Federal Bank has announced an interest rate hike on fixed deposits (FDs) by 77 basis points (bps) for amounts less than Rs 2 crore. “The term deposit rate for a tenure of 13 months would fetch interest rates of 7.30% for general category and 8.07% for senior citizens. The enhanced rates would be available for a limited period only,” stated a press release by Federal Bank.
Latest Federal Bank FD interest rates
Federal Bank is offering a 3% interest rate on deposits maturing in 7 to 29 days and 3.25% interest rate on deposits maturing in 30 to 45 days. As per the bank website, it currently offers fixed-rate deposits maturing in 46 days to 60 days at 4.00% and those maturing in 61 days to 90 days at 4.75%. Deposits that mature in 91 to 119 days will earn interest at a rate of 4.75%, and those that mature in the following 120 to 180 days will now earn interest at a rate of 5%. The bank is offering an interest rate of 5.75% on deposits maturing in the next 181 days to 270 days, and a rate of 6.00% on deposits maturing in the next 271 days to less than a year.Federal Bank now offers interest rates of 6.80% on FDs maturing in 1 year to less than 15 months and 7.25% on those maturing in 15 months to 2 years. Deposits maturing from more than two years to less than three years will now earn interest at a rate of 6.75%, while those maturing from three years to less than five years will now earn interest at a rate of 6.60%. The bank offers an interest rate of 6.60% on FDs maturing in 5 years and above. These FD interest rates are as on May 17, 2023.
||Single Deposit Less than ₹200 Lakhs – General Public
||Single Deposit Less than ₹200 Lakhs – Senior Citizen
|7 days to 29 days
|30 days to 45 days
|46 days to 60 days
|61 days to 90 days
|91 days to 119 days
|120 days to 180 days
|181 days to 270 days
|271 days to less than 1 year
|1 year to less than 15 months
|15 months to 2 years
|Above 2 years to less than 3 years
|3 years to less than 5 years
|5 years and above
Federal Bank savings account interest rates
The bank is also offering interest rates up to 7.15% on its savings bank accounts.
According to the Federal Bank website, “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.”
Federal Bank’s savings account interest rates are linked to the repo rates. RBI’s current repo rate is 6.50%.