Private sector bank hikes interest rates on fixed deposits

Mumbai: Leading private sector lender in the country, Federal Bank has raised the interest rates on fixed deposits under Rs 2 crore. The new rates came to effect  from December 18, 2022.

The lender will give  interest rates on deposits maturing in 7 days to 2223 days or more ranging from 3.00% to 6.30% for the general public and 3.50% to 6.95% for senior citizens. Deposits with maturities between 18 months and 2 years will now earn a maximum interest rate of 7.75% for senior citizens and 7.25% for non-senior citizens.

The bank is now offering an interest rate of 3.00% on deposits that mature in 7 to 29 days, while deposits that mature in the next 30 to 45 days will get  an interest rate of 3.25% . Current interest rates offered by Federal Bank are 4.00% for FDs maturing in 46 days to 60 days and 4.25% for those maturing in 61 days to 90 days.

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Deposits maturing between 91 and 119 days will earn interest at a rate of 4.50%, while deposits maturing between 120 and 180 days will earn interest at a rate of 4.75%. On deposits maturing in 181 days to 270 days, the bank is now offering an interest rate of 5.75% and on those maturing in 271 days to less than 1 year, Federal Bank is now offering an interest rate of 6.00%.

The interest rates on resident term deposits also apply to NRO fixed deposits, federal savings accounts, federal tax savings accounts, and resident cash certificates.