With the new financial year approaching, experts anticipate a rate cut announcement in the Reserve Bank of India (RBI) monetary policy committee meeting scheduled for April 7-9, 2025.
According to a Reuters Poll of 60 economists, 56 expect the RBI to reduce repo rates by 25 basis points (bps) or 0.25 per cent in April, and another 25 bps by August this year.
The repo rate has a direct impact on banks' deposit and lending rates. So, a reduced rate means lower interest rates on both bank deposits and loans.
For senior citizens, bank fixed deposits (FDs) are a risk-free and convenient mode of investment. Besides, banks offer additional interest to senior citizens on their deposits. This week, two banks revised their FD interest rates. Here are the details.
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Dhanlaxmi Bank:
The bank revised the rates on March 24, 2025, offering seniors a maximum of 7.75 per cent post-revision.
The money in bank FDs is secured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) for up to Rs 5 lakh, per the terms and conditions. Interest rates the bank offers to seniors are as follows.
6.00 per cent for 180 days to less than one year
7.25 per cent for 300 days (9 months and 27 days for online FD)
7.25 per cent for one year and above to two years
7.75 per cent for 400 days (13 months and 4 days for online FD)
7.00 per cent for above two years to three years
7.75 per cent for above three years to five years
7.10 per cent for above five years to 10 years
The bank is offering an additional interest of 0.50 per cent (50 bps) only for FD tenures of ‘one year and above’ which is included in interest rates here.
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Jana Small Finance Bank:
This small finance bank is offering he highest rate of interest of 8.75 per cent to senior citizens.
Notably, the bank has different interest rates for FDs valued ‘less than Rs 10 lakh’ and ‘Rs 10 lakh and above’. The rates are the same for all tenures from 91 days and more. Here are the rates for seniors:
6.75 per cent for 91-180 days
8.00 per cent for 181-364 days
8.75 per cent for 365 days
8.75 per cent for above one year to two years (730 days)
8.75 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 above five years to 10 years.
For Tenures Less Than 91 Days
The bank is offering varied rates on interest on deposit amount less than Rs 10 lakh or more than Rs 10 lakh.
For FDs less than Rs 10 lakh:
3.50 per cent for 7-14 days
4.75 per cent for 15-60 days
5.50 per cent for 61-90 days
For FDs Rs 10 lakh and above:
6.75 per cent for 7-14 days
6.75 per cent for 15-60 days
6.75 per cent for 61-90 days
The bank revised its FD interest rates on March 26, 2025.
