HDFC Bank reduces fixed deposit and savings rates
HDFC Bank is bringing down its fixed deposit (FD) interest rates by 0.25% for amounts below ₹3 crore, starting June 25.
Savings account holders will also see their interest drop from 2.75% to 2.50% from June 24.
This follows another rate cut earlier in the month, so if you've got money parked in FDs or a savings account, your returns might feel a bit lighter.
Current FD and RD rates
Regular customers now get between 2.75% and 6.60% on FDs, depending on how long they lock in their money, while seniors get a slightly better deal at 3.25% to 7.10%.
For example, an FD for around a year and a half offers 6.60% for most people and 7.10% for seniors.
Recurring deposit rates have also been adjusted—so it's worth double-checking what you'll earn before investing.
RBI's repo rate cut impact
These cuts come after the RBI recently lowered its repo rate by half a percent, which usually means banks adjust both deposit and loan rates soon after.