HDFC Bank Cuts FD, Savings Account Interest Rates from June 10 Following RBI Repo Rate Cut

HDFC Bank has revised its interest rates on fixed deposits (FDs) and savings accounts, effective June 10, following the Reserve Bank of India’s recent cut in the repo rate. The move reflects the bank’s response to changes in the central bank’s monetary policy, which aims to manage inflation and stimulate economic growth.

For fixed deposits under Rs.2 crore, the revised FD interest rates now range between 3% and 7.25%, depending on the tenure. The highest rate of 7.25% is available on select tenures. Senior citizens continue to enjoy an additional 0.50% interest over regular rates.

Savings account interest rates have also been reduced. Balances below Rs.50 lakh will now earn 3%, down from 3.5%, while balances above Rs.50 lakh will fetch 3.5%, down from 4%.

This marks a significant shift in deposit returns for HDFC Bank customers, aligning with broader industry trends after the RBI’s monetary easing. Customers are advised to review their investments and returns in light of these rate adjustments.