Pakistan raises defence budget by 20% after Op Sindoor, cuts overall outlay

Pakistan raises defence budget by 20% after Op Sindoor, cuts overall outlay

Banks are revising their fixed deposit (FD) interest rates after the Reserve Bank of India's (RBI) cut the repo rate by 50 basis points to 5.5 per cent last week. The new FD terms impact millions of Indians who use the investment for its predictability and relative safety.

 

Here’s a breakdown of the latest FD rates offered by five lenders: HDFC Bank, Canara Bank, Axis Bank, Indian Bank, and Kotak Mahindra Bank.

 

Why FD rates are changing

 

Repo is the rate at which the RBI lends money to commercial banks. A reduction usually nudges banks to lower lending as well as deposit rates. The recent cut has prompted banks to slowly align their deposit products accordingly.

 

Fixed deposit rates in June

 

1. HDFC Bank

  Applicable from June 10, on deposits of less than Rs 3 crore, HDFC Bank is now offering rates from 2.75 per cent per annum to 6.60 per annum for general customers and 3.25 per cent to 7.10 per cent per annum for senior citizens.

• The highest offering by the bank is 6.60 per cent and 7.10 per cent for a tenure of 15 months to 21 months for general customers and senior citizens, respectively.
• The shortest tenure bank offer is 7- 14 days with rates of 2.75 and 3.75 per cent for general customers and senior citizens, respectively.
• The longest tenure is 5 years 1 day to 10 years with rates of 6.15 and 6.65 per cent for general customers and senior citizens, respectively.

 

Below is the detailed table of FD rate and tenures provided by the bank on its website

Tenor Bucket	< 3 Crore
	Interest Rate (per annum)	**Senior Citizen Rates (per annum)
7 - 14 days	2.75%	3.25%
15 - 29 days	2.75%	3.25%
30 - 45 days	3.25%	3.75%
46 - 60 days	4.25%	4.75%
61 - 89 days	4.25%	4.75%
90 days < = 6 months	4.25%	4.75%
6 months 1 days < = 9 months	5.50%	6.00%
9 months 1 day to < 1 year	5.75%	6.25%
1 year to < 15 months	6.25%	6.75%
15 months to < 18 months	6.60%	7.10%
18 months to < 21 months	6.60%	7.10%
21 months - 2 years	6.45%	6.95%
2 Years 1 day to < 2 Year 11 Months	6.45%	6.95%
2 Years 11 Months - 35 Months	6.45%	6.95%
2 Years 11 Months 1 day < = 3 Year	6.45%	6.95%
3 Years 1 day to < 4 Years 7 Months	6.40%	6.90%
4 Year 7 Months - 55 months	6.40%	6.90%
4 Year 7 Months 1 day < = 5 Years	6.40%	6.90%
5 Years 1 day - 10 Years	6.15%	6.65%

  2. Canara Bank

 

Applicable from June 9, on deposits of less than Rs 3 crore, Canara Bank is now offering rates from 3.5 per cent per annum to 6.6 per annum for general customers and 4 per cent to 7.1 per cent per annum for senior citizens.

• The highest offering by the bank is 6.6 per cent and 7.1 per cent for a tenure of 444 days for general customers and senior citizens, respectively.
• The shortest tenure bank offer is 7-45 days with rates of 3.5 and 4 per cent for general customers and senior citizens, respectively.
• The longest tenure is 5 years to above 10 years with rates of 6.5 and 7 per cent for general customers and senior citizens, respectively.

 

Below is a detailed table on FD rate and tenures provided by the bank on its website

Term Deposits (All Maturities)	Rate of Interest (% p.a.)
	General	Senior Citizen
7 Days to 45 Days	3.5	4
46 Days to 90 Days	4.5	5
91 Days to 179 Days	4.75	5.25
180 Days to 269 Days	5.75	6.25
270 Days to less than 1 Year	6	6.5
1 Year & above to 1 year 3 months Only	6.5	7
444 Days	6.6	7.1
Above 1 Year 3 months to less than 2 Years	6.5	7
2 Years & above to less than 3 Years	6.5	7
3 Years & above to less than 5 Years	6.5	7
5 Years & above to 10 Years	6.5	7

  3. Axis Bank

 

Applicable from June 11, on deposits of less than Rs 5 crore, Axis Bank is now offering rates from 3 per cent per annum to 6.6 per annum for general customers and 3.5 per cent to 7.25 per cent per annum for senior citizens.

