PremiumFederal Bank, one of the prominent private sector lenders, raised the interest rates on fixed deposits under ₹2 crore. According to the bank's official website, the new rates are in effect from today, December 18, 2022. Following the revision, the bank is currently giving interest rates on deposits maturing in 7 days to 2223 days or more ranging from 3.00% to 6.30% for the general public and 3.50% to 6.95% for senior citizens. At Federal Bank, deposits with maturities between 18 months and 2 years will now earn a maximum interest rate of 7.75% for senior citizens and 7.25% for non-senior citizens.
The bank is now offering an interest rate of 3.00% on deposits that mature in the next 7 to 29 days, while Federal Bank is currently offering an interest rate of 3.25% on deposits that mature in the next 30 to 45 days. Current interest rates offered by Federal Bank are 4.00% for FDs maturing in 46 days to 60 days and 4.25% for those maturing in 61 days to 90 days.
Deposits maturing between 91 and 119 days from now on will earn interest at a rate of 4.50%, while deposits maturing between 120 and 180 days from now on will earn interest at a rate of 4.75%. On deposits maturing in 181 days to 270 days, the bank is now offering an interest rate of 5.75% and on those maturing in 271 days to less than 1 year, Federal Bank is now offering an interest rate of 6.00%. Federal Bank is now offering an interest rate of 6.60% on FDs maturing in 1 year to less than 18 months and an interest rate of 7.25% on those maturing in 18 months to 2 years.
Deposits maturing from Above 2 years to less than 3 years will now fetch an interest rate of 6.75% and those maturing in 3 years to less than 5 years will now fetch an interest rate of 6.50%. On FDs maturing in 5 years to 2221 days, the bank is now offering an interest rate of 6.30% and on those maturing in 2222 days and 2223 days and above, Federal Bank is now offering an interest rate of 6.40% and 6.30%, respectively.
The interest rates on resident term deposits also apply to NRO fixed deposits, federal savings accounts, federal tax savings accounts, and resident cash certificates. Federal Bank has mentioned on its website that “We understand your preference for ‘Safety, Liquidity and Return', while choosing your bank. Hence we remain committed to ensure that your deposits with us earn handsome returns too, by way of interest. We are transparent in communicating the rates and charges of our bank on deposits."
“Period for which the deposit is maintained with the Bank, irrespective of the contracted tenor. Deposits opened for a period of 2222 days will be treated as Green Deposits and these deposits will be exclusively used for funding Green loan portfolio," Federal Bank has stated on its website.