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.