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Federal Bank Hikes Interest Rates On Savings Accounts & Fixed Deposits: Details Here
Prior to revealing its Q4 results, Federal Bank, a private sector lender, delivered a significant update to its clientele. The bank has hiked the interest rates on fixed deposits of less than Rs 2 Cr. and savings accounts. After the modification, Federal Bank is now offering interest rates on savings accounts to customers as high as 7.15%. On the other hand, the bank will pay a maximum return on fixed deposits to the general public of 7.40% and to senior citizens of 7.90% on a specifically chosen 400-day period. The latest interest rates offered by Federal Bank on savings accounts and term deposits are effective as of April 17, 2024, according to the bank's official website.
Federal Bank Savings Account Interest Rates
On savings accounts with end of the day balance of up to Rs 1 lakh, the bank is paying an interest rate of 3.00% and on the end of the day balance slab of less than Rs 200Cr, Federal Bank will pay an interest rate of 3.00% for a balance less than Rs 5 lakh, 3.10% for balance of Rs 5 lakh to less than Rs 50 lakh, 3.75% for balance of Rs 50 lakh to less than Rs 2Cr, 4.00% for balance of Rs 2Cr to less than Rs 5Cr, 5.50% for balance of Rs 5Cr to less than Rs 50Cr and 6.00% for balance of Rs 50 Cr and above.
Federal Bank is currently paying an interest rate of 3.00% for balance up to and including Rs 1 lakh and 7.15% for the remaining balance above Rs 1 lakh on savings accounts having end of the day balance of Rs 200 Crores and above.
Federal Bank FD Interest Rates
Federal Bank is now offering an interest rate of 3.25% on term deposits that mature between 30 days to 45 days, whereas the bank is now offering an interest rate of 3.00% on deposits maturing in 7 to 29 days. From now on, Federal Bank will pay interest at a rate of 4.00% for deposits made between 46 and 60 days, and 4.75% for those made between 61 and 119 days. The interest rate on deposits maturing in 120-180 days will now be 5.00%, while the interest rate on deposits maturing in 181-270 days will now be 5.75%.
The bank will pay 6.00% interest on domestic fixed deposits that mature between 271 days to less than a year, and 6.80% interest on deposits maturing in a year to less than 13 months, as of right now. Currently, Federal Bank offers interest rates of 7.40% for 400 days of tenure and 7.20% for 13 months to 399 days. The interest rate on deposits maturing in 401 days to 21 months will be 7.20%, while the interest rate on deposits maturing above 21 months to less than three years will now be 7.05%.
| Period | Regular Interest Rates | For Senior Citizens |
|---|---|---|
| 7 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 60 days | 4.00% | 4.50% |
| 61 days to 119 days | 4.75% | 5.25% |
| 120 days to 180 days | 5.00% | 5.50% |
| 181 days to 270 days | 5.75% | 6.25% |
| 271 days to less than 1 year | 6.00% | 6.50% |
| 1 year to less than 13 months | 6.80% | 7.30% |
| 13 months to 399 days | 7.20% | 7.70% |
| 400 days | 7.40% | 7.90% |
| 401 days to 21 months | 7.20% | 7.70% |
| Above 21 months to less than 3 years | 7.05% | 7.55% |
| 3 years to less than 5 years | 7.00% | 7.50% |
| 5 years and above | 6.60% | 7.25% |
| Source: Bank Website |
On domestic fixed deposits maturing in 3 years to less than 5 years, the bank will pay an interest rate of 7.00% and on those maturing in 5 years and above, Federal Bank will now pay an interest rate of 6.60%.
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