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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

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.

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.

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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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