Next week, the Reserve Bank of India (RBI) will decide whether to reduce the repo rate (the interest rate at which RBI gives loans to commercial banks) or keep it unchanged. The current repo rate is 6.00 per cent. According to a recent poll conducted by Reuters between May 19 and May 28, 2025, experts anticipate a rate cut of 25 basis points (bps) in June and another 25 bps in August this year.
Meanwhile, five banks, including Bank of Baroda (BoB), South Indian Bank, Axis Bank, Kotak Mahindra Bank, and Jana Small Finance Bank (SFB) revised their fixed deposit (FD) rates during the week ending May 31, 2025.
Senior citizens (60 and above) who prefer investing in FDs due to ease of operation, liquidity, and guaranteed return may check the rates.
Bank Of Baroda (BoB)
This public sector bank revised FD rates on May 29, 2025. Seniors can avail of a maximum of 7.50 per cent, and super senior citizens (80 years and above) can receive a higher of 7.60 per cent with the bank FDs.
For seniors, the rates are:
• 7.20 per cent for one year
• 7.20 per cent for above one year to 400 days
• 7.20 per cent for above 400 days to 2 years except for 444 days
• 7.50 per cent for 444 days (BoB Square Drive Deposit scheme)
• 7.20 per cent for above two years to three years
• 7.15 per cent for above three years to five years
• 7.30 per cent for above five years to 10 years
For super seniors, the rates are a bit higher on a few tenures:
• 7.20 per cent for one year
• 7.30 per cent for above one year to 400 days
• 7.30 per cent for above 400 days to two years except 444 days
• 7.60 per cent for 444 days (BoB Square Drive Deposit Scheme)
• 7.30 per cent for above two years to three years
• 7.25 per cent for above three years to five years
• 7.30 per cent for above five years to 10 years
South Indian Bank
After revising the rates on May 28, 2025, the bank now offers a maximum rate of 7.45 per cent to senior citizens. For them, the rates are:
• 7.30 per cent for one year
• 7.00 per cent for above one year to one year 6 days
• 7.45 per cent for one year 7 days
• 7.00 per cent for one year 8 days to less than 39 months
• 7.30 per cent for 39 months
• 7.20 per cent for above 39 months to less than five years
• 6.50 per cent for five years to less than 66 months
• 7.00 per cent for 66 months (Green Deposit)
• 6.50 per cent for above 66 months to 10 years
Axis Bank
Axis Bank revised its FD rates on May 30, 2025, and offers seniors 7.45 per cent. The rates are as follows:
• 7.00 per cent for one year to one year 10 days
• 7.00 per cent for one year 11 days to less than 13 months
• 7.00 per cent for 13 months to less than 15 months
• 7.35 per cent for 15 months to less than 18 months
• 7.35 per cent for 18 months to less than two years
• 7.25 per cent for two years to less than three years
• 7.25 per cent for three years to less than five years
• 7.45 per cent for five years to 10 years
These rates are applicable for callable FDs of less than Rs 3 crore.
Kotak Mahindra Bank
This private sector bank revised rates on FDs on May 28, 2025. Seniors can avail of:
• 7.00 per cent for 365 days to 389 days
• 7.30 per cent for 390 days (12 months 25 days)
• 7.45 per cent for 391 days to less than 23 months
• 7.45 per cent for 23 months
• 7.45 per cent for 23 months one day to less than two years
• 7.25 per cent for two years to less than three years
• 7.25 per cent for three years and above to less than four years
• 7.25 per cent for four years and above to less than five years
• 6.70 per cent for five years and above to 10 years
Jana Small Finance Bank
The bank offers seniors the highest deposit rate of 8.00 per cent on ‘181 days to 365 days’ tenure. Here are the details:
• 8.00 per cent for 181 days to 365 days
• 8.55 per cent for more than one year to two years (730 days)
• 8.55 per cent for more than two years to three years (1095 days)
• 7.75 per cent for more than three years to less than five years
• 8.20 per cent for five years (1825 days)
• 7.00 per cent for more than five years to 10 years
The SFB revised FD rates on May 27, 2025.
