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Federal Bank Cuts 25 Bps Savings Account Rates; Revises FD Rates Too For Offering Up To 7.30% Returns
With effect from April 17, the Federal Bank has announced a reduction in both savings accounts and fixed deposit rates. The savings rates have been lowered by 25 basis points, meaning that the rates for accounts up to Rs 50 lakh are now 2.75% instead of the previous 3%, and for balances up to Rs 50 crore, they are now 5.25%. The tenures have been changed for fixed deposit rates under Rs 3 Crore, and the new rates are 7% for a duration of 1 year to 443 days.
Federal Bank Savings Account Interest Rates
On savings account balance of upto and including Rs 1 lakh, the bank will pay an interest rate of 2.75% whereas on balance of above Rs 1L to less than Rs 50Cr, Federal Bank will offer an interest rate of 2.75% for balance less than Rs 50 lakh, 3.50% for balance of Rs 50 lakh to less than Rs 5Cr and 5.25% for balance of Rs 5Cr to less than Rs 50Cr. On savings account balance of Rs 50Cr to less than Rs 150Cr, the bank will pay an interest rate of 2.75% for balance upto Rs 1 lakh and 6.90% for balance above Rs 1 lakh to less than Rs 150Cr.
Customers will now receive an interest rate of 2.75% for balances up to Rs 1 lakh and 3.00% for balances beyond Rs 1 lakh for savings account balances of Rs 150Cr and above.
Federal Bank FD Rates
The bank is now offering a 3.00% interest rate on fixed deposits that mature in 7 to 29 days, and a 3.50% interest rate on those that mature in 30 to 45 days, according to Federal Bank. The interest rate offered by Federal Bank is now 4.50% for fixed deposits with a duration of 46-90 days and 5.00% for those with a duration of 91-180 days.
| Period | Single Deposit Less than ₹300 Lakhs - General Public | Single Deposit Less than ₹300 Lakhs - Senior Citizen |
|---|---|---|
| 7 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.50% | 4.00% |
| 46 days to 90 days | 4.50% | 5.00% |
| 91 days to 180 days | 5.00% | 5.50% |
| 181 days to 270 days | 6.00% | 6.50% |
| 271 days to less than 1 year | 6.50% | 7.00% |
| 1 year | 6.85% | 7.35% |
| Above 1 year to 443 days | 7.00% | 7.50% |
| 444 days | 7.30% | 7.80% |
| 445 days to 5 years | 7.00% | 7.50% |
| Above 5 years to 10 years | 6.50% | 7.00% |
| Source: Bank Website |
Federal Bank fixed deposits that mature between 181 and 270 days will now earn 6.00% interest, while those that mature between 271 and less than a year will now earn 6.50%.
The bank will give an interest rate of 6.85% for fixed deposits with a duration of one year, and 7.00% for those with a duration of more than one year and up to 443 days. The Federal Bank will give a maximum interest rate of 7.30% for 444-day fixed deposit tenures, and 7.00% for 445-day to 5-year fixed deposit tenures. The interest rate on Federal Bank fixed deposits that mature between five and ten years will be 6.50%.
Federal Bank News
"Pursuant to Regulations 29(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, notice is hereby given that a meeting of the Board of Directors of the Bank will be held on Wednesday, April 30, 2025, inter-alia, to consider and approve the Audited Standalone and Consolidated Financial Results for the quarter and financial year ended March 31, 2025, and to recommend final dividend, if any," said Federal Bank in a regulatory filing.
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