FD interest rates: Federal Bank offers 7.25% interest to general investors, 7.75% to senior citizens The highest interest rate offered by the bank can go up to 7.25 per cent for the general public and 7.75 per cent for senior citizens. Check the latest FD rates offered by the bank
Federal Bank recently revised its interest rates on fixed deposits (FDs) below Rs 2 crore. The highest interest rate offered by the bank can go up to 7.25 per cent for the general public and 7.75 per cent for senior citizens. These revised interest rates are effective from February 17, 2023.Here are the fixed deposit rates offered by Federal Bank
For deposits maturing between seven days and 29 days, the bank will offer an interest rate of 3 per cent. FDs maturing between 30 days and 45 days will earn an interest rate of 3.25 per cent. Deposits maturing between 46 days and 60 days will get an interest rate of 4.25 per cent. For deposits maturing between 91 days and 119 days, the bank will offer an interest rate of 4.5 per cent.
FDs maturing between 120 days and 180 days will earn an interest rate of 4.75 per cent. For deposits maturing between 181 days and 270 days, the bank will offer an interest rate of 5.75 per cent. Fixed deposits maturing between 271 days and less than one year, the interest rate will be 6 per cent. FDs maturing between one year and less than 15 months will fetch an interest of 6.8 per cent. For fixed deposits maturing between 15 months and two years, the bank is offering a whopping 7.25 per cent interest rate.
Federal Bank FD rates (below Rs 2 crore) w.e.f February 17, 2023TenureGeneral PublicSenior Citizen7 days to 29 days3.00%3.50%30 days to 45 days3.25%3.75%46 days to 60 days4.00%4.50%61 days to 90 days4.25%4.75%91 days to 119 days4.50%5.00%120 days to 180 days4.75%5.25%181 days to 270 days5.75%6.25%271 days to less than 1 year6.00%6.50%1 year to less than 15 months6.80%7.30%15 months to 2 years7.25%7.75%Above 2 years to less than 3 years6.75%7.25%3 years to less than 5 years6.60%7.10%5 years to 2221 days6.60%7.25%2222 Days6.60%7.25%2223 days and above6.60%7.25%Source: Federal Bank website
Deposits maturing between two years one day and less than three years, the bank offers an interest rate of 6.75 per cent. For fixed deposits maturing between three years and less the five years, the bank will offer an interest rate of 6.60 per cent. Further, the Federal Bank will offer a 6.6 per cent interest rate for fixed deposits maturing between five years and above.
For senior citizens, the bank offers an additional 0.5 per cent interest rate.
FD rates are rising: What should be your strategy now?
With the back-to-back repo rate hikes by the Reserve Bank of India, the banks have also raised interest rates on fixed deposits. For individuals planning to invest in fixed deposits, Gaurav Aggarwal - Senior Director, Paisabazaar, said, "Consumers planning to open or renew fixed deposits should stick to shorter tenures, preferably between 1 to 2 years. As fixed deposit rates can be expected to continue to increase over the short term, they should not opt for an auto-renewal facility while booking or renewing their fixed deposits. This might allow the consumers to renew their fixed deposits at higher interest rates, after factoring in the highest interest rate slabs available at the time of renewal."
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This story originally appeared on: India Times - Author:Faqs of Insurances
