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Federal Bank Revises Interest Rates On FD: Now Get Up To 6.25%

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Federal Bank, one of the country's major private sector banks, has revised its interest rates on resident term Deposits, NRE term deposits and Deposit Plus Scheme - Resident Term Deposits without premature withdrawal. According to the bank's official website, the new rates are in force from 17th November 2021. Regular customers will now receive the maximum rate of 5.60 percent, while senior citizens would receive 6.25 percent on deposits of less than Rs 2 crore maturing in 5 years or more, following the most recent modification.

Federal Bank Resident Term Deposits Interest Rates

Federal Bank Resident Term Deposits Interest Rates

On single term deposits of less than Rs 2 Cr, regular customers and senior citizens will now get the following interest rates on their deposits maturing in 7 days to 5 years and above.

TenureRegular Interest Rates (p.a.)Senior Citizens (p.a.)
7 days to 29 days2.50%3.00%
30 days to 45 days2.75%3.25%
46 days to 90 days3.00%3.50%
91 days to 180 days3.75%4.25%
181 days to 270 days4.00%4.50%
271 days to less than 1 year4.40%4.90%
1 year5.10%5.60%
Above 1 year to less than 16 Months5.00%5.50%
16 Months5.25%5.75%
Above 16 months to less than 2 years5.00%5.50%
2 years to less than 5 years5.35%5.85%
5 years and above5.60%6.25%
Source: Bank Website. W.e.f 17/11/2021

Federal Bank NRE Term Deposits Interest Rates
 

Federal Bank NRE Term Deposits Interest Rates

On NRE term deposits of Rs.2 crore and above, Federal Bank is providing the following interest rates which are in effect from 16/11/2021.

PeriodDeposit of Rs.2 crore to Rs.5 croreDeposit of above Rs.5 crore to Rs.25 croreDeposit of above Rs.25 crore to Rs.50 croreDeposit of above Rs.50 crore
1 year4.25%4.25%4.25%4.25%
Above 1 year to 20 months4.25%4.25%4.25%4.25%
Above 20 months to 2 years4.75%4.75%4.75%4.75%
Above 2 years to 3 years4.75%4.75%4.75%4.75%
Above 3 years to 5 years4.75%4.75%4.75%4.75%
Above 5 years4.75%4.75%4.75%4.75%
Source: Bank Website. W.e.f 16/11/2021

Federal Bank Deposit Plus Interest Rates

Federal Bank Deposit Plus Interest Rates

Federal Bank also offers a Deposit Plus account to its resident Indian citizens, which requires a minimum deposit amount of Rs 15,00,001 and is only available as a cash certificate or fixed deposit. There is no option for premature withdrawal on these deposits, and the senior citizen rate is only applicable on deposits of less than Rs 200 lakhs. The bank has also modified the interest rates on these deposits, which are in force from 17th November 2021.

PeriodGeneral PublicSenior Citizen
1 year5.15%5.65%
Above 1 year to less than 16 months5.05%5.55%
16 months5.35%5.85%
Above 16 months to less than 2 years5.05%5.55%
2 years to less than 5 Years5.40%5.90%
5 Years5.65%6.30%
Source: Bank Website. W.e.f 17/11/2021

 

Story first published: Sunday, November 21, 2021, 14:41 [IST]
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