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Federal Bank Hikes Fixed Deposit Interest Rates On Less Than 2 Crore Deposits (w.e.f 16.05.2022)
Federal bank, one of India's leading private sector bank has hiked the interest rate on Fixed Deposits on less than Rs 2 crore single deposit across all the tenure. Since the Reserve Bank of India (RBI) hiked a 40-basis-point rise in the repo rate, Indian banks have been hiking interest rates. The new hiked interest rates by the bank will be applicable for the tenure of 7 days to 2223 days and will come into effect from May 16, 2022. Previously, the bank was offering 2.50%, and 3% interest rates to regular and senior citizens, respectively for the maturing tenure of 7 days to 29 days.
The new Interest Rates on fixed deposits offered by the bank are as follows:
Interest rates for Resident Fixed Deposits on deposit Rs 2 crore and less
| Period | General Public (% p.a) | Senior Citizen (% p.a) |
|---|---|---|
| 7 days to 29 days | 2.65% | 3.15% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 60 days | 3.65% | 4.15% |
| 61 days to 90 days | 3.75% | 4.25% |
| 91 days to 119 days | 4.00% | 4.50% |
| 120 days to 180 days | 4.25% | 4.75% |
| 181 days to 270 days | 4.50% | 5.00% |
| 271 days to less than 1 year | 4.75% | 5.25% |
| 1 year to 549 days | 5.40% | 5.90% |
| 550 days | 5.50% | 6.00% |
| 551 days to less than 2 years | 5.40% | 5.90% |
| 2 years to less than 5 years | 5.75% | 6.25% |
| 5 years to 2221 days | 5.75% | 6.40% |
| 2222 Days | 5.95% | 6.60% |
| 2223 days and above | 5.75% | 6.40% |
Note- Senior Citizens will get Additional 0.5% interest rate on all tenure.
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