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Federal Bank, a private sector lender, increased interest rates on fixed deposits under ₹2 crore. According to the bank’s official website, the new rates are in effect as of today, September 27, 2022. Following the modification, the bank increased interest rates for retail investors on fixed deposits with a variety of tenors. The bank is now offering interest rates on fixed deposits with maturities ranging from 7 days to 10 years that range from 3.00% to 6.00% for the general public and 3.50% to 6.65% for senior citizens. The bank now offers a maximum interest rate of 7% for non-senior citizens and 7.50% for elderly individuals on deposits maturing in 700 days.
Federal Bank FD Rates
The bank will continue to provide an interest rate of 3.25 per cent on fixed deposits maturing in the next 7 to 29 days and 3.20 per cent on deposits maturing in the next 30 to 45 days. Fixed deposits with maturities between 46 and 60 days will continue to pay 3.75% interest, while those with maturities between 61 and 90 days will continue to pay 4.00% interest. On deposits maturing from 91 days to 119 days, Federal Bank will continue to give an interest rate of 4.10%, and on fixed deposits maturing from 120 days to 180 days, the bank will continue to offer an interest rate of 4.25%.
On fixed deposits maturing in 181 days to 332 days the bank will continue to offer an interest rate of 4.80% and on deposits maturing in 333 days the bank has hiked the interest rate from 5.45% to 5.60% a hike of 15 bps. Fixed deposits maturing in 334 days to less than 1 year will continue to offer an interest rate of 4.80% and term deposits maturing in 1 year will now offer an interest rate of 5.60% which was earlier 5.45% a hike of 15 bps. Federal Bank will continue to offer an interest rate of 5.60% on deposits maturing in Above 1 year to less than 20 months and the bank has hiked the interest rate from 5.90% to 6.10% a hike of 20 bps on fixed deposits maturing in 20 months.
On fixed deposits maturing in Above 20 months to 699 days, the bank is now offering an interest rate of 5.60% and on deposits maturing in 700 days, the bank will now offer an interest rate of 7.00%. Deposits maturing from 701 days to 749 days will now offer an interest rate of 5.75% and term deposits maturing in 750 days will now offer an interest rate of 6.50%. Federal Bank will now offer an interest rate of 5.75% on deposits maturing in 751 days to less than 3 years and 6.00% on deposits maturing in 3 years to 2221 days. Fixed deposits maturing in 2222 days will now offer an interest rate of 6.20% and deposits maturing in above 2222 days will now offer an interest rate of 6.00% to the retail investors.
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Federal Bank has mentioned on its website that “Resident Term Deposits interest rates are also applicable to Resident Cash Certificate, Federal Savings Fund, Federal Tax Savings Deposits and NRO Fixed Deposits.”
“Period for which the deposit is maintained with the Bank, irrespective of the contracted tenor. Deposits opened for a period of 2222 days will be treated as Green Deposits and these deposits will be exclusively used for funding Green loan portfolio,” stated Federal Bank on its website.
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