Federal Bank hikes fixed deposit interest rates for both residents and non-residents; check latest rates here | Mint
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Business News/ Money / Personal Finance/  Federal Bank hikes fixed deposit interest rates for both residents and non-residents; check latest rates here
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Federal Bank hikes fixed deposit interest rates for both residents and non-residents; check latest rates here

Federal Bank has adjusted its deposit rates, raising rates for both resident and non-resident deposits.

Federal Bank hikes interest rates on its fixed deposits.Premium
Federal Bank hikes interest rates on its fixed deposits.

Effective December 05, 2023, Federal Bank has updated its deposit interest rates. The new rate for 500-day deposits stands at 7.50 per cent for both resident and non-resident deposits. 

Non-withdrawable fixed deposits for the same duration now carry an interest rate of 7.65 per cent. Senior citizens can avail themselves of a maximum return of 8.15 per cent for 500-day tenures and 7.80 per cent for tenures ranging from 21 months to less than three years.

The new fixed deposit interest rates are tabled below

Tenure   

Withdrawable before maturity (Less than 2 Cr)

Non-withdrawable before maturity   (Above 1 Cr – Less than  2 Cr)

General Public   

Senior Citizen   

General Public   

Senior Citizen   

500 Days   

 7.50%

8.00%

7.65% 

8.15%   

Above 21 Months to less than 3 years

7.05%  

7.55%

7.30% 

7.80%   

Interest rates for Foreign Currency Non-Resident (FCNR) and Resident Foreign Currency (RFC) have been increased, with additional revisions outlined below.

Tenure   USD 

Less than 10 lakh

10 lakh & above 

1 year 1 day

6.10%

6.15%

1 year

5.60%

5.60%

1 year 2 days to less than 15 months                    6.00%                   6.00%
15 months to less than 2 years                    5.45%                  5.45%

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Published: 07 Dec 2023, 09:23 AM IST
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