RBI MPC meeting, June 6 -- The RBI Governor, Sanjay Malhotra, declared the higher-than-expected repo rate cut after three days of the RBI MPC meeting. This move will hit bank fixed deposit (FD) interest rates across tenors. As bank FD is a traditional investment option for senior citizens, this RBI repo rate cut is expected to hit the return on bank FD. According to tax and investment experts, it would take time for the Indian banks to pass on the repo rate cut benefit to loan applicants. They advised senior citizens planning to open a bank FD account to open it immediately and avail of the higher returns on their bank FDs. They also suggested senior citizens go for time deposits in post office small savings schemes or senior citizens sav...