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Banks have started reducing interest rates on fixed deposits. These interest rates have started coming down after the repo rate cut by the Reserve Bank in February. In February, the Reserve Bank reduced the repo rate by 25 basis points. After this, it was believed that banks would now start reducing interest rates on FDs. Due to the reduction in interest rates, the number of investors in them may decrease. Because investors will now get less return on FD.

Amrit Kalash's scheme has been withdrawn.

State Bank of India has also withdrawn its special deposit scheme Amrit Kalash, which offered 7.10 percent interest for 400 days. This scheme, launched in April 2023, ended on March 31. Not only this, HDFC Bank, Yes Bank, and Bandhan Bank have also changed their FD rates.

Yes Bank

Private banks are known for higher returns on FDs than government banks. But now private banks have also cut FD interest rates. Yes Bank has also reduced FD interest rates by 0.25% for some time.

HDFC Bank

HDFC Bank has also discontinued its Special Edition FD scheme. Earlier, depositors used to get higher interest in this scheme. Interest rates may come down further in the coming days.

Yes Bank's new rates

Yes Bank is paying interest ranging from 3.35 percent to 7.75 percent on FDs ranging from 7 days to 10 years. You will get this interest on FDs of less than Rs 3 crore. Earlier this rate was 3.25 percent to 8 percent.

How much reduction can there be?

The Reserve Bank may reduce the repo rate interest rates again this month. It is believed that interest rates can be reduced by 25 basis points. The Reserve Bank wants to reduce interest rates by a total of 75 basis points this year.

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