Federal Bank hikes fixed deposit interest rates: Check new rates here

The private sector lender Federal Bank has joined the trend for interest rate hikes amid the rising interest rates on bank fixed deposits (FDs). Following the revision, Federal Bank increased interest rates on select tenors. The bank announced an interest rate modification today, June 22, 2022. As of right now, the bank is giving the general public interest rates ranging from 2.75 per cent to 5.75 per cent and senior citizens interest rates ranging from 3.25 per cent to 6.40 per cent throughout maturities.

Federal Bank FD Rates 2022

The bank increased the interest rate on fixed deposits maturing in 7 days to 29 days by 10 basis points, from 2.65 per cent to 2.75 per cent. The interest rate on deposits maturing in 30 days to 45 days has been left untouched at 3.25 per cent. On deposits maturing in 46 days to 60 days, Federal Bank will continue to give an interest rate of 3.65 per cent, and on deposits maturing in 61 days to 90 days, the interest rate remains at 3.75 per cent.

On fixed deposits maturing in 91 days to 119 days and 120 days to 180 days, the bank will continue to provide interest rates of 4.00 per cent and 4.25 per cent, respectively. The interest rate on fixed deposits due in 181 days to 270 days has increased from 4.50 per cent to 4.60 per cent, a 10 basis point increase. The interest rate on deposits maturing in 271 days to less than a year has remained constant at 4.75 per cent. Federal Bank will now provide interest rates of 5.45 per cent and 5.60 per cent on term deposits maturing in one year or more but less than two years, while the bank will offer interest rates of 5.75 per cent and 5.85 per cent on deposits maturing in two years to 749 days and 750 days respectively.

Fixed deposits maturing in 2222 days will now pay 5.95 per cent interest, and deposits maturing in 751 days to 2221 days will now offer 5.75 per cent interest. On term deposits maturing in 2223 days to less than 75 months, 75 months, and above 75 months, Federal Bank is now providing interest rates of 5.75 per cent, 5.95 per cent, and 5.75 per cent respectively. Federal Bank will continue to offer an additional rate of 0.50% over the regular rate to senior citizens and following the interest rate revision, senior citizens will now get a maximum interest rate of 6.60% on deposits maturing in 2222 days and 75 months respectively.

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Federal Bank FD Rates 2022 (federalbank.co.in)

The interest rates on fixed deposits have also increased by DCB Bank and ICICI Bank. This announcement has been made today on June 22, 2022, by both private sector banks. Following the adjustment, DCB Bank increased interest rates by 10 bps on a select number of tenors and ICICI Bank increased interest rates by 5 bps on a relative handful of tenors of fixed deposits below 2 Cr.

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