Federal Bank Hikes FD Rates By 77 Bps Effective From Today On 77th Independence Day

Federal Bank, a private sector lender, raised the interest rate on fixed deposits (FDs) for amounts under Rs 2 Cr by 77 basis points. On the occasion of the 77th year of Independence Day, the bank revealed this cheering news for FD investors today. The interest rate for a 13-month term deposit at the general category rate is 7.30%, while senior citizen interest rates reach 8.07% post the revision. These interest rates are valid for a limited time period only and are effective as of 15th August 2023.

"This special rate enhancement aligns with the spirit of 77th Independence Day, with an impressive 77 basis points higher than the standard rate for senior citizens for selected periods," said Federal Bank in a statement.

Joy PV, Senior Vice President & Country Head - Deposits, Wealth and Bancassurance said, "The enhanced rates provide an excellent opportunity for customers to maximize the returns while enjoying security and reliability. We are glad to launch the boosted interest rates as the nation celebrates 77th Independence Day."

Federal Bank FD Rates

The bank now offers a 3.00% interest rate on fixed deposits that mature in 7 to 29 days, while Federal Bank now offers a 3.25% interest rate on deposits that mature in 30 to 45 days. On deposits with tenors of 46 to 60 days, Federal Bank promises an interest rate of 4.00%, and on deposits with tenors of 61 to 119 days, it promises 4.75%. Deposits with maturities between 120 and 180 days will earn interest at a rate of 5.00%, while deposits with maturities between 181 and 270 days will earn interest at a rate of 5.75%.

The bank is providing an interest rate of 6.00% on fixed deposits maturing in 271 days to less than 1 year, and a 6.80% interest rate on those maturing in 1 year to less than 13 months. Federal Bank promises an interest rate of 6.75% on deposits with a tenor of more than 21 months but less than 3 years and 7.30% on deposits with a tenor of 13 months to 21 months. Deposits that mature in 3 to 5 years or longer will now earn interest at a rate of 6.60%.

A leading private sector bank in India, Federal Bank has a nationwide network of 1,918 ATMs and 1385 banking locations. As of June 30, 2023, the bank's total business mix (deposits along with advances) was Rs 4.06 lakh crore. As of June 30, 2023, the Bank's Capital Adequacy Ratio (CRAR), calculated in accordance with Basel III criteria, was 14.28%.