Shock to those investing money in FD, these two banks reduce interest rates, know new rates – Cross Talk India

As RBI is cutting the repo rate, banks are also reducing interest rates on FDs. Now two banks have reduced interest rates on FDs. The first among them is IDBI Bank and the second Ujjivan Small Finance Bank. IDBI Bank has closed the festive FD of 300 days and 375 days duration from April 16, 2025. Also, the remaining special tanure FD schemes have been increased to June 30, 2025. IDBI Bank has reduced interest rates from 7.35 per cent to 7.25 per cent on FDs with a duration of 444 days. IDBI Bank has reduced its interest rate from 7.40 percent to 7.30 percent on FDs with a duration of 555 days. At the same time, the interest rate on FD with a duration of 700 days has been reduced by 0.20 percent to 7 percent.

Ujjivan Small Finance Bank reduced rates

Meanwhile, Ujjivan Small Finance Bank has cut its interest rates by 0.20 per cent on FD by 0.20 per cent. The revised interest rates on FDs of 12 to 18 months are 7.9 percent instead of 8.10 percent. This small finance bank is now providing 8.05 percent per year interest rate instead of 8.25 percent per year. The new rates have come into force from April 24, 2025.

Banks are reducing interest rates

Most of the banks have reduced their FD interest rates by the Reserve Bank of India (RBI) in two consecutive monetary policy committee (MPC) meetings each time after cuts in the repo rate of 25 basis points. Now the repo rate is 6 percent. The repo rate is the interest rate on which the RBI gives loans to commercial banks.

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