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Federal Bank revises interest rates on savings bank deposits: Details here

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Federal Bank, a private sector lender, has modified the interest rates on savings bank accounts. According to the bank’s official website, the new rates take effect on October 29, 2022. Savings account interest rates of Federal Bank are linked to the repo rate which is now 5.90%. Since interest rates are linked with repo rates, they will fluctuate whenever RBI modifies the repo rate.

Federal Bank Savings Account Interest Rates

On savings bank deposits with the end of the day balance of less than 5 lakhs, the bank offers an interest rate of 2.90% below RBI’s repo rate and on savings bank deposits with end of the day balance of 5 lakhs to less than 50 lakhs, Federal Bank offers 2.90% below RBI’s repo rate for an amount up to and including 1 lakh and 2.85% below RBI’s repo rate for the remaining balance above 1 lakh.

On savings bank deposits with end of the day balance of 50 lakhs to less than 5 Crores, the bank offers 2.90% below RBI’s repo rate for amounts up to and including 1 lakh and 2.80% below RBI’s repo rate for the remaining balance above 1 lakh. Federal Bank offers an interest rate of 2.90% below RBI’s repo rate for amount up to and including 1Lakh and 0.40% below RBI’s repo rate for the remaining balance above 1Lakh on savings account balance of 5 Crores to less than 50 Crores.

The bank offers an interest rate of 2.90% below RBI’s repo rate for amounts up to and including 1Lakh and 0.10% above RBI’s repo rate for the remaining balance above 1Lakh on savings account with end of the balance of 50 Crores to less than 150 Crores. On savings account balance end of the balance of 150 Crores and above, the bank will now offer an interest rate of 2.90% below RBI’s repo rate for amounts up to and including 1Lakh and 1.15% below RBI’s repo rate for the remaining balance above 1Lakh.

Federal Bank Savings Account Interest Rates

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Federal Bank Savings Account Interest Rates (federalbank.co.in)

Federal Bank has mentioned on its website that “As the interest rates are linked to Repo rates, the interest rates will change as and when the Repo Rate gets revised by RBI on a T+1 basis. The rates as mentioned above will be calculated on the daily End of the Day balances maintained in Savings Bank accounts (Resident/NRE/ONR) and the same will be credited to respective accounts on a quarterly basis.”

On the other side, Indian Bank hiked interest rates on fixed deposits under 2 crore on Saturday, October 29. The bank hiked interest rates on deposits maturing in 1 year to 5 years or more after the adjustment by up to 90 bps. Deposits maturing in 2 years to less than 3 years will now earn a maximum interest rate of 6.50% at Indian Bank as a result of today’s modification.

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