Federal Bank Revises Interest Rates On Fixed Deposit: Now Get Up To 6.25%

Federal Bank has revised its interest rates on Resident Term Deposits. According to the bank, the new rates are effective as of 16-12-2021. The new interest rates on Resident Term Deposits are also applicable to Resident Cash Certificate, Federal Savings Fund, Federal Tax Savings Deposits, and NRO Fixed Deposits. At Federal Bank, a fixed deposit account can be opened with a minimum deposit of Rs. 1000 and no higher limit. On maturity, the interest can be withdrawn at various intervals, such as monthly, quarterly, or yearly.

Federal Bank Fixed Deposit Interest Rates

Following the most recent revision, the bank is offering an interest rate of 2.50% to 5.60% to the general public and 3.00% to 6.25% to senior citizens on their deposits of less than Rs. 2 Cr maturing in 7 days to 5 years and above. The bank's adjusted interest rates on fixed deposits of less than Rs. 2 crore are listed below

Tenor	Single Deposit Less than Rs. 200 Lakhs - General Public	Single Deposit Less than Rs. 200 Lakhs - Senior Citizen
7 days to 29 days	2.50%	3.00%
30 days to 45 days	2.75%	3.25%
46 days to 90 days	3.00%	3.50%
91 days to 180 days	3.75%	4.25%
181 days to 270 days	4.25%	4.75%
271 days to less than 1 year	4.40%	4.90%
1 year	5.10%	5.60%
Above 1 year to less than 16 Months	5.00%	5.50%
16 Months	5.25%	5.75%
Above 16 months to less than 2 years	5.00%	5.50%
2 years to less than 3 years	5.35%	5.85%
3 years to less than 5 years	5.40%	5.90%
5 years and above	5.60%	6.25%
Source: Bank Website

Federal Bank NRE Fixed Deposit Interest Rates

The interest rates on NRE Fixed Deposits have also been revised by Federal Bank. The interest rates applicable on Non-resident accounts are not eligible for additional rates for senior citizens. One year is the minimum deposit duration for accruing interest on an NRE Fixed Deposit account. The following are the new interest rates for NRE Fixed Deposits effective as of 16th December 2021.

Period	Single Deposit Less than Rs. 200 Lakhs
1 year	5.10%
Above 1 year to less than 16 Months	5.00%
16 Months	5.25%
Above 16 months to less than 2 years	5.00%
2 years to less than 3 years	5.35%
3 years to less than 5 years	5.40%
5 years and above	5.60%
Source: Bank Website

Federal Bank Marginal Cost of funds based Lending Rate (MCLR)

On 16.12.2021, the bank has also changed its Marginal Cost of Funds Based Lending Rate (MCLR). The following are the new rates.

Overnight MCLR	7.85%
One Month MCLR	7.90%
Three Months MCLR	7.95%
Six Months MCLR	8.05%
One Year MCLR	8.10%
Source: Bank Website