IDFC First, Federal Bank hike FD interest rates

and have increased interest rates on fixed deposits (FDs). Both banks have raised fixed deposit interest rates on deposits less than Rs 2 crore and the revised interest rates will come into effect from July 18, 2022.

Federal Bank FD interest rate

The bank will pay 5.25% interest on fixed deposits with a six-month maturity and 4.80 percent on deposits with a 9-month tenure. It will pay 5.45% interest on fixed deposits with a one-year maturity and 5.75 percent on deposits with a two-year maturity.
For FD tenure of 750 days, the bank will offer an interest rate of 6 percent. The interest rate is 5.95 percent for tenure 2222 days and 75 months.

Fixed deposits with maturities of 750 days or less will now earn an interest rate of 6.00%, while term deposits with maturities of 3 to 6 years will now earn an interest rate of 5.75%.

IDFC First FD interest rates

IDFC First Bank will provide an interest rate of 6.5 percent for a new tenure of 500 days to two years.
The bank will continue to pay 6.50 percent interest rate on term deposits maturing in 3 years 1 day to 5 years, while fixed deposits maturing in 2 years, 1 day, and 3 years will now receive a 6.50 percent interest rate, up from 6.25 percent previously.