Federal Bank, a private sector lender, increased interest rates on fixed deposits under ₹2 crore.
Federal Bank, a private sector lender, increased interest rates on fixed deposits under ₹2 crore. According to the bank's official website, the new rates are in effect as of today, September 27, 2022. Following the modification, the bank increased interest rates for retail investors on fixed deposits with a variety of tenors. The bank is now offering interest rates on fixed deposits with maturities ranging from 7 days to 10 years that range from 3.00% to 6.00% for the general public and 3.50% to 6.65% for senior citizens. The bank now offers a maximum interest rate of 7% for non-senior citizens and 7.50% for elderly individuals on deposits maturing in 700 days.