Banks are into intense competition on raising their deposits during Q4FY24. Several banks have revised their deposit rates and the recent revision come from Federal Bank. The bank has revised its retail fixed deposit rates for both resident & non-residents with effect from 6th February 2024. Post this interest rate revision, Federal bank offers best rate of 8% to senior citizen customers and 7.55% for regular customers for tenure of 500 days.
Federal Bank’s fixed deposit interest rate now ranges between 3.50% to 8.00% for senior citizens and 3.00% to 7.55% for regular customers (for tenure between 7days-10 years).
Here are the latest fixed deposit rates of Federal Bank:
| Tenure | FD Interest Rate for Regular Customers | FD Interest Rate for Senior Citizens | FD Interest Rate for NRE Customers |
|
7-29 days |
3.00% |
3.50% |
N.A. |
|
30-45 days |
3.25% | 3.75% | |
| 46-60 days | 4.00% |
4.50% |
|
|
61-119 days |
4.75% | 5.25% | |
|
120-180 days |
5.00% | 5.50% | |
| 181-270 days | 5.75% |
6.25% |
|
| 271-less than 1 year | 6.00% |
6.50% |
|
|
1 year-less than 13 months |
6.80% | 7.30% |
6.80% |
|
13 months-499 days |
7.30% | 7.80% | 7.30% |
|
500 days |
7.50%* | 8.00%* |
7.50%* |
| 501 days-21 months | 7.30% | 7.80% |
7.30% |
|
Above 21 months-less than 3 years |
7.05% | 7.55% | 7.05% |
| 3 years-less than 5 years | 7.00% | 7.55% |
7.00% |
| 5 years & above | 6.60% | 7.25% |
6.60% |
The above rates revision has been on retail fixed deposits. Retail fixed deposits are those FDs that are of amount of less than 2 Crores. The bank continues to levy 1% penalty on premature withdrawal of retail fixed deposits of above 15 days period, while there is no penalty on FD of up to 15 days.
* Indicates the best rate for the segment.