Abstract. We have measured Cd/Ca ratios of several benthic foraminiferal species and studied benthic foraminiferal assemblages on two cores from the northern Indian Ocean (Arabian Sea and northern Bay of Bengal, BoB), in order to reconstruct variations in intermediate-water circulation and paleo-nutrient content since the last deglaciation. Intermediate water Cdw records estimated from the benthic Cd/Ca reflect past changes in surface productivity and/or intermediate–bottom-water ventilation. The benthic foraminiferal assemblages are consistent with the geochemical data. These results suggest that during the last deglaciation, Cdw variability was primarily driven by changes in intermediate-water properties, indicating an enhanced ventilation of intermediate–bottom water masses during both Heinrich Stadial 1 and the Younger Dryas (HS1 and YD, respectively). During the Holocene, however, surface primary productivity appears to have influenced Cdw more than intermediate water mass properties. This is evident during the early Holocene (from 10 to 6 cal ka) when benthic foraminiferal assemblages indicate that surface primary productivity was low, resulting in low intermediate-water Cdw at both sites. Then, from ∼ 5.2 to 2.4 cal ka, surface productivity increased markedly, causing a significant increase in the intermediate-water Cdw in the southeastern Arabian Sea and the northeastern BoB. The comparison of intermediate-water Cdw records with previous reconstructions of past Indian monsoon evolution during the Holocene suggests a direct control of intermediate-water Cdw by monsoon-induced changes in upper-water stratification and surface primary productivity.