Federal Bank Changes Interest Rates For Resident Term Deposits, Came Into Effect On July 18

Federal Bank, a large cap bank operating in India has recently changed its interest rates for Resident Term Deposits, which came into effect from July 18, 2022. Term deposit means that the investors are required to keep the money for a certain and pre-decided fixed period, and after the maturity, the principal amount will be paid along with the interest amount. So, this type of investment is preferred by people who are not open to risks related to the equity markets. Additionally, many investors also like term deposits for their emergency funds without the risk quotient.

Here, the new interest rates have been mentioned, as published by the Federal Bank, on the term deposits of different tenure. The interest rates will be applicable for single deposit investments of less than Rs. 2 crore, both for the general public and senior citizens.

Interest rates on short term

For Federal Bank account holders, for 181 days to less than 1 year term deposit interest rate for public is 4.80% and 5.30% for senior citizens, for 1 year term deposit interest rate for public is 5.45% and 5.95% for senior citizens, for Above 1 year to less than 2 years term deposit interest rate for public is 5.60% and 6.10% for senior citizens, for 2 years to 749 days term deposit interest rate for public is 5.75% and 6.25% for senior citizens, for 750 days term deposit interest rate for public is 6.00% and 6.50% for senior citizens, for 751 days to less than 5 years term deposit interest rate for public is 5.75% and 6.25% for senior citizens.

Interest rates on short term

For 5 years to 2221 days term deposit interest rate for public is 5.75% and 6.40% for senior citizens, for 2222 Days term deposit interest rate for public is 5.95% and 6.60% for senior citizens, for 2223 days to less than 75 months term deposit interest rate for public is 5.75% and 6.40% for senior citizens, for 75 months term deposit interest rate for public is 5.95% and 6.60% for senior citizens, for Above 75 months term deposit interest rate for public is 5.75% and 6.40% for senior citizens.

Best interest rates on term deposits by Federal Bank

Tenure	Interest Rate For General Public	Interest Rate For Senior Citizen
750 days	6.00%	6.50%
5 years to 2221 days	5.75%	6.40%
2222 Days	5.95%	6.60%
Above 75 months	5.75%	6.40%

Federal Bank is a popular Personal, NRI, and Business banking partner for a growing expanse of customers across India, in both urban and rural areas.