Fixed Deposit Interest Rate: The interest rate on 13 months Fixed Deposit is 7.30% for general citizens and 8.07% for senior citizens. The increased price will only be available for a short period of time.
Fixed Deposit Interest Rate: Federal Bank has announced an increase of 77 basis points (BPS) in the interest rate on Fixed Deposits (FD) for amounts less than Rs 2 crore. A press release from Federal Bank said, ‘The rate of interest of 7.30% for general category and 8.07% for
senior citizens will be available on the fixed deposit rate for a period of 13 months. The enhanced rates will be available for a limited period only. These interest rates are valid only for a limited time period and are effective from August 15, 2023.
Federal Bank FD Interest Rates
Federal Bank is offering 3% interest rate on deposits maturing in 7 to 29 days and 3.25% interest rate on deposits maturing in 30 to 45 days. According to the bank’s website, it currently offers 4.00% on fixed rate deposits maturing in 46 days to 60 days and 4.75% on deposits maturing in 61 days to 90 days.
Deposits maturing in 91 to 119 days will fetch an interest rate of 4.75% and those maturing in the next 120 to 180 days will now fetch an interest rate of 5%. The bank is offering an interest rate of 5.75% on deposits maturing in next 181 days to 270 days and 6.00% on deposits maturing in next 271 days to less than one year.
Federal Bank now offers an interest rate of 6.80% on FDs maturing in 1 year to less than 15 months and 7.25% on FDs maturing in 15 months to 2 years.
Deposits maturing for a period of more than two years to less than three years will now fetch interest at the rate of 6.75%, while deposits maturing for a period of three years to less than five years will now fetch 6.60% Interest will be given at the rate of Rs. The bank offers an interest rate of 6.60% on FDs maturing in 5 years and above. These FD interest rates are till May 17, 2023.
Federal Bank Savings Account Interest Rates
The bank is also offering an interest rate of up to 7.15% on its savings bank accounts. According to the Federal Bank website, ‘Since the interest rates are linked to the repo rates, the interest rates will change whenever the repo rate is revised by RBI on T+1 basis.
The rates mentioned above will be calculated on the daily balance maintained in the savings bank accounts (Resident/NRE/ONR) at the end of the day and will be credited to the respective accounts on a quarterly basis.’ Federal Bank savings account interest rates are linked to repo rates. The current repo rate of RBI is 6.50%.
