HDFC Bank to IndusInd Bank: These three banks have revised fixed deposit (FD) rates ahead of RBI policy meeting

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HDFC Bank, IndusInd Bank, Punjab & Sindh Bank have also revised FD interest rates on their term deposits. The private sector lender IndusInd Bank has revised its interest rates on fixed deposits of less than ₹2 crore Following the revision, the bank is now offering interest rates ranging from 3.50% to 7.85% for the general public and 4.25% to 8.25% for senior citizens. According to the bank's official website, these rates are effective from 1 October 2023.

The public sector lender Punjab & Sind Bank (PSB) has revised its interest rates on fixed deposits of less than ₹2 Cr. Following the change, the bank is now providing interest rates ranging from 2.8% to 7.35% on deposits maturing in seven days to ten years. “Senior Citizens shall be given the benefit of additional interest of 0.50% on term deposits of less than Rs.

2 crore, over and above the mentioned rates for the maturity of 180 days & above on fresh as well as on renewal of term deposits," the lender mentioned on its website “Super Senior Citizens (80 Years and above) shall be given the benefit of additional interest of 0.15% on a specific period (i.e. 333 Days,444 Days & 555 Days) Term Deposits of less than Rs. 2 crore, for the maturity of 180 days & above on fresh as well as on a renewal of term deposits," noted the lender.

The revision comes just ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting on October 4-6, 2023. India's monetary policy committee is widely expected to keep key rates on hold when it announces its decision on Friday. The RBI has maintained the status quo on key rates for the last three MPC meetings."Exciting news! Mint is now on WhatsApp Channels