HDFC Bank Interest Rates: After the Reserve Bank cut the repo rate, ICICI and HDFC have shocked their crores of customers. The new rule has been implemented by both the banks from today itself.
ICICI Bank Interest Rates: If you have a savings account in HDFC Bank, then this news is for you. Yes, the largest bank in the private sector has cut the rate of its FD and savings account after the repo rate was reduced by the RBI. This has shocked crores of depositors of the bank. HDFC Bank has implemented this change from June 10, 2025. HDFC Bank has cut the interest rate by 25 basis points (0.25%) on FDs of less than Rs 3 crore.
Decision taken after 50 basis point cut in repo rate
This decision has been taken after the Reserve Bank of India (RBI) recently cut the repo rate by 50 basis points (from 6% to 5.5%). Now the interest rate of FD for normal people is 2.75% to 6.60% and for senior citizens it is 3.25% to 7.10%. Earlier this interest rate was 3% to 6.85% for normal citizens and 3.5% to 7.35% for senior citizens. Canara Bank and Kotak Mahindra Bank have also changed the rate of FD. HDFC Bank has made a similar cut of 25 basis points on FDs of all tenures.
Change in savings account interest rate
HDFC Bank has also cut the savings account interest rate from June 10, 2025. The interest rate on balance of Rs 50 lakh and above has been reduced from 3.25% to 2.75% per annum. Now, irrespective of the balance in the account, all savings accounts will get the same interest rate of 2.75%. Earlier, 2.75% interest was available on balance less than Rs 50 lakh and 3.25% interest was available on balance of Rs 50 lakh or more. The reduction in repo rate by RBI will affect both FD investors and loan takers. This reduction by HDFC Bank will result in less income for the depositors.
Earlier, ICICI Bank has cut its FD interest rate by up to 25 basis points (0.25%). The new rate has been implemented by ICICI Bank from June 10, 2025. These changes will be applicable on deposits of less than Rs 3 crore and will be applicable according to the period as well as the age of the customer. Banks will give higher than normal interest to senior citizens on all tenure interest rates. The highest interest rate for general citizens in ICICI Bank is 6.60%. This rate will be applicable for a period of 2 years 1 day to 10 years. Apart from this, senior citizens will get interest up to 7.10% for the same period. This change is in accordance with the Reserve Bank’s (RBI) decision to relax the interest rate to promote economic growth. It is expected that other big banks may also change their FD rates in the coming weeks.
