Federal Bank Revises FD Rates: Earn As High As 7.80% On This Tenure

The private sector lender Federal Bank has announced an interest rate revision on fixed deposits (FD) of less than Rs 2 Cr. On FD tenure of 7 days to 10 years, the general public can earn interest rates ranging from 3.00% to 6.60% and senior citizens can get 3.50% to 7.25%. Federal Bank is now giving a maximum interest rate of 7.80% for senior folks and 7.30% for non-senior citizens on deposits with a term of 13 to 21 months. According to the bank's official website, these rates are in effect as of September 21.

Federal Bank FD Rates

The bank pays interest at a rate of 3.00% on deposits that mature in 7 to 29 days, while Federal Bank promises an interest rate of 3.25% on deposits that mature in 30 days. On deposits held for 46 to 60 days, Federal Bank promises an interest rate of 4.00%, and on deposits held for 61 to 119 days, it promises 4.75%. Deposits maturing between 120 and 180 days from now on will earn interest at a rate of 5.00%, while deposits that mature between 181 and 270 days from now on will earn interest at a rate of 5.75%.

The bank is now providing an interest rate of 6.00% on FDs with maturities between 271 days and less than 1 year, and 6.80% on FDs with maturities between 1 year and less than 13 months. Federal Bank is now giving an interest rate of 6.75% on deposits with a duration of more than 21 months but less than 2 years, and 7.30% on deposits with a tenure of 13 months to 21 months. Deposits with maturities between 2 and 3 years will now earn interest at a rate of 7.05%, while those with maturities between 3 to 5 years and above will now earn interest at a rate of 6.60%.

Federal Bank, one of India's top private sector banks, with 1385 banking branches and a network of 1,918 ATMs spread around the country. The bank's overall business combination (deposits plus advances) as of June 30, 2023, was Rs. 4.06 lakh crore. According to Basel III standards, the Bank's Capital Adequacy Ratio (CRAR) was 14.28% as of June 30, 2023.