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 Senior citizens are citizens over the age of 60, and they can benefit from a higher rate for deposits that can be withdrawn before maturity, which is 7.90% for 400 days and 7.80% for tenures ranging from 13 months to 21 months (excluding 400 days).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%.
| Period | Single Deposit Less than ₹200 Lakhs – General Public | Single Deposit Less than ₹200 Lakhs – Senior Citizen |
| 7 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 60 days | 4.00% | 4.50% |
| 61 days to 119 days | 4.75% | 5.25% |
| 120 days to 180 days | 5.00% | 5.50% |
| 181 days to 270 days | 5.75% | 6.25% |
| 271 days to less than 1 year | 6.00% | 6.50% |
| 1 year to less than 13 months | 6.80% | 7.30% |
| 13 months to 399 days | 7.30% | 7.80% |
| 400 days | 7.40% | 7.90% |
| 401 days to 21 months | 7.30% | 7.80% |
| Above 21 months to less than 2 years | 6.75% | 7.25% |
| 2 years to less than 3 years | 7.05% | 7.55% |
| 3 years to less than 5 years | 6.60% | 7.10% |
| 5 years and above | 6.60% | 7.25% |
Federal Bank savings account
Federal Bank offers savings account interest rate between 2.75% to 3.45% on various amounts.
| Slab | End of the Day Balance | Rates of Interest (p.a) |
| 1 | Less than ₹5 Lakhs | 3.45% below RBI’s Repo Rate |
| 2 | ₹5 Lakhs to less than ₹50 Lakhs | 3.45% below RBI’s Repo Rate for balance below ₹5L |
| 3.40% below RBI’s Repo Rate for balance of ₹5L and above | ||
| 3 | ₹50 Lakhs to less than ₹2 Crores | 3.45% below RBI’s Repo Rate for balance below ₹5L |
| 3.40% below RBI’s Repo Rate for balance of ₹5L to less than ₹50L | ||
| 2.75% below RBI’s Repo Rate for balance of ₹50L and above | ||
| 4 | ₹2 Crores to less than ₹5 Crores | 3.45% below RBI’s Repo Rate for balance below ₹5L |
| 3.40% below RBI’s Repo Rate for balance of ₹5L to less than ₹50L | ||
| 2.75% below RBI’s Repo Rate for balance of ₹50L to less than ₹2Cr | ||
| 2.50% below RBI’s Repo Rate for balance of ₹2Cr and above | ||
| 5 | ₹5 Crores to less than ₹50 Crores | 3.45% below RBI’s Repo Rate for balance up to and including ₹1L |
| 1.00% below RBI’s Repo Rate for the remaining balance above ₹1L | ||
| 6 | ₹50 Crores to less than ₹175 Crores | 3.45% below RBI’s Repo Rate for balance up to and including ₹1L |
| 0.50% below RBI’s Repo Rate for the remaining balance above ₹1L | ||
| 7 | ₹175 Crores to less than ₹300 Crores | 3.45% below RBI’s Repo Rate for balance up to and including ₹1L |
| 0.65% above RBI’s Repo Rate for the remaining balance above ₹1L | ||
| 8 | ₹300 Crores and above | 3.45% below RBI’s Repo Rate for balance up to and including ₹1L |
| 0.80% 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.” Source Link
