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Federal Bank Revises Fixed Deposits Interest Rates, Now Offers 7.75% To Senior Citizens, Check Rates
Private sector lender Federal Bank has revised its interest rates on fixed deposits of less than Rs. 2 Crore. The bank offers interest rates between 3% to 7.25% for the general public and 3.50% to 7.75% for senior citizens for a tenure of 7 days to 5 years and above below Rs 2 Crore. According to the Bank's official website, the new rates are effective from Wednesday, 17 May 2023.
The bank provides 3% interest on 7 days to 29 days fixed deposit periods and an interest rate of 3.25% on deposits that mature in the next 30 to 45 days. For a deposit period of 46 days to 60 days, the bank provides 4% interest and 4.75% for a deposit period of 61 days to 119 days.
On the maturity period of between 120 days to 180 days, the bank offers 5% interest. For the deposit period of 181 days to 270 days, the bank offers an interest rate of 5.75%. The bank is giving 6% interest on fixed deposits of 271 days to less than 1 year. The Bank is offering 6.80% interest on deposits maturing in 1 year to less than 15 months.
On a tenure of 15 Months to 2 Years, the bank offers a maximum interest rate of 7.25% for the general public and 7.75% for senior citizens on fixed deposits. On deposits having a tenor of more than 2 years but less than 3 years, the Bank offers an interest rate of 6.75%. The interest rate for deposits that mature in 3 to 5 years or more is now 6.60%.
The above interest rates on fixed deposits are applicable to general public deposits. Senior citizens will get an additional interest rate above the general public interest rates.
Interest rates for Resident Term Deposits effective from 17 May 2023
| Period | General Public FD rates | Senior Citizen FD rates |
|---|---|---|
| 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 90 days | 4.75% | 5.25% |
| 91 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 15 months | 6.80% | 7.30% |
| 15 months to 2 years | 7.25% | 7.75% |
| Above 2 years to less than 3 years | 6.75% | 7.25% |
| 3 years to less than 5 years | 6.60% | 7.10% |
| 5 years and above | 6.60% | 7.25% |
Source - Federalbank.co.in
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