6 banks change Fixed Deposit interest rates for senior citizens and others after repo rate cut

Ever since the repo rate cut announcement by the Reserve Bank of India (RBI) earlier this month, several banks have reduced their fixed deposit interest rates for different tenures. In the last five days, as many as six banks have revised their FD rates.

These banks include HDFC Bank, Yes Bank, IDBI Bank, IDFC Bank, ICICI Bank, Federal Bank, and Dhanlakshmi Bank. Of these, two banks are still offering 8% or more interest on FD to senior citizens for different tenures. The highest interest rate for senior citizens among these banks is 8.25% offered by Yes Bank.

Following is a list of the maximum interest offered by these six banks to senior and general citizens.

With effect from April 19, 2025, HDFC Bank is offering up to 7.55% to senior citizens and 7.05% to others on deposits of less than ₹3 crore for various tenures. The 7.55% interest is available to senior citizens on deposits of 15 months to <18 months, and 18 months to <21 months.

Yes bank has reduced its highest interest rate from 7.75% to 7.5%. However, this bank has increased rates by 25 bps for some tenors. With effect from April 21, 2025, Yes Bank is offering 7.5% interest on FD tenures of 12 months 1 day < 36 months, 36 months to < 60 months, and 60 months. For senior citizens, this bank is offering 8.25% interest on deposits of 36 months to < 60 months and 60 months.

With effect from April 16, 2025, IDFC First Bank is offering a maximum 8% interest to senior citizens on deposits of 400 days to 500 days. Others can book this FD at 7.5% interest rates. On long-term deposits of 5-10 years, this bank is offering just 6.75% interest to senior citizens and 6.25% interest to others.

With effect from April 21, 2025, ICIC Bank is offering a maximum 7.55% interest to senior citizens on deposits of 18 months to two years. Other can book this FD at 7.05% interest rates. On long-term deposits of 5-10 years, this bank is offering just 7.4% interest to senior citizens and 6.9% interest to others.

With effect from April 17, 2025, the Federal Bank is offering maximum 7.8% interest to senior citizens on deposits of 444 days . Other can book this FD at 7.3% interest rate. On long-term deposits of 5-10 years, this bank is offering just 7% interest to senior citizens and 6.5% interest to others.

With effect from April 21, 2025, Dhanlakshmi Bank is offering maximum 7.75% interest to senior citizens on deposits of 400 days. Other can book this FD at 7.25% interest rate. On long-term deposits of 5-10 years, this bank is offering just 7.1% interest to senior citizens and 6.6% interest to others.

The above information is based on fixed deposit interest rates mentioned on the respective banks' websites. FD rates are subject to change. Therefore, clarify the rate with the bank or check rates on their websites before opening an FD account.