Federal Bank Hikes Interest Rates On Fixed Deposits, Check New Rates Here

Federal Bank has made changes in its fixed deposits on deposits under Rs 2 crore. The new rates are applicable from June 22, 2022. Since the Reserve Bank of India (RBI) hiked 50 basis point in the repo rate, several banks have been hiking interest rates. Due to the Covid-19 epidemic, interest rates have been low for more than two years. With this hike, now the Federal Bank customers will get 2.75 per cent to 5.95 per cent interest on FDs ranging from 7 days to 75 months. Senior citizens get the benefit of additional interest of more than 0.50 per cent in this.

Talking about the FD rates of Federal Bank, customers will now get an interest rate of 2.75 per cent on FDs of 7 days to 29 days. On FDs with terms between 30 and 45 days, interest is paid at 3.25 per cent. On FDs with terms ranging from 46 to 90 days, interest accrues at a rate of 3.75 per cent. FDs with terms between 91 and 119 days will earn 4% interest.

On FDs with terms between 120 and 180 days, interest rates are 4.25 per cent. In addition, deposits between 181 and 270 days will earn 4.60 per cent interest. On deposits between 271 days to less than a year, 4.75 per cent interest will be paid.

On FDs lasting between 1 year, the interest will be 5.45 per cent. For the maturity period between 1 year & 2 years, the interest is 5.60 per cent.

For maturity periods between 2 years to 749 days, 751 days to less than 5 years, and 5 years to 2221 days, 2223 days to less than 75 months, and above 75 months, the interest will be 5.7 per cent, respectively.

For 750 days it will be 5.85 per cent. And for 2222 days the interest rate will be 5.95 per cent. Whereas for 75 months maturity period, the interest rate is 5.95 per cent. The senior citizens will continue to earn additional interest rates on the FD.

Interest Rates On Fixed Deposit (Single Deposit) Less than 2 Crore

Source- Federalbank.co.in