Federal Bank FD Rates 2024: Features and Interest Rates (2024)

FAQs

What is the new FD rates in Federal Bank? ›

Fixed Deposit Interest Rates 2024

Currently, FD interest rates of scheduled banks range from 2.50% p.a. to 9.00% p.a. for regular depositors for tenures ranging from 7 days to 10 years. Small Finance Banks and NBFCs offer the highest FD interest rates.

SBI offers NRE FD rates between 6.80% to 7.10% for tenure ranging from 1 year to 10 years. The highest interest rate of 7.10% is offered on 400 Days (AMRIT KALASH). The rates are effective from December 27, 2023. HDFC Bank offers NRE FD rates between 6.60% to 7.20% for tenure ranging from 1 year to 10 years.

Key Features of Federal Bank Fixed Deposit

Minimum and maximum investment: The minimum investment in Federal Bank FD is INR 1,000. However, there is no limit on the maximum amount of investment in Federal Bank FD except for the tax-saving FD, which is INR 1.5 lakhs.

The Federal Reserve has decided to hold interest rates steady after its meeting on June 11 and 12, 2024. The federal funds target rate has remained at 5.25% to 5.5% since July 2023.

The mortgage rate forecast for 2024 is that rates are expected to go down, although it may take longer than had previously been hoped. In June 2024, we're seeing a mixed picture with the best mortgage rates on fixed rate mortgages; some are nudging up while others are being trimmed.

Best 6-month fixed deposit rates in July 2024 is 3.40% by SBI ($50,000 required) or 3.35% by CIMB. Best 3-month fixed deposit rates in July 2024 is 3.50% by Bank of China (min deposit of $500 only) or 3.40% by ICBC.

Federal Bank offers FD interest rates of 3.00-7.40% p.a. to the general public and 3.50-7.90% p.a. to senior citizens on tenures ranging from 7 days to 2223 days & above.

Which NRI account is best in India? ›

NRIs can open fixed deposits in India. Two main types of fixed deposit they can open are NRE and NRO fixed deposits. NRI FDs offer several benefits. NRI fixed deposit rates in India are at par with FD rates of residents.

Federal Bank offers the Fixed Deposit (FD) scheme at interest rates ranging from 3.00% p.a. to 7.40% p.a. The tenure of the FD account ranges between 7 days and 10 years. Apart from Indian residents, the bank offers the scheme for Non-Resident Indians (NRIs) as well.

Premature Withdrawal of Term Deposit

The bank will pay the rate for the term deposit remained, after it has deducted 1%. 1% will be levied for preclosure including deposits that are closed for reinvestment. The penalty for premature withdrawal of deposits is not applicable for single deposits of Rs. 1 crore and more.

You do not need to worry about fixed deposit security in India, banks fall under different categories like the private sector, public sector, co-operative banks and foreign banks. All these banks offer FDs, and all of them are covered by deposit insurance.

BOI FD Rates

On deposits maturing in 777 days, BOI will now pay an interest rate of 7.25% and on those maturing in 3 years to 5 years, BOI will now pay an interest rate of 6.25%. Fixed deposits maturing in 5 years to 10 years will now pay an interest rate of 5.75%.