Banks have started reducing interest rates on fixed deposits. These interest rates have started decreasing after the repo rate cut from the Reserve Bank in February. In the month of February, the Reserve Bank had reduced the repo rate by 25 basis points. After this, it was believed that banks will now start reducing interest rates on FD. Due to low interest rates, the number of investors in these can decrease. Because investors will now get less returns on FD.
Amrit Kalash Yojana is withdrawn
State Bank of India has also withdrawn its special deposit scheme Amrit Kalash, in which 7.10 percent interest was offered for a period of 400 days. The scheme launched in April 2023 ended on 31 March. Not only this, HDFC Bank, Yes Bank and Bandhan Bank have also changed their FD rates.
Yes Bank
Private banks are known for more returns on FDs than government banks. But now private banks have also run scissors at the interest rates of FD. Yes Bank has also reduced FD interest rates by 0.25% for some time.
Hdfc bank
HDFC Bank has also closed its special edition FD scheme. In this scheme, the first depositors used to get more interest. Interest rates may decrease further in the coming days.
Yes Bank’s new rates
Yes Bank is paying interest ranging from 3.35 percent to 7.75 percent on FDs from 7 days to 10 years. You will get this interest on FD of less than Rs 3 crore. Earlier this rate ranged from 3.25 percent to 8 percent.
How much can be reduced?
The Reserve Bank may reducing the repo rate interest rates again this month. It is believed that interest rates can be reduced by 25 basis points. Actually, the Reserve Bank wants to reduce the interest rates by a total of 75 basis points this year.