Federal Bank, one of the leading private sector lenders, has lowered its interest rates on fixed deposits 2 crores. According to the official website of the bank, the new rates are effective from today, October 23, 2022. After adjustments, the bank increased its interest rate by 50 basis points over the 700-day tenure; For all other maturities, the interest rate remained the same. Due to the hike announced today, the bank will now offer fixed deposits maturing in 700 days with inflation-beating returns of 7.50% to the general public and 8.00% to senior citizens.
Federal Bank FD Rates
According to Federal Bank, the bank is offering 3.00% interest rate on deposits maturing in the next 7 to 29 days and 3.25% interest rate on deposits maturing in the next 30 to 45 days. Deposits maturing in 46 days to 60 days will earn interest at the rate of 3.75% from Federal Bank, while deposits maturing in 61 days to 90 days will earn interest at the rate of 4.00%. Deposits maturing between 91 and 119 days will pay interest at the rate of 4.10%, while those maturing between 120 and 180 days will pay interest at the rate of 4.25%.
The bank is offering an interest rate of 4.80% on deposits maturing in 181 days to 332 days and on deposits maturing in 333 days, Federal Bank will pay an interest rate of 5.60%. Deposits maturing in 334 days to less than 1 year will attract an interest rate of 4.80% and those maturing in 1 year to less than 20 months will attract an interest rate of 5.60%. Federal Bank is offering an interest rate of 6.10% on deposits maturing in 20 months and the bank is promising an interest rate of 5.60% on deposits maturing in 20 months to 699 days.
On deposits maturing in 700 days, the bank has increased the interest rate from 7% to 7.50% and on deposits maturing in 701 days to 749 days, the bank will pay an interest rate of 5.75%. Fixed deposits maturing in 750 days will attract an interest rate of 6.50% and deposits maturing in 751 days less than 3 years will attract an interest rate of 5.75%. Federal Bank is offering an interest rate of 6.00% on fixed deposits maturing in 3 years to 2221 days and for those maturing in 2222 days and 2223 days and above the bank will pay interest rate of 6.20% and 6.00% respectively Will do
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The bank has also changed the terms and conditions of premature withdrawal penalty on fixed deposits of Rs. According to the bank’s official website, the new penalty charges came into effect on October 21, 2022. Federal Bank’s standalone net profit soars 703.7 cr as of Q2 FY23. From 460.3 crore as of Q2 FY22, a jump of over 53% YoY. From Q2FY22 to . 1,479.4 crore in 1,762 crore in Q2FY23, the lender’s net income interest (NII) climbed nearly 19% YoY. In contrast, its net interest margin (NIM) rose to 3.30%. Federal Bank’s gross non-performing assets (NPA) stood at 2.46%, down from 2.69% in Q1FY23, the lowest in 24 quarters.
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