on June 9.

Federal Bank: This private sector bank offers slightly higher i.e., 6.5 percent to regular citizens and 7 percent to senior citizens per the rate which came into force on June 12.

State lenders

State Bank of India (SBI):The largest lender in the country offers 6.5 percent to regular citizens and 7 percent to senior citizens. These rates came into force on May 16 which means before the latest rate cut. So, these rates may fall further.

Punjab National Bank: The public sector lender offers 6.7 percent to regular citizens and 7.2 percent to senior citizens. These rates came into force on June 1 which means before the latest rate cut.

Bank of Baroda (BOB): The public sector bank offers 6.5 percent to regular citizens and 7 percent to senior citizens with effect from June 12.

Union Bank of India: This bank also revised its interest rates on June 12 and now offers 6.6 percent on its 1-year fixed deposit to regular citizens and 7.1 percent to senior citizens.

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