Federal Bank Hikes FD Rates, Now Earn As High As 7.50% On 500 Days Tenure

Federal Bank has revised its deposit interest rates effective from December 5, 2023. For deposits made by both residents and non-residents, the interest rate has been raised to 7.50% for 500 days. For elderly people, Federal Bank is now giving a maximum return of 8.15% for 500-day tenures and 7.80% for tenures beyond 21 months to less than three years. Interest rates for non-withdrawable fixed deposits for 500 days are 7.65%.

Federal Bank FD Rates

The bank is now giving an interest rate of 3.00% on fixed deposits maturing in 7 to 29 days, and 3.25% on those maturing in 30 to 45 days at Federal Bank. For deposits made between 46 and 60 days, Federal Bank is giving an interest rate of 4.00%; for deposits made between 61 and 119 days, the rate is 4.75%. The interest rate on deposits maturing in 120 to 180 days is currently 5.00%, while the interest rate on deposits maturing in 181 to 270 days is 5.75%. Term deposits maturing in 271 days to less than 1 year will fetch 6% return while domestic FDs maturing in 1 year to less than 13 months will pay 6.80% return.

For deposits with tenors ranging from 13 months to 499 days and 500 days tenor, Federal Bank offers interest rates of 7.30% and 7.50%, respectively. Deposits that mature between 501 days and 21 months will yield a return of 7.30%, while those that mature between 21 months and less than three years will yield a return of 7.05%. On deposits maturing in 3 years to less than 5 years, the bank is now paying an interest rate of 7.00% and on those maturing in 5 years and above, Federal Bank is now offering an interest rate of 6.60%.

Leading private sector bank in India, Federal Bank has 1,935 ATMs and recycler facilities nationwide in addition to its network of around 1408 banking facilities. As of September 30, 2023, the bank's entire business mix-which includes deposits and advances-was valued at Rs 4.26 lakh crore. As of September 30, 2023, the bank's Capital Adequacy Ratio (CRAR), which is calculated in accordance with Basel III criteria, was 15.50%. For Indian non-resident clients in the UAE, Federal Bank has representative offices in Dubai and Abu Dhabi that act as a central hub. Gujarat International Finance Tec-City (GIFT City) is home to the Bank's IFSC Banking Unit (IBU).