Monsoon Deposit News Today : Breaking News, Live Updates & Top Stories | Vimarsana

After the revision, the bank offers interest rates between 3% and 7.25% for tenures ranging from 7 days to 10 years for general citizens.

Many banks, including HDFC Bank, IDBI Bank IndusInd Bank, Punjab & Sindh Bank have revised FD interest rates ahead of the Reserve Bank of Indias (RBI) Monetary Policy Committee (MPC) meeting on October 4-6, 2023. Let us take a look at the six banks that have revised their FD interest rates so far in October.

RBI has decided to hold the policy repo rate for the third consecutive time in its monetary policy meeting held on August 10. Prior to this the central bank had raised the repo rate by 2.5% since 2022 however banks were yet to transmit the full hike to fixed deposit investors when interest rate cycle seems to be taking a turn. What should FD investors do now?

Banks hiked FD rates as the RBI increased the repo rate by a whopping 2.5% over the course of only 10 months, from May 2022 to February 2023. Here are five banks that can decreased fixed deposit interest rates in the past two months.

Banks including SBI, IDBI Bank, Indian Bank have special fixed deposit with deadlines. Banks such as Bank of India, Canara bank and HDFC Bank has introduced new tenures with higher interest rates.