• The highest offering by the bank is 6.6 per cent and 7.25 per cent for a tenure of 15 months to less than 2 years for general customers and 5 years to 10 years’ tenure for senior citizens, respectively.
• The shortest tenure bank offer is 7-14 days with rates of 3 and 3.5 per cent for general customers and senior citizens, respectively.
• The longest tenure is 5 years to 10 years with rates of 6.5 and 7.25 per cent for general customers and senior citizens, respectively.

 

Below is the detailed table of FD rate and tenures provided by the bank on its website 

Maturity Period	Less than ₹ 3 Cr	Less than ₹ 3 Cr
7 - 14 days	3	3.5
15 - 29 days	3	3.5
30 - 45 days	3.25	3.75
46 - 60 days	4	4.5
61 days - 87 days	4	4.5
88 days - 3 months 24 days	4.5	5
3 months 25 days < 4 months	4.5	5
4 months < 6 months	4.5	5
6 months < 9 months	5.5	6
9 months < 1 year	5.75	6.25
1 year - 1 year 10 days	6.25	6.75
1 year 11 days < 13 months	6.25	6.75
13 months < 15 months	6.25	6.75
15 months < 18 months	6.6	7.1
18 Months < 2 years	6.6	7.1
2 years < 3 years	6.5	7
3 years < 5 years	6.5	7
5 years to 10 years	6.5	7.25

  4. Indian Bank

 

Applicable from June 9, on deposits of less than Rs 3 crore, Indian Bank is now offering rates from 2.8 per cent per annum to 6.9 per annum for general customers and an additional 0.5 per cent for senior citizens.

 

• The highest offering by the bank is 6.9 per cent on a tenure of 444 days for general customers and 7.4 per cent for senior citizens on the same.
• The shortest tenure bank offer is 7- 14 days with rates of 2.8 and 3.3 per cent for general customers and senior citizens, respectively.
• The longest tenure is above 5 years with rates of 6 per cent and 6.5 per cent for general customers and senior citizens, respectively.

 

Below is the detailed table of FD rate and tenures provided by the bank on its website 

Maturity Period	Revised w.e.f 09.06.2025
	Rate  (% per annum )
7 days to 14 days	2.8
15 days to 29 days	2.8
30 days to 45 days	3
46 days to 90 days	3.25
91 days to 120 days	3.5
121 days to 180 days	3.85
181 days to less than 9 months	4.5
9 months to less than 1 year	4.75
1 year	6.1
Above 1 year to less than 2 years  (Except 444 & 555 Days)	6.6
444 Days	6.9
555 Days	6.8
2 years to less than 3 years	6.4
3 years to less than 5 years	6.25
5 year	6
Above 5 years	6

  5. Kotak Mahindra 

 

Applicable from June 9, on deposits of less than Rs 3 crore, Kotak Mahindra Bank is now offering rates from 2.75 per cent per annum to 6.6 per annum for general customers and 3.25 to 7.10 per cent for senior citizens.

• The highest offering by the bank is 6.6 per cent and 7.10  per cent for a tenure of 391 days to 29 months for general customers and senior citizens, respectively.
• The shortest tenure bank offer is 7-14 days with rates of 2.75 and 3.25 per cent for general customers and senior citizens, respectively.
• The longest tenure is between 5 years to 10 years rates of 6.25 and 6.75 per cent for general customers and senior citizens, respectively.

 

Below is a table on FD rate and tenures provided by the bank on its website

 

Maturity Periods - Premature Withdrawal Allowed	Regular	Senior Citizens
7 - 14 Days	2.75%	3.25%
15 - 30 Days	3.00%	3.50%
31 - 45 Days	3.25%	3.75%
46 - 90 Days	3.50%	4.00%
91 Days	5.00%	5.50%
92 Days - 179 Days	4.25%	4.75%
180 Days	6.50%	7.00%
181 Days to 269 Days	5.75%	6.25%
270 Days	5.75%	6.25%
271 Days to 363 Days	6.00%	6.50%
364 Days	6.00%	6.50%
365 Days to 389 Days	6.25%	6.75%
390 Days (12 months 25 days)	6.50%	7.00%
391 Days - Less than 23 Months	6.60%	7.10%
23 Months	6.60%	7.10%
23 months 1 Day- less than 2 years	6.50%	7.00%
2 years- less than 3 years	6.40%	6.90%
3 years and above but less than 4 years	6.40%	6.90%
4 years and above but less than 5 years	6.40%	6.90%
5 years and above up to and inclusive of 10 years	6.25%	6.75%

  What should investors do now?  Lock in rates soon: FD rates are still attractive, but may moderate further if more rate cuts happen.  Compare across banks: Some private banks like Axis and Kotak are offering over 7% for select tenures, while public sector options are slightly lower.  Consider tenure: Opting for 15-month to 2-year tenures may fetch the best rates right now.  (Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd)