HDFC and ICICI Bank Cut FD and Savings Account Interest Rates After RBI Repo Rate Drop

Following the recent reduction in the repo rate by the RBI, HDFC Bank and ICICI Bank have lowered interest rates on their retail deposits. ICICI Bank has reduced interest rates on fixed deposits (FDs) by up to 25 basis points, with the revised rates coming into effect from June 9.

For deposits below ₹3 crore, interest rates now range from 3% to 6.6% for general citizens and 3.5% to 7.10% for senior citizens.

HDFC Bank has also revised its interest rates on fixed deposits and savings accounts, effective June 10.

For deposits below ₹3 crore, interest rates range from 2.75% to 6.60% for general citizens and 3.25% to 7.10% for senior citizens. On savings accounts, a flat interest rate of 2.75% will now be paid across all balances — down from the earlier 3.25%.