Planning to invest? Check HDFC, SBI, BOI's latest interest rates
What's the story
Several leading banks in India, including HDFC Bank, State Bank of India (SBI), and the Bank of India (BOI), have recently slashed their interest rates on deposits.
The decision comes after the Reserve Bank of India (RBI) cut the repo rate by 25 basis points.
The move is part of an effort to protect margins amid changing market conditions.
Let's take a look at the latest interest rates.
Bank #1
HDFC Bank reduces savings account interest rates
India's largest private bank, HDFC Bank, has slashed its savings account interest rate. The new rates are 2.75% for balances up to ₹50 lakh, and 3.25% for above ₹50 lakh (earlier 3.5%). These interest rates has been decreasing from a peak of 4% in 2011.
Bank #2
A look at SBI's interest rates on FDs
The SBI has revised its FD rates.
For FDs with a tenure of one to two years, the new rate is 6.70%, down from 6.80%.
Similarly, for FDs with a tenure of two to three years, the rate has been reduced to 6.90% from an earlier rate of 7%.
Senior citizens can avail slightly higher rates of up to 7.5%.
Bank #3
BOI cuts interest rates on FDs
The BOI announced a cut in interest rates for select short- and medium-term FDs, effective April 15.
The bank also withdrew its 400-day special FD scheme which offered up to 7.3% interest.
For FDs below ₹3 crore, the new interest rate for a tenure of 91-179 days now stands at 4.25%, down from an earlier 4.5%.