Federal Bank has announced an increase in the interest rate on fixed deposits (FDs) of less than 2 crores. After the revision, the interest rate on deposits maturing in 7 days to 2223 days and above will range from 3.00% to 6.60% for general public and 3.50% to 7.25% for senior citizens. Senior citizens will now get a maximum return of 7.75% on deposits with a tenure of 15 months to two years, while non-senior citizens will get a maximum return of 7.25%. According to the official website of Federal Bank, the most recent FD rates are effective from February 17, 2023.
Federal Bank FD Rates
The bank is offering an interest rate of 3.00% on fixed deposits maturing in the next 7 to 29 days, and Federal Bank is promising an interest rate of 3.25% on deposits maturing in the next 30 to 45 days. Federal Bank will earn interest at the rate of 4.00% for deposits of 46 days to 60 days, and 4.25% for deposits of 61 days to 90 days.
Deposits maturing between 91 and 119 days from now will fetch an interest rate of 4.50%, while deposits maturing between 120 and 180 days from now will fetch an interest rate of 4.75%. The bank now offers an interest rate of 5.75% on fixed deposits maturing in the next 181 days to 270 days, and 6.00% on those maturing in less than one year in the next 271 days.
Currently, Federal Bank is offering an interest rate of 6.80% on deposits of one year or less to less than 15 months and 7.25% on deposits of 15 months to two years. Deposits with maturity of more than two years but less than three years will now fetch an interest rate of 6.75%, while deposits with maturity of three years to 2223 days and above will now fetch an interest of 6.60%.
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The repo rate, or the rate at which the RBI lends money to banks, was raised by 25 basis points to 6.50 per cent on February 8 by the Monetary Policy Committee (MPC) of the Reserve Bank of India in an effort to bring down consumer price inflation . Federal Bank announced a hike in interest rates for savings accounts after the adjustment. Federal Bank raised interest rates savings accounts Which are linked to the repo rates on February 9, 2023.
In Federal Bank, a fixed deposit requires only a minimum deposit of Rs. 1000, and the interest can be availed on a monthly, quarterly or yearly basis. On the maturity date, interest and principal will be automatically credited to your Federal Bank Savings Account. By signing up for a fixed deposit plan with Federal Bank, you can choose from a variety of interest payment options, including monthly, half-yearly, quarterly, or annual interest payments, automatic renewal, interest and principal in your account on due dates Auto deposit included. , Etcetera. You can avail loan against Fixed Deposit up to 90% of the initial deposit amount and can also sign up for the auto-renewal facility of your Federal Bank Fixed Deposit.
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