Bad News for Depositors! HDFC Bank Cuts FD & Savings Interest Rates; Check the Latest Updated Rates Now

HDFC Bank, one of India's largest private sector lenders, has revised its fixed deposit and savings account interest rates after the recent monetary policy changes. The new reduced rates will be effective from June 10.

On June 6 monetary policy review, the Reserve Bank of India (RBI) reduced the repo rate by 50 basis points from 6% to 5.5%. This policy rate cut started a ripple effect across the banking sector. As anticipated, several banks have begun lowering their lending rates to align with the RBI's stance. Alongside cheaper loans, the move is also triggering a downward revision in deposit interest rates. ICICI Bank was among the first to respond, followed by HDFC Bank, Indian Bank, IDFC FIRST Bank and Canara Bank.

HDFC Bank FD Rates Slashed by Up to 25 Basis Points

HDFC Bank has reduced its fixed deposit interest rates by up to 25 basis points for deposits less than Rs. 3 crore, applicable across select tenures. Post-revision, FD rates for general customers range from 2.75% to 6.60%, while senior citizens will earn between 3.25% and 7.10%.

This revision may affect FD investors seeking higher returns, particularly in the 1-3 year deposit brackets. The rate reduction will also lead savers to explore other alternative investment options like mutual funds or government-backed small savings schemes.

Tenure	Regular Citizen Rate	Senior Citizen Rate
7 to 14 days	2.75%	3.25%
15 to 29 days	2.75%	3.25%
30 to 45 days	3.25%	3.75%
46 to 60 days	4.25%	4.75%
61 to 89 days	4.25%	4.75%
90 days to ≤ 6 months	4.25%	4.75%
6 months 1 day to ≤ 9 months	5.50%	6.00%
9 months 1 day to	5.75%	6.25%
1 year to	6.25%	6.75%
15 months to	6.60%	7.10%
21 months to	6.45%	6.95%
3 years 1 day to	6.40%	6.90%
5 years 1 day to 10 years	6.15%	6.65%

Savings Account Rate Also Reduced

HDFC Bank has also revised its savings account interest rates effective from June 10. The bank has reduced the interest rate on balances of Rs. 50 lakh and above by 50 basis points, bringing it down from 3.25% to 2.75% per annum. Now, all savings account balances, irrespective of amount, will earn a flat 2.75% interest rate.

Previously, balances below Rs. 50 lakh earned 2.75%, while balances ₹50 lakh and above earned 3.25%. This change may impact people who maintain large balances in their savings accounts.

Rate Cut Trend in the Banking Sector

HDFC Bank's FD rate cut move was mirrored by peers such as ICICI Bank, IDFC First Bank, and Canara Bank, who realigned their deposit offerings post RBI's accommodative stance.

HDFC Bank Cuts Lending Rates

After the Reserve Bank of India cut the repo rate, HDFC Bank also reduced its lending rates, effective from June 7. HDFC Bank has reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by up to 10 basis points on select loan tenures, offering some relief to borrowers. This means loans linked to the MCLR benchmark will now become slightly cheaper. After the revision, the bank's MCLR now ranges between 8.90% and 9.10%, down from the earlier range of 9% to 9.20% in May 2025.

About HDFC Bank

HDFC Bank Limited, headquartered in Mumbai, Maharashtra, is a big name in India's financial sector. As the third-largest Indian company by market capitalisation, the bank offers a huge range of financial services, including retail banking, wholesale banking, personal and business loans, credit cards, and digital banking products. HDFC Bank shares closed at Rs 1,947.90 on Wednesday, down by 0.89%. The bank's market capitalisation stands at Rs. 14.94 lakh crore.