According to the bank’s website, SBI has cut FD rates by 20 basis points (bps) across all tenures. Last time SBI reduced interest on FD on April 15, 2025. That is, the second cut has happened just a month after the last FD rate cut.

Interest rates on FD after reduction

After the 20 bps cut by SBI across all tenures, SBI will offer interest rates on FDs between 3.30% and 6.70% per annum (without special FDs) for general citizens for amounts less than Rs 3 crore. Earlier, SBI was offering interest ranging from 3.50% to 6.9% per annum on FDs with tenures ranging from 7 days to 10 years.

Interest rates of special FDs also cut

SBI has also cut interest rate on its special FD scheme Amrit Vrishti by 20 bps. “The typical tenure of Amrit Vrishti scheme is 444 days, which has been revised to 6.85% from 7.05% for general public,” according to the bank’s website. The bank offers interest rates between 4% and 7.50% (including SBI We Care) for senior citizens. Senior citizens are offered an interest rate of 7.35% per annum on SBI’s special FD scheme. After the revision, super senior citizens (aged 80 years and above) are offered an interest rate of 7.45% per annum.

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This list includes major banks like SBI, Bank of India, HDFC Bank, Yes Bank, Punjab National Bank and Canara Bank. This decision has been taken with the aim of increasing cash in the market by making the monetary policy more flexible.

SBI

State Bank of India (SBI) has cut interest rates on some of its FD schemes by 10 basis points from April 15, 2025. The interest rate on one year to two year deposits has now come down from 6.80% to 6.70% and on two year to three year deposits from 7.00% to 6.90%. However, senior citizens will get the benefit of additional 0.50% interest under the SBI We-Care scheme as before.

Bank of India

Bank of India (BOI) has also changed the interest rates. The interest rate on deposits of 91 to 179 days has been reduced from 4.50% to 4.25%. The rate on FDs of less than 180 days and one year has been reduced from 6.00% to 5.75%, while the interest on FDs of one to two years will be reduced from 6.80% to 6.75%. Along with this, the bank has also discontinued its 400-day special FD scheme, which earlier used to give 7.30% interest.

HDFC Bank

HDFC Bank has cut interest rates on long-term FD schemes by 35 to 40 basis points. Yes Bank has cut interest rates on FDs of 12 to 24 months by 25 basis points. Due to this, customers will now get less returns than before.

Punjab National Bank

Punjab National Bank (PNB) has also changed the interest rates and now the interest rate on its FD schemes is between 3.50% to 7.10%. The highest interest is being given on FD of 390 days.

Canara Bank

Canara Bank has also cut 20 basis points on some schemes, but its FD of 444 days is still getting 7.25% interest. Senior citizens are getting the benefit of 0.50% and super senior citizens are getting 0.80% additional interest. Experts say that due to the reduction in repo rate, interest rates in banks are decreasing rapidly. In such a situation, investors need to rethink their FD strategy.

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After this change the interest rates will be reduced. The bank has informed its customers about this change through email. Currently, the bank is giving 7.20% and 7.25% interest to its general customers under this FD of 35 months and 55 months.

Information given through email

HDFC Bank is offering its general customers 3.50% on FD of 7 days to 45 days, 4.50% on FD of 46 days to 6 months, 5.75% on FD of 6 months to 9 months, 9 months to 1 day to less than 1 year. It is giving 6% interest on FD and 6.60% interest on FD of 1 year to less than 15 months.

7.25% interest is available here

On the other hand, the bank is offering 7.10% on FD of 15 months to 18 months, 7% on FD of 18 months to 2 years 11 months, 7.20% on FD of 2 years 11 months to 35 months and 35 months to 1 day to 4 years 7 months. Is giving 7% interest on FD. At the same time, the bank is offering 7.25% interest on FD of 4 years, 7 months to 55 days and 7% interest on FD of 4 years, 7 months, 1 day to 10 years.

Disclaimer: Only information about share performance is given here, it is not investment advice. Investing in stock market is subject to risk and please consult your advisor before investing.

The post FD Rate Cut: Big news for crores of customers! There will be a cut in interest rates on FD, check details first appeared on Rightsofemployees.com.