Federal Bank has announced to increase interest rates on FDs up to Rs 2 crore. This increase has been made on deposits of all tenors. Federal Bank has said that interest rates on deposits from 7 days to 2,223 days will range from 2.65 percent to 5.75 percent.
New Delhi. After the increase in the repo rate and CRR (Cash Reserve Ratio), the process of increasing the interest rates on fixed deposits continues. Private sector Federal Bank has also increased FD interest rates. The new rates have become effective from May 16, 2022.
Federal Bank has announced to increase interest rates on FDs up to Rs 2 crore. This increase has been made on deposits of all tenors. Federal Bank has said that interest rates on deposits from 7 days to 2,223 days will range from 2.65 percent to 5.75 percent. Senior citizens will be given half a percent more interest.
Up to 25 basis points increase
Federal Bank will now give 2.65 percent interest on FDs of 7 to 29 days. Earlier, 2.5 percent interest was being given on this deposit, that is, it has increased by 15 basis points. Similarly, interest rate on deposits of 30 to 45 days has been increased by 25 basis points. It has increased from 3 per cent to 3.25 per cent. Federal Bank is offering interest at the rate of 3.65 percent on FDs with maturity of 46 days to 60 days and 3.75 percent on FDs of 61 days to 90 days. Earlier, the interest rate on deposits of 46 to 90 days was 3.25 percent.
The increase in these deposits
The bank is giving 4 percent and 4.25 percent interest on deposits of 91 to 119 days and 120 to 180 days respectively. Earlier, there was an interest rate of 3.75 per cent on term deposits of 91 days to 180 days. FDs of 181 days to 270 days and 271 days to one year will have an interest rate of 4.5 percent and 4.75 percent, respectively. Earlier the bank was giving 4.4 percent interest on deposits from 181 days to one year. 5.4 percent interest on deposits of 1 year to 549 days and 5.50 percent interest on FDs of 550 days will be given to investors. The rate of interest on deposits from 551 days to 2 years will be 5.40 percent. It has been announced to increase the interest rate on deposits from 2 years to 3 years to 5.35 percent and on deposits from 3 years to 5 years to 5.75 percent.
The interest rate on deposits ranging from 5 years to 2,221 days was earlier 5.6 percent. It has been increased by 15 basis points to 5.75 per cent. The interest rate on FDs maturing in 2222 days was earlier 5.6 percent, which has been increased by 20 basis points to 5.75.
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