New Delhi, April 10 -- Reserve Bank of India's monetary policy committee (MPC) on Wednesday slashed repo rate by 25 basis points for the second consecutive time. With repo rate now lower by 50 basis points to 6 percent per annum, banks are expected to cut down fixed deposit (FD) interest rates sooner than later.

It is, therefore, recommended to lock your savings into fixed deposits (FDs) for a medium to long term if you are planning to invest in some safe instruments.

I. State Bank of India (SBI): The state lender offers 6.75 percent to investors on 3-year fixed deposit to general citizens and 7.25 percent to senior citizens.

II. Bank of Baroda (BOB): This state lender offer 7.15 percent and 7.65 percent to general citizens and senior ...