Federal Bank, one of the leading private sector banks in India, has recently revised the interest rates for its Resident Term Deposits. The new rates, effective from May 17 2023, offer attractive returns to both the general public and senior citizens across various deposit tenures.
The revised interest rates for Resident Term Deposits by Federal Bank are as follows:
Deposits Less than ₹200 Lakhs:
| Period | General Public | 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 90 days | 4.75% | 5.25% |
| 91 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 15 months | 6.80% | 7.30% |
| 15 months to 2 years | 7.25% | 7.75% |
| Above 2 years to less than 3 years | 6.75% | 7.25% |
| 3 years to less than 5 years | 6.60% | 7.10% |
| 5 years and above | 6.60% | 7.25% |
These revised rates offer increased returns for depositors, allowing them to make the most of their savings and investments. The bank aims to provide competitive rates to attract individuals from all segments and ensure customer satisfaction.
Federal Bank, known for its customer-centric approach and innovative banking solutions, continues to focus on strengthening its product offerings and maintaining its position as a trusted financial institution in the country. By revising the interest rates for Resident Term Deposits, the bank aims to provide its customers with attractive investment options that suit their financial goals.
ONR accounts will not be eligible for the additional interest provided to senior citizens. Additionally, for earning interest on Resident/ONR Fixed Deposits, a minimum tenor of 7 days is required.
Customers can visit their nearest Federal Bank branch or access the bank's official website to avail more information about the revised interest rates and other deposit-related services.
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