Federal Bank revises interest rates on savings account and FDs effective from today: Details inside1 min read 17 May 2023, 02:27 PM IST
- Federal Bank has revised its interest rates on savings accounts and fixed deposits of less than ₹2 Cr.
Federal Bank has revised its interest rates on savings accounts and fixed deposits of less than ₹2 Cr. As per the official website of the bank, the new rates are effective from today 17-05-2023. Following the revision, a maximum interest rate of 7.25% for the general public and 7.75% for senior citizens on fixed deposits.
The bank is giving an interest rate of 3.00% on fixed deposits that mature in the next 7 to 29 days, and Federal Bank is offering an interest rate of 3.25% on deposits that mature in the next 30 to 45 days. The interest rates offered by Federal Bank are 4.00% for deposits held for 46 days to 60 days and 4.75% for deposits held for 61 days to 119 days.
Deposits with maturities between 120 and 180 days will earn interest at a rate of 5.00%, while deposits with maturities between 181 and 270 days will earn interest at a rate of 5.75%. The bank is giving an interest rate of 6.00% on fixed deposits that mature in 271 days to less than a year, and Federal Bank is offering a 6.80% interest rate on deposits maturing in a year to less than 15 months.
Federal Bank is giving an interest rate of 6.75% on deposits with a tenor of more than 2 years but less than 3 years, and an interest rate of 7.25% on deposits with a tenor of 15 months to 2 years. Deposits that mature in 3 to 5 years or longer will now earn interest at a rate of 6.60%.
The savings account interest rates of Federal Bank are linked to repo rate. The current RBI repo rate is 6.50%, and considering interest rates are correlated with repo rates, they will fluctuate as and when the repo rate is adjusted by the RBI on a T+1 basis.
For the quarter that ended in March, Federal Bank reported a consolidated total revenue of ₹5,780.78 crore, a rise of 38.6% from ₹4,170.55 in the comparable quarter of FY22. Consolidated net profit increased by 62.4% to ₹953.91 crore. The net profit on a stand-alone basis grew 67% year on year to ₹902.61 crore in Q4FY23 from ₹540.54 crore in Q4FY22. From ₹3,948.24 to ₹5,454.60 crore, the total income grew by 38.2% YoY.
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