Leading private banks HDFC bank and ICICI bank has reduced the fixed deposit interest rates by 0.25% for amount more than 1 crore. The effective interest rate will come down from 8.25% to 8% for deposited amount above 1 crore for maturity period of 121 to 150 days. Besides that the interest rate on term deposits for amount more than 5 crore in the period of 61 – 90 days and also 91 – 120 days has also revised to 8% from earlier 8.25% effective from last Sunday, 29th March 2015. Earlier country’s third largest private sector bank Axis bank has also reduced the fixed deposit interest rates by 0.25% for a term of 18-36 months duration. Also for deposits up to 18 months interest rate is reduced by 0.15%.
Latest fixed deposit interest rates offering by various banks
Seems like major private sector banks has already started reducing the deposit rates. That means in coming days other banks are also reduce fixed deposit interest rates further to join the competition. We have to wait for few more days till we get news from SBI as well. I am including here banks who has changes the FD interest rates recently.
ICICI bank latest fixed deposit interest rates
Axis bank latest fixed deposit interest rates
HDFC bank latest fixed deposit interest rates
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So keep a track for the deposit rates reduction by various banks here. I will update the article with latest fixed deposit interest rate changes by banks in coming days. Can we expect a reduction of interest rate in case of home loan as well? Although these reduction of FD interest rates are linked with RBI’s latest reduction in repo rates, but we have not yet seen any change in home loan interest rates by banks so far. In case home loan interest go down, are you ready to do a part-payment? Anyway, check out the official websites of various banks to know more about the interest rates.