Overview

• The Reserve Bank of India cut its repo rate by 50 basis points to 5.50% on June 10, completing a cumulative 100 bps easing since February to spur economic growth.
• ICICI Bank and HDFC Bank each trimmed fixed deposit rates by 25 bps across select tenures for deposits below ₹3 crore, effective June 10.
• HDFC Bank lowered its savings account interest on balances above ₹50 lakh by 50 bps to a uniform rate of 2.75% per annum for all customers.
• Kotak Mahindra Bank revised its fixed deposit yields across multiple tenure buckets starting June 9 to align deposit rates with the lower policy benchmark.
• Small finance banks such as Slice, Unity and Suryoday are offering FD rates as high as 9%, tapping into depositors seeking better returns than those at larger banks.