The RBI Governor announced the reduction in the repo rate by 25 basis points in the MPC meeting today. The latest repo rate cut will help the borrowers to reduce their EMIs in the upcoming months and relief from higher EMIs.

This reduction in FD rates will impact depositors, especially senior citizens, who are dependent on interest earned from fixed deposits parked with banks.

SBI and Bank of India cut fixed deposit rates after RBI lowers repo rate by 25 bps to 6%. Amid surplus liquidity, more banks join in easing FD rates. SBI now offers 6.7%-6.9% on select tenures; BOI trims rates by up to 25 bps.