HDFC Bank, the country’s largest private-sector lender, has reduced interest rates on select fixed deposits (FDs) below Rs 3 crore, effective April 1, almost two months after the RBI’s rate-setting panel slashed the repo rate by 25 basis points. The lender has cut deposit rates by 35 basis points on fixed deposits with a tenure of 2 years and 11 months (35 months) and by 40 basis points on fixed deposits with a tenure of 4 years and 7 months (55 months). Now, the bank is offering a 7 per cent interest rate on deposit of up to Rs 3 crore for 35 months’ tenure and 55 months’ tenure.