These two banks have reduced interest rates, which will have a direct impact on your pocket.

After the revision, the interest rates for common citizens in HDFC Bank have now increased from 3.00 percent to 6.85 percent, while senior citizens will be given interest between 3.50 percent to 7.35 percent.

ICICI Bank And HDFC Bank Cut FD Rates: Two private sector banks HDFC and ICICI have cut FD rates by 20 basis points for select tenures above the amount of less than Rs 3 crore on fixed deposits. The revised rates will be implemented by ICICI Bank on May 27, while HDFC has already implemented this new rate from May 23.

Revised rates on ICICI fixed deposits-

- The interest rate for one year to 15 months has been reduced from 6.70 percent to 6.50 percent.

- The interest rate for 15 months to 18 months has been reduced from 6.80 percent to 6.60 percent.

- The interest rate for 18 months to 2 years has been reduced from 6.85 percent to 7.05 percent.

- The interest rate for 2 years 1 day to 5 years has been reduced from 6.90 percent to 6.75 percent.

- The interest rate for 5 years 1 day to 10 years, which was 6.80 percent earlier, has now been reduced to 6.70 percent.

Revised rates on HDFC fixed deposits-

After the reduction of 50 basis points by HDFC Bank in April, the fixed interest rates have been reduced, which are as follows.

- The interest rate for 1 year to 15 months has been reduced from 6.60 percent to 6.50 percent.

-The interest rate for 18 months to 21 months has been reduced from 7.05 percent to 6.85 percent.

After this new amendment, the interest rates for common people in HDFC Bank have now become 3.00 percent to 6.85 percent, while senior citizens will be given interest between 3.50 percent to 7.35 percent. The maximum interest for senior citizens will be 7.35 percent between 15 to 21 months.

Both the banks have slightly increased the interest rate given to senior citizens as compared to common people. Along with this, permission has also been given to withdraw money by breaking the fixed deposit before time.