Latest FD Rates In April 2025: SBI, HDFC Bank, BOI, ICICI Bank, Yes Bank, And Others; Check Latest Rates

Latest Fixed Deposit Rates in April 2025: With the Reserve Bank of India (RBI) reducing its lending rate for commercial banks to 6%, several changes in banking products are expected in the coming days. Many banks have already lowered interest rates on products like home loans, which are directly linked to external benchmarks.

For the banks, the Repo Rate or lending rate by the RBI often serves as a benchmark for determining the interest rates on various financial instruments, such as loans and fixed deposits (FDs).

While loan products like home and car loans are inversely related to the repo rate, in contrast, FD rates usually move in the same direction as the repo rate. This means that a rate cut offered by the RBI would prompt banks to lower the interest rates offered on the FDs. This happens because when the RBI raises the repo rate, borrowing becomes more expensive for banks. To attract more deposits (like FDs), banks often increase FD interest rates. With a lower repo rate, banks don’t need to rely as much on FDs to fund lending. Hence, they may reduce their need to offer higher FD rates.

Since the RBI’s decision on April 9, many lenders, including SBI, Bank of India, among others, have reduced their FD interest rates. While HDFC Bank has lowered its savings deposit rate, it has not shared any information about changes to the FD rates yet.

From April 15, the State Bank of India has revised its FD rates, lowering them for deposits under Rs 3 crore. These changes apply to deposits made for at least a period of 1 year, according to the bank's website. For deposits under 1 year, the rates are the same, ranging from 3.50-6.50%. However, deposits made for 1-2 year periods will now attract an interest rate of 6.70% compared to 6.80% earlier. Similarly, interest rates for deposits for 2-3 years have been slashed to 6.90%. No changes have been made to deposits with longer tenures.

Similarly, the Bank of India has also revised its rates. From April 15, the bank now offers a 4.50% interest rate on under Rs 3 crore deposits made for a period of 46 days to 90 days. For an FD of 1 year, the bank offers 7.05%. “The deposit under the specific maturity bucket of 400 days for an amount of less than Rs 3 crore stands discontinued and the same will not be available from April 15,” the bank said.

Note: These rates apply to amounts of less than Rs 3 crore; not applicable for senior citizens. Data sourced from respective banks' websites on April 18.

Disclaimer: To find the latest FD rates, you should check the "Fixed Deposit" section on the official websites of the banks you are interested in. Rates are subject to change without notice, and the rates provided are current as of a specific date.