News India Live, Digital Desk: Interest Rates: Do you know that SBI (State Bank of India) has more than 50 crore customers – this number is more than the total population of America and Russia. And a large number of them have invested their money in FD (fixed deposit). Therefore, you can easily understand how important the interest rate given by SBI on a fixed deposit is for many people. Not only SBI. The interest rates that big banks like HDFC Bank and ICICI Bank give to their customers are very important for crores of people. The reason for this is that many people, especially those who have retired and who are reluctant to take risks – depend on the interest from FD to run their family and increase capital.
However, the process of decline in interest rates in India has started. The Reserve Bank of India (RBI) has cut the repo rate twice in February and April and experts say the rates will continue to be cut even in the current financial year. Retail inflation rate is below the target of 4% of the RBI and if it remains in that area, RBI will continue to cut rates to promote growth in the economy to consume consumption and employment generation.
Interest rate on SBI FD
As soon as RBI will cut the major interest rates, all banks including SBI will also cut deposits. It is therefore important that customers cash up interest rates and before cutting them. Since May 16, 2025, State Bank of India has been giving 6.55% and 7.05% interest rates to senior customers. SBI reduced rates of 6.75% and 7.25% for general customers and senior citizens respectively. The rates were cut by RBI in February and April after a cut of 25 basis points in the repo rate.
Interest rate on HDFC Bank FD, ICICI Bank FD
Now it is the turn of HDFC Bank, the country’s largest private sector bank. HDFC Bank is paying 6.65% to common customers on FDs of three years period and 7.15% to senior civilian customers. ICICI Bank, the country’s second largest private sector bank, is paying higher interest rates than both SBI and HDFC Bank on a three -year period. It is paying 6.75% to common customers for all FDs less than Rs 3 crore and 7.25% to senior citizens.
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