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Setback for depositors: HDFC Bank slashes FD rates following RBI rate cut

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Setback for depositors: HDFC Bank slashes FD rates following RBI rate cut
Setback for depositors: HDFC Bank slashes FD rates following RBI rate cut

Kolkata: Top banks in India have started to cut deposit interest rates in right earnest following the Reserve Bank of India’s MPC unanimous decision to cut the Repo Rate by an aggressive 50 basis points. While the rationale for the central bank’s action is to reduce the cost of capital to pave the way for higher consumption and, therefore, higher growth rate of the economy, it does not bode well for the depositors, especially those who depend on fixed deposits for meeting their regular expenditure.

First ICICI Bank trimmed interest rates offered on Fixed Deposits The second bank to follow suit was HDFC Bank, which happens to be the largest private sector bank in India. HDFC Bank has cut interest rates for both fixed deposits (FDs) and savings accounts. The rates have come in force from June 10, 2025. The savings account interest rates have been tweaked to adjusted to 2.75% per annum uniformly. Earlier, if the balance in the account was below Rs 50 lakh had the rate of 2.75% but anything above this amount attracted a rate of 3.25%. Now the 2.75% will apply irrespective of the money in the account.

New HDFC Bank FD rates

Now HDFC Bank has trimmed interest rates by up to 25 basis points. The maximum and minimum rates for general customers are 2.75% and 6.60% and those for senior citizens are between 3.25% to 7.10%. The new rates are:

  • 7-14 days: 2.75% (general customers), 3.25%
  • 15-29 days: 2.75% (general customers), 3.25%
  • 30-45 days: 3.25% (general customers), 3.75%
  • 46-60 days: 4.25% (general customers), 4.75%
  • 61-89 days: 4.25% (general customers), 4.75%
  • 90 days ≤ 6 months: 4.25% (general customers), 4.75%
  • 6 months 1 day ≤ 9 months: 5.50% (general customers), 6.00%
  • 9 months 1 day to less than 1 year: 5.75%(general customers), 6.25%
  • 1 year to < 15 months: 6.25% (general customers), 6.75%
  • 15 months to < 18 months: 6.60% (general customers), 7.10%
  • 18 months to < 21 months: 6.60%(general customers), 7.10%
  • 21 months-2 years: 6.45%(general customers), 6.95%
  • 2 Years 1 day to < 2 Year 11 Months: 6.45%(general customers), 6.95%
  • 2 Years 11 Months – 35 Months: 6.45%(general customers), 6.95%
  • 2 Years 11 Months 1 day ≤ 3 Years: 6.45%(general customers), 6.95%
  • 3 Years 1 day to < 4 Years 7 Months: 6.40%(general customers), 6.90%
  • 4 Years 7 Months-55 Months: 6.40%(general customers), 6.90%
  • 4 Years 7 Months 1 day ≤ 5 Years: 6.40%(general customers), 6.90%
  • 5 Years 1 day-10 Years: 6.15%(general customers), 6.65%

 Two of India’s biggest private sector lenders, HDFC Bank and ICICI Bank have now slashed their deposit rates after Reserve Bank of India cut the Repo Rate by an aggressive 50 basis points on June 6 to pave the way for higher consumption and, therefore, higher growth rate of the economy.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today

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