Federal Bank Introduces Special FD Rates of Up To 8.15% On 400 Days Tenure

In honour of Founder's Day and the festive season, Federal Bank has announced outstanding interest rates for fixed deposits of less than Rs 2 Cr. For a 400-day tenure, special rates are provided at a maximum rate of 8.15%. For a 400-day term, non-withdrawable term deposit, the bank provides 8.15% for senior citizens and 7.65% for the general public. For elderly people and the general public, the rates for such deposits are 8.05% and 7.55%, respectively, for a tenure between 13 months and 21 months (excluding 400 days).

Senior citizens are those over the age of 60 who are eligible for a higher rate on deposits that can be withdrawn before maturity, at 7.90% for tenures under 400 days and 7.80% for tenures between 13 months and 21 months (excluding 400 days). These interest rates are effective as of 19th October 2023.

"These special rates are designed to provide an extra edge to depositors during this festive season. Federal Bank, in its commitment to customer-centric offerings, presents these enhanced rates as a token of appreciation during the Founder's Day celebration," said Federal Bank in a statement on Thursday.

Federal Bank FD Rates

The bank is giving an interest rate of 3.00% on deposits that mature in the next 7 to 29 days, and Federal Bank is offering an interest rate of 3.25% on deposits that mature in the next 30 to 45 days. For deposits held for 46 days to 60 days, Federal Bank is giving an interest rate of 4.00%, and for deposits held for 61 days to 119 days, 4.75%. The interest rate on deposits that mature in 120 days to 180 days will now be 5.00%, while the interest rate on deposits that mature in 181 days to 270 days will now be 5.75%.

The bank is promising an interest rate of 6.00% on FDs that mature in 271 days to less than a year, and Federal Bank is offering a rate of 6.80% on FDs maturing in a year to less than 13 months. On deposits held for 13 months to 399 days, Federal Bank is paying an interest rate of 7.30%, and on deposits held for 400 days, the rate is 7.40%. Deposits that mature in 401 days to 21 months will earn interest at a rate of 7.30%, while those that mature in more than 21 months but less than 2 years will earn interest at a rate of 6.75%.

The bank is giving an interest rate of 7.05% on term deposits that mature in 2 years to less than 3 years, and Federal Bank is offering an interest rate of 6.60% on term deposits that mature in 3 years to 5 years or more.

Federal Bank, a private sector lender, announced its Q2FY24 net profit on October 16 at Rs 953.82 crore, up 35.54 percent YoY. As of September 30, 2023, Net Interest Income climbed 16.72% from Rs. 1761.83 crore in Q2FY23 to Rs. 2,056.42 crore. Gross non-performing assets (GNPA) for the bank surged from 2.38 percent in Q1FY24 to 2.26 per cent in the quarter ended 30th September 2023. Net NPA for the lender was 0.64 percent, compared to 0.69 percent a year earlier.