Federal Bank FD Interest Rate: In today’s time, FD i.e. fixed deposit is proving to be an excellent means of investment. Many banks have increased their FD interest rates and some are offering more than 9 percent interest.
Everyone wants to save some of their earnings and invest it in such a place where their money is not only safe but also gives strong returns. Accordingly, fixed deposit (FD) is considered an excellent option. Many banks are giving strong returns on FD and one such bank is Federal Bank, in which more than 8 percent interest is being offered by the bank on investment.
New interest rates are effective from May 19.
Federal Bank’s FD can prove to be a good option in case of excellent returns on investment in short term. In this, you are being given 8.15 percent interest on tenure of only 400 days. Recently, the bank has increased the interest rates for FDs with investment less than Rs 2 crore. These new rates are effective from May 19, 2023.
More benefits for senior citizens:
On making this 400 days FD in Federal Bank, the highest interest is being given to senior citizens. According to the bank’s website, the interest rate for senior citizens has been fixed at 8.15 percent. At the same time, 7.65 percent interest is being offered by the bank to the general public for investing for the same period.
New interest rates after the change:
Federal Bank offers interest ranging from 3 percent to 7.40 percent for common citizens on FDs for tenure ranging from 7 days to 10 years. On one hand, 8.15 percent interest is being given on FD of 400 days, on the other hand, on making FD for tenure of 13 to 21 months, 8.05 percent interest is being given to senior citizens and 7.55 percent interest is being given to the general public.
Money can be withdrawn before maturity.
The bank is not only giving higher interest under this special FD scheme to senior citizens above 60 years of age, along with this, the bank is also giving investors the opportunity to withdraw their invested amount before the completion of the maturity period. Facility for withdrawal is also being provided in advance. Talking about the interest received on Federal Ban Savings Account, it ranges from 2.75 percent to 3.45 percent on the amount deposited.
