Federal Bank hikes FD rates; these fixed deposit investors can earn up to 8.25% interest rate
Federal Bank has hiked the fixed deposit interest rate on certain tenures for both resident and non-resident accounts, effective January 17, 2024.According to the Federal Bank press release, “Interest Rate for 500 days is increased to 7.75% and 8.25 % for resident senior citizens. Interest rate for non-withdrawable fixed deposits for 500 days is increased to 7.90% and for resident senior citizens, Federal Bank is now offering a maximum return of 8.40% for 500 days tenures.”
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Tenure Withdrawable before maturity (Less than 2 Cr) Non-withdrawable before maturity (Above 1 Cr – Less than 2 Cr) General Public (NR & Resident) Resident Senior Citizen General Public (NR & Resident) Resident Senior Citizen 500 Days 7.75% 8.25% 7.90% 8.40%
Latest Federal Bank FD interest rates
Federal Bank after the revision offers fixed deposit interest rates between 3% to 7.75% for general citizens on tenure ranging from 7 days to 10 years. For senior citizens, the bank offers interest rate between 3.50% to 8.25%. The rates are effective from January 17, 2024.
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 499 days7.30%7.80%500 days7.75%8.25%501 days to 21 months7.30%7.80%Above 21 months to less than 3 years7.05%7.55%3 years to less than 5 years7.00%7.50%5 years and above6.60%7.25%
IDBI Bank
IDBI Bank also revised FD interest rates . IDBI Bank after the revision offers fixed deposit interest rates between 3% to 7%( excluding special Utsav deposit) for general citizens on tenure ranging from 7 days to 10 years. For senior citizens, the bank offers interest rates between 3.50% to 7.50%. The rates are effective from January 17, 2024.
IDBI Bank special FD interest rate
Interest Rate (% p.a.) Special BucketsGeneral/NRE/NROSenior Citizens375 Days7.17.6 444 Days7.257.75
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This story originally appeared on: India Times - Author:Faqs of Insurances
