Federal Bank Hikes Interest Rates On Fixed Deposits of Less Than Rs. 2 Cr

Federal Bank, a private sector lender, has raised interest rates on certain tenors of fixed deposits. New interest rates for Resident Term Deposits will take effect on February 22, 2022. Previously, as of February 17th, 2022, the bank offered a 5.60 percent interest rate on deposits with a maturity of 5 years or more. However, as a result of today's adjustment, the bank will now give a 5.60 percent interest rate on deposits maturing in 5 years to 2221 days, 5.75 percent on deposits maturing in 2222 days, and 5.60 percent on deposits maturing in 2223 days and above.

Federal Bank Fixed Deposit Interest Rates For Regular Customers

The general public will now receive an interest rate of 2.50 percent to 5.60 percent on fixed deposits of less than Rs 2 crore maturing in 7 days to 2223 days and above. On deposits maturing in 2222 days, regular customers will get a maximum interest rate of 5.75 percent. Federal Bank is giving the following interest rates on fixed deposits of less than Rs 2 crore to non-senior individuals as of February 22, 2022.

Tenure	Interest rate per annum
7 days to 29 days	2.50%
30 days to 45 days	3.00%
46 days to 90 days	3.25%
91 days to 180 days	3.75%
181 days to less than 1 year	4.40%
1 year to less than 699 Days	5.15%
700 Days	5.25%
701 Days to less than 2 years	5.15%
2 years to less than 3 years	5.35%
3 years to less than 5 years	5.40%
5 years to 2221 days	5.60%
2222 Days	5.75%
2223 days and above	5.60%
Source: Bank Website

Federal Bank Fixed Deposit Interest Rates For Senior Citizens

Senior citizens will continue to get an additional rate of 0.50% over and above the existing rate for regular customers. On fixed deposits maturing in 7 days to 2223 days and above, senior citizens will now get interest rates ranging from 3% to 6.25 percent. On term deposits maturing in 2222 days, senior citizens will get a maximum interest rate of 6.40 percent.

Tenure	Interest rate per annum
7 days to 29 days	3.00%
30 days to 45 days	3.50%
46 days to 90 days	3.75%
91 days to 180 days	4.25%
181 days to less than 1 year	4.90%
1 year to less than 699 Days	5.65%
700 Days	5.75%
701 Days to less than 2 years	5.65%
2 years to less than 3 years	5.85%
3 years to less than 5 years	5.90%
5 years to 2221 days	6.25%
2222 Days	6.40%
2223 days and above	6.25%
Source: Bank Website