Federal Bank hikes interest rates on fixed deposits (FDs): Details inside
Premium- Federal Bank: The bank formerly offered a 2.50 percent interest rate on deposits maturing in 7 to 29 days, but now it will be 2.65 percent, a 15 basis point increase
Federal Bank, a private sector lender, has increased interest rates on fixed deposits of less than ₹2 crore across all tenors. The bank announced this on 16th of May 2022, and on deposits maturing in 7 days to 2223 days and above, the general public would get an interest rate of 2.65 percent to 5.75 percent, while senior citizens will enjoy an interest rate of 3.15 percent to 6.40 percent.
The bank formerly offered a 2.50 percent interest rate on deposits maturing in 7 to 29 days, but now it will be 2.65 percent, a 15 basis point increase. The interest rate on term deposits maturing in 30 to 45 days has been increased by 25 basis points from 3 percent to 3.25 percent. Federal Bank will now offer an interest rate of 3.65% and 3.75% on deposits maturing in 46 days to 60 days and 61 days to 90 days which was earlier 3.25% on deposits of 46 days to 90 days. The interest rate on deposits maturing in 91 days to 119 days and 120 days to 180 days will now be 4.00 percent and 4.25 percent, respectively, compared to 3.75 percent previously on deposits maturing in 91 days to 180 days.
The interest rate on fixed deposits maturing in 181 days to 270 days and 271 days to less than one year will now be 4.50 percent and 4.75 percent, respectively, compared to 4.40 percent previously on deposits maturing in 181 days to less than one year. Federal Bank will now give a 5.40 percent interest rate on deposits maturing in 1 year to 549 days, 5.50 percent on deposits of 550 days, and 5.40 percent on deposits maturing in 551 days to less than 2 years. The interest rate on deposits maturing in 2 years to less than 3 years and 3 years to less than 5 years was previously 5.35 percent and 5.40 percent, respectively, but it has now been raised to 5.75 percent on deposits maturing in 2 years to less than 5 years.
The interest rate for deposits maturing in 5 years to 2221 days was previously 5.60 percent, but it has now been increased by 15 basis points to 5.75 percent. Previously, the interest rate on deposits maturing in 2222 days was 5.75 percent, but it has now been raised by 20 basis points to 5.95 percent. On deposits of 2223 days and above, Federal Bank will now give an interest rate of 5.75 percent, up from 5.6 percent previously. Senior citizens, on the other hand, will receive a 0.50 percent additional premium across all tenors. As a consequence of the bank's interest hike, elderly residents will get a maximum rate of 6.60 percent on deposits maturing in 2222 days.
Federal Bank Fixed Deposit Interest Rates
The following are the updated interest rates for Resident Term Deposits as of May 16, 2022.
7 days to 29 days- 2.65%
30 days to 45 days- 3.25%
46 days to 60 days- 3.65%
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61 days to 90 days- 3.75%
91 days to 119 days- 4.00%
120 days to 180 days- 4.25%
181 days to 270 days- 4.50%
271 days to less than 1 year- 4.75%
1 year to 549 days- 5.40%
550 days- 5.50%