Several top banks have announced changes in their savings rate, FD interest among other revisions post the RBI Monetary Policy in April 2025.
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The Reserve Bank of India (RBI) recently reduced the key repo rate by 25 basis points to 6 per cent, prompting several banks to realign their Fixed Deposit (FD) offerings. These rate reductions are a reflection of the industry's attempt to stay competitive while adhering to the central bank's directives. While several banks have revised FD interest rates, others have either ended special deposit schemes or launched new ones.
Here is a list of banks that have revised their savings schemes, withdrawn FD scheme, revised FD rates among other changes post the RBI policy.
The State Bank of India has lowered its interest rates for deposits below Rs 3 crore with maturing ranging from one year to less than three years. the interest rate for deposits from one year to less than two years will be 6.7%. Deposits with two to less than three years maturity will have a revised rate of 6.9%. Additionally, SBI has withdrawn its Amrit Kalash special FD scheme.
Bank of India has withdrawn its special fixed deposit scheme for 400 days wherein it was offering an interest rate upto 7.30%. The bank has reduced its rate for Fixed Deposits for amounts of less than Rs 3.00 Crs and is now offering 4.25% for deposits maturing between 91 days and 179 days and 5.75% for 180 days to less than 1 year.
Deposits for one year would get an interest rate of 7.05% while those above 1 year up to 2 years would get 6.75%. The deposit in the amount bucket of 3 crores to less than Rs 10 Crs, the Bank will be offering 5.75% for deposits maturing between 91 days and 179 days, 6.25% for 180 days to up to 210 days, and 6.50% for deposits of 211 days to less than one year. Deposits for one year would get an interest rate of 7.05% while those above 1 year to less than 2 years would get 6.70%.
Punjab National Bank (PNB) has changed the interest rates on certain FD tenures for balances under Rs 3 crore. For terms ranging from seven days to ten years, the bank now provides rates between 3.50% and 7.10%.
Bank of Baroda has introduced a new fixed deposit scheme called the ‘bob Square Drive Deposit Scheme’. The updated FD interest rates, including the new scheme, apply to deposits of less than Rs 3 crore. The bank has also withdrawn its special Utsav Deposit Scheme.
HDFC Bank has ended its special deposit scheme. The scheme previously offered interest rates of 7.35 percent for deposits made for 35 months and 7.40 percent for deposits made for 55 months. For these terms, the new rate is 7%.
Canara Bank has reduced interest rates on certain fixed deposit tenures for deposits under Rs 3 crore. The bank currently offers interest rates ranging from 4 to 7.25 percent for the general public and 4 to 7.75 percent for senior citizens on callable deposits.
Shivalik Small Finance Bank has lowered its FD interest rates for amounts below Rs 3 crore. For general citizens, the new rates range from 3.50% to 8.30%, while for senior citizens the rates range from 4% to 8.80%.
Equitas Small Finance Bank has reduced interest rates for FDs below Rs 3 crore. The bank is offering returns between 3.50 % and 8.05 % for general citizens on annualised yield.
Bandhan Bank has revised its rates for bulk deposits over Rs 3 crore. The bank now offers 8 % for callable bulk deposits of 12 months and 12 months plus 1 day to under 13 months.
Yes Bank has revised its interest rates. It will now give the maximum interest rate of 7.75 % for non-senior residents and 8.25 % for senior citizens on their term deposits with a term bucket of 12 to 24 months.
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