India's overnight indexed swap (OIS) rates have fallen in the last three sessions, signaling that besides just a quarter-point rate cut this week, the central bank could also change its stance or opt for a bigger reduction.

This reduction in FD rates will impact depositors, especially senior citizens, who are dependent on interest earned from fixed deposits parked with banks.

MUMBAI: Several banks revised their external benchmark lending rates after RBI cut repo rate by 25 basis points to 6% on Wednesday. Indian Bank said it will reduce its repo-linked benchmark lending rate (RBLR) to 8.