Mumbai, June 10 -- If you are planning to deposit your money into a bank fixed deposit (FD) don't delay any further. With the Reserve Bank of India (RBI) cutting the repo rate, banks are likely to cut fixed deposit (FD) rates further to protect their margins. But still there is a small window of opportunity to lock in prevailing FD interest rates, before they are re-adjusted.

On 6 June, the RBI in a surprise move cut the repo rate by 50 basis points (bps) after a 25bps cut in previous monetary policy. The central bank also cut cash reserve ratio (CRR) by 100bps. A basis point is one-hundredth of a percentage point.

CRR is the percentage of a bank's deposits that it must keep with the central bank in the form of cash.Repo rate is the int...