Fixed Deposit : There is a good news for fixed deposit investors. If you too want to invest in FD now then Federal Bank has increased its FD rates. Even today, FD is considered as the most popular option for savings. Similarly, the bank has pleased the customers by increasing its FD door.
The Federal Bank has announced a 77 bps hike in interest rates on fixed deposits for deposits below Rs 2 crore. The Federal Bank said in a statement that these increased rates will be available only for a short period of time.
Federal Bank Latest FD Interest Rates
Federal Bank is offering 3 percent interest rate on deposits maturing in 7 to 29 days and 3.25 percent interest rate on deposits maturing in 30 to 45 days. According to the bank’s website, it currently offers an interest rate of 4.00 percent on term deposits of 46 days to 60 days and 4.75 percent on deposits maturing between 61 days to 90 days.
Deposits maturing in 91 to 119 days will earn interest at the rate of 4.75%. And those maturing in the next 120 to 180 days, will now earn interest at the rate of 5%. The bank is offering an interest rate of 5.75 per cent on deposits maturing in the next 181 days to 270 days and 6 per cent on deposits maturing in the next 271 days to less than one year.
Federal Bank now offers interest rates of 6.80 percent on FDs maturing in less than 1 year to 15 months and 7.25 percent on FDs with tenors of 15 months to 2 years. Term deposits of more than two years and less than three years will now earn interest at the rate of 6.75 percent. Maturity deposits for three years to less than five years will now earn interest at the rate of 6.60 percent. The bank offers an interest rate of 6.60 percent on FDs with tenors of 5 years and above.
The bank is also offering interest rates up to 7.15 percent on its savings account. According to the Federal Bank website, since the interest rate is linked to the repo rate, whenever the repo rate is changed by the RBI on a T 1 basis, the interest rate changes. Federal bank savings account interest rates are linked to the repo rate. The current repo rate of the Central Bank is 6.50 percent.
