Federal Bank offers 8.15% FD interest rate on 400 days tenure to these investors Special rates are available for 400 days, with the highest rate available being 8.15%
Federal Bank has revised fixed deposit interest rates below Rs 2 crore. The new rates are effective from October 19, 2023.According to a Federal Bank press release, “Federal Bank has introduced special interest rates for deposits, in celebration of Founder’s Day and the festive season. Special rates are applicable for 400 days and the highest rate offered is 8.15%.”
Also read:SBI vs HDFC Bank vs ICICI Bank: Check latest FD rates in October 2023
Federal Bank special deposit rates
The bank offers 8.15% for Senior Citizens for a 400-day term deposit that is non-withdrawable before maturity, and 7.65% for the general public. The rates for such deposits for terms ranging from 13 to 21 months (excluding 400 days) are 8.05% for senior people and 7.55% for the general public, respectively. Senior citizens are citizens over the age of 60, and they can benefit from a higher rate for deposits that can be withdrawn before maturity, which is 7.90% for 400 days and 7.80% for tenures ranging from 13 months to 21 months (excluding 400 days).Tenure Withdrawable before maturity Non-withdrawable before maturity General Public Senior Citizen General Public Senior Citizen 400 Days 7.40% 7.90% 7.65% 8.15% 13 Months to 21 Months (Excluding 400 days) 7.30% 7.80% 7.55% 8.05%
Federal Bank FD interest rates
Federal Bank offers interest rate between 3% to 7.40% for general citizens for tenure ranging between 7 days to 10 years. The highest interest rate of 7.40% is offered on 400 days tenure for general public and for senior citizen, interest rate offered is 7.90%.PeriodSingle Deposit Less than ₹200 Lakhs - General PublicSingle Deposit Less than ₹200 Lakhs - Senior 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 119 days4.75%5.25%120 days to 180 days5.00%5.50%181 days to 270 days5.75%6.25%271 days to less than 1 year6.00%6.50%1 year to less than 13 months6.80%7.30%13 months to 399 days7.30%7.80%400 days7.40%7.90%401 days to 21 months7.30%7.80%Above 21 months to less than 2 years6.75%7.25%2 years to less than 3 years7.05%7.55%3 years to less than 5 years6.60%7.10%5 years and above6.60%7.25%
Federal Bank savings account
Federal Bank offers savings account interest rate between 2.75% to 3.45% on various amounts.
SlabEnd of the Day BalanceRates of Interest (p.a)1Less than ₹5 Lakhs3.45% below RBI's Repo Rate2₹5 Lakhs to less than ₹50 Lakhs3.45% below RBI’s Repo Rate for balance below ₹5L3.40% below RBI's Repo Rate for balance of ₹5L and above3₹50 Lakhs to less than ₹2 Crores3.45% below RBI’s Repo Rate for balance below ₹5L3.40% below RBI's Repo Rate for balance of ₹5L to less than ₹50L2.75% below RBI’s Repo Rate for balance of ₹50L and above4₹2 Crores to less than ₹5 Crores3.45% below RBI’s Repo Rate for balance below ₹5L3.40% below RBI's Repo Rate for balance of ₹5L to less than ₹50L2.75% below RBI’s Repo Rate for balance of ₹50L to less than ₹2Cr2.50% below RBI’s Repo Rate for balance of ₹2Cr and above5₹5 Crores to less than ₹50 Crores3.45% below RBI’s Repo Rate for balance up to and including ₹1L1.00% below RBI’s Repo Rate for the remaining balance above ₹1L6₹50 Crores to less than ₹175 Crores3.45% below RBI’s Repo Rate for balance up to and including ₹1L0.50% below RBI’s Repo Rate for the remaining balance above ₹1L7₹175 Crores to less than ₹300 Crores3.45% below RBI’s Repo Rate for balance up to and including ₹1L0.65% above RBI’s Repo Rate for the remaining balance above ₹1L8₹300 Crores and above3.45% below RBI’s Repo Rate for balance up to and including ₹1L0.80% above RBI’s Repo Rate for the remaining balance above ₹1L
According to the Federal bank website, “As the interest rates are linked to Repo rates, the interest rates will change as and when the Repo Rate gets revised by RBI on a T+1 basis. The rates as mentioned above will be calculated on the daily End of the Day balances maintained in Savings Bank accounts (Resident/NRE/ONR) and the same will be credited to respective accounts on a quarterly basis.”
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This story originally appeared on: India Times - Author:Faqs of Insurances
