*Major Banks Cut FD Interest Rates After RBI Rate Cut* 1. Reason for the Rate Cut: After the Reserve Bank of India (RBI) reduced the policy interest rate, many banks have now reduced their Fixed Deposit (FD) interest rates too. 2. Private Banks Involved: • HDFC Bank • ICICI Bank • IDFC First Bank • Kotak Mahindra Bank → All of them have cut FD rates by 10 to 35 basis points (i.e., 0.10% to 0.35%). 3. Public Sector Banks: • Canara Bank and Indian Bank have also reduced FD rates. 4. HDFC Bank Details: • FD rate for 1 year is now 6.25%. • Savings account interest rate for balances above ₹50 lakh is also cut by 0.50% to 2.75% — now same as for balances below ₹50 lakh. 5. ICICI Bank Details: • 1-year FD rate also cut to 6.25%. • Biggest reduction is for FDs of 18 months to 2 years.