Following the RBI's Repo Rate cut, banks are now reducing interest rates on FDs. In addition to SBI, the country's largest government bank, Canara Bank has also reduced interest rates on FDs. Prior to this, private sector Kotak Mahindra Bank had also reduced interest rates.
Following the RBI's repo rate cut, banks are now cutting interest on FDs. SBI and Canara Bank have reduced interest rates on FDs.
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SBI has cut FD rates by up to .20%
SBI has cut fixed deposit interest rates by up to 0.20%. Now, a 1-year FD with SBI will earn 6.70% interest. The new interest rates will be effective from April 15.
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Changes in interest rates of SBI's special FD scheme as well
SBI has also changed the interest rates of its special FD scheme 'Amrit Varsha'. In this scheme, a 444-day FD will earn 7.05% interest for the general public. Senior citizens will get 7.55% and super senior citizens will get 7.65% annually.
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Canara Bank also cut FD interest by 20 basis points
Canara Bank has also cut fixed deposit interest rates by 20 basis points. Now, a 1-year FD will earn interest at a rate of 6.85% per annum.
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7.25% interest on 444-day FD in Canara Bank
In addition, Canara Bank will offer 7.15% interest on a 2-year FD, 7.20% on a three-year FD, and 6.70% on a 5-year FD. Besides this, Canara Bank will give 7.25% interest on a 444-day FD.
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Kotak Mahindra Bank also reduced interest on FD
Private sector Kotak Mahindra Bank has also reduced interest rates on FDs. The bank will now offer interest at a rate of 7.10% per annum for a 1-year FD.
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Kotak Mahindra Bank offering 6.20% interest on 5-year FD
Kotak Mahindra Bank is offering 7.15% interest on a 2-year FD, 7.00% on a 3-year FD, and 6.20% interest on a 5-year FD.
