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Federal Bank revises interest rates on fixed deposits: Details inside

Federal Bank is now offering an interest rate on deposits maturing in 6 months to 10 years that ranges from 4.25 per cent to 5.75 per cent for the general public and 4.75 per cent to 6.40 per cent for senior citizens.Premium
Federal Bank is now offering an interest rate on deposits maturing in 6 months to 10 years that ranges from 4.25 per cent to 5.75 per cent for the general public and 4.75 per cent to 6.40 per cent for senior citizens.

  • Federal Bank, a private sector lender, revised interest rates on fixed deposits below 2 crore. According to the bank's website, the new rates are effective as of today, July 18, 2022.

Federal Bank, a private sector lender, revised interest rates on fixed deposits below 2 crore. According to the bank's website, the new rates are effective as of today, July 18, 2022. Following the revision, the bank is now offering an interest rate on deposits maturing in 6 months to 10 years that ranges from 4.25 per cent to 5.75 per cent for the general public and 4.75 per cent to 6.40 per cent for senior citizens.

Federal Bank FD Rates 2022

The bank will now give an interest rate of 4.25 per cent on deposits maturing in 6 months, while Federal Bank will now offer an interest rate of 4.80 per cent on deposits maturing in 9 months. The bank will now pay 5.45 per cent interest on fixed deposits that mature in a year, and 5.75 per cent on deposits that mature in two years. Fixed deposits maturing in 750 days will now fetch an interest rate of 6.00% and term deposits maturing in 3 years to 6 years will now fetch an interest rate of 5.75%.

On deposits with maturities ranging from 2222 days to 75 months, Federal Bank is now giving an interest rate of 5.95 per cent. Furthermore, the bank is now guaranteeing an interest rate of 5.75 per cent on deposits that mature in 7 to 10 years. Following the interest rate modification, elderly residents will now get an interest rate ranging from 4.75 per cent to 6.40 per cent on deposits maturing in 7 days to 10 years from Federal Bank in addition to the 0.50 per cent higher than the regular rate provided by the bank.

Following today's modification by Federal Bank, senior citizens will get a maximum interest rate of 6.60 per cent on fixed deposits maturing in 2222 days to 75 months, while the general public will receive a maximum interest rate of 6 per cent on term deposits maturing in 750 days.

Federal Bank FD Rates
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Federal Bank FD Rates (federalbank.co.in)

On July 16, 2022, Canara Bank revised the interest rates on fixed deposits. The bank is now providing an interest rate on deposits maturing in 7 days to 10 years of 2.90% to 5.75% for the general public and 2.90% to 6.25% for older individuals as a result of the modification. While on July 16, 2022, Axis Bank, a private sector lender, raised the interest rate by 25 basis points for deposits below Rs. 2 crores with maturities of 6 to 7 and 8 to 9 months, respectively.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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