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Federal and HDFC Banks cut interest rates on savings and fixed deposits by up to 50 basis points.
Federal Bank and HDFC Bank have reduced their fixed deposit and savings account interest rates following the Reserve Bank of India's repo rate cuts.
Federal Bank lowered rates by up to 25 basis points for select balances and tenures, while HDFC Bank cut rates by up to 50 basis points.
For example, HDFC Bank now offers 6.60% for a one-year FD for general citizens and 7.10% for senior citizens.
Savings account rates were also decreased, with HDFC Bank now offering 2.75% for balances under Rs 50 lakh.
These changes reflect adjustments to current economic conditions.
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Los bancos federales y HDFC redujeron las tasas de interés sobre ahorros y depósitos fijos en hasta 50 puntos básicos.