Understanding Federal Bank’s Revised Fixed Deposit Interest Rates
Federal Bank has recently made significant changes to its fixed deposit (FD) interest rates, benefiting millions of customers. Effective from September 16, 2024, the updated interest rates apply to fixed deposits of amounts less than Rs 3 crore. This move is designed to enhance returns for investors, making fixed deposits a more attractive investment option.
Interest Rates for General Citizens
For general customers under the age of 60, Federal Bank is offering a range of interest rates between 3% and 7.4%. The interest rates will vary depending on the tenure of the fixed deposit, which can range from as short as 7 days to as long as 5 years or more. The highest interest rate of 7.4% is available for fixed deposits with a maturity period of 777 days and 50 months.
Interest Rates for Senior Citizens
In recognition of the contributions of senior citizens, Federal Bank has set attractive interest rates for individuals aged 60 and above. These rates range from 3.5% to 7.9%, with the highest rate of 7.9% applicable on fixed deposits that mature in 777 days and 50 months. This enhanced rate offers senior citizens a better opportunity to grow their savings safely and securely.
Comparison Table of Federal Bank FD Interest Rates
| Category | Tenure | Interest Rate (General Citizens) | Interest Rate (Senior Citizens) |
|---|---|---|---|
| 7 days – 14 days | 14 days | 3.0% | 3.5% |
| 15 days – 45 days | 30 days | 3.0% | 3.5% |
| 46 days – 90 days | 90 days | 3.5% | 4.0% |
| 91 days – 6 months | 6 months | 4.0% | 4.5% |
| 6 months – 1 year | 1 year | 6.0% | 6.5% |
| 1 year – 5 years | 777 days | 7.4% | 7.9% |
Conclusion
With these updated interest rates, Federal Bank aims to provide better returns on fixed deposits, catering to both general citizens and senior citizens. Investing in fixed deposits can be an excellent choice for those looking for secure and reliable ways to grow their savings. As always, customers should assess their financial goals and consider these new rates when planning their investments.
