Even though there has been no change in the repo rate from the Reserve Bank of India (RBI), many banks have reduced the interest rates on FD.
Even though there has been no change in the repo rate by the Reserve Bank of India (RBI), many banks have reduced the interest rates on FD. These include many big banks of the country. In such a situation, this is not good news for those people who were thinking of getting FD in the coming days. However, there is relief for those who had already made FD before this deduction. Today we are telling you about 4 such banks, which have reduced FD interest rates in the recent past.
1- Axis Bank
Private sector Axis Bank offers interest ranging from 3 percent to 7.10 percent on FDs ranging from 7 days to 10 years. This bank has reduced the interest rate on FDs from 2 years to less than 5 years by 10 basis points. There has also been a reduction of 10 basis points on FDs ranging from 1 year, 5 days to 15 months. After this reduction, the new rates have become between 6.80 percent to 6.70 percent. The new rates have become effective from September 15.
2- HDFC Bank
Private sector HDFC Bank has reduced the interest rates on FD for two special periods. These two periods are of 35 months and 55 months, on which a reduction of 5 basis points has been made. This is only for FDs up to Rs 2 crore. The new rates have come into effect from October 1. Earlier the interest on FD of 35 months was 7.20 percent and on FD of 55 months it was 7.25 percent, which has now become 7.15 percent and 7.20 percent.
3- IndusInd Bank
IndusInd Bank has reduced the interest rates on FD. This deduction has been made for FDs of less than Rs 2 crore. This bank has reduced FDs of 1 year, 7 months to 2 years by 25 basis points. After this reduction, the new rate has reduced from 7.75 percent to 7.50 percent.
4- Yes Bank
Yes Bank has cut interest rates on FDs of less than Rs 2 crore. This deduction has been made on FDs ranging from 1 year to less than 18 months. Earlier, 7.50 percent interest was available for this period, but now it has been reduced to 7.25 percent. Let us tell you that Yes Bank is giving interest ranging from 3.25 percent to 7.50 percent to the customers on FD.