Will banks start reducing fixed deposit (FD) interest rates from now? All eyes on RBI MPC announcements tomorrow

Several major public and private sector banks have reduced interest rates since May 2023. Axis Bank, Punjab National Bank (PNB), Union Bank of India, and IndusInd Bank are among the banks that have cut interest rates on their fixed deposits in the last four months. Will banks start reducing interest rates on FDs now? All eyes will be RBI Monetary Policy Committee meeting being held between August 8-10. Know how upcoming MPC decision is likely to impact the interest rates on fixed deposits going forward and what FD investors should do to get maximum return.

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