After this change, the interest rate for money due from 7 days to 2223 days or more has been increased from 3.00 percent to 6.60 percent for general public. On the other hand, the interest rate for senior citizens will be increased from 3.50 percent to 7.25 percent.
Senior citizens will now get a maximum return of 7.75 per cent on fixed deposits with tenors of 15 months to two years. On the other hand, non-senior citizens will get a maximum return of 7.25 percent on fixed deposits. These new fixed deposit interest rates will be effective from 17 February 2023, according to the Federal Bank’s official website.
Federal Bank FD Rate
From now on, the Federal Bank will pay 3.00 percent interest on fixed deposits maturing between 7 and 29 days. An interest rate of 3.25 per cent has been announced on fixed deposits maturing between 30 and 45 days.
Fixed deposits with maturities ranging from 46 days to 60 days carry interest at the rate of 4.00 percent. Besides, fixed deposits maturing between 61 days and 90 days will earn interest at the rate of 4.25 percent.
Fixed deposits maturing between 91 and 119 days from now will earn interest at the rate of 4.50 percent. Fixed deposits maturing between 120 to 180 days will earn interest at the rate of 4.75 percent.
Fixed deposits maturing between 181 days to 270 days carry an interest rate of 5.75 per cent and fixed deposits maturing within 271 days to less than one year at the rate of 6.00 per cent.
The Reserve Bank of India’s Monetary Policy Committee (MPC) on February 8 hiked the repo rate by 25 basis points to 6.50 percent in an effort to curb inflation. As a result, several banks, including the Federal Bank, have announced an increase in interest rates on their fixed deposits.