Private banks will now give less interest to customers on FD. This step has been taken after the reduction in repo rate. Let us now know how much interest will be given on how many days’ tenure?
FD Rates Reduced: The fluctuations in the repo rate have a direct impact on the fixed deposits (Bank FD Rates). You have seen many changes in the banking sector for the past few days. Government, private and small finance banks have reduced the interest rates of FDs. On April 17, another private sector bank has given a shock. Yes, Federal Bank has changed the interest rate of term deposits of less than Rs 3 crore. Now customers will get less returns than before on some tenures.
Even after the amendment, Federal Bank is offering additional interest to senior citizens as compared to ordinary citizens. The interest rate is 0.50% higher for all tenures. At the same time, ordinary citizens are getting a minimum of 3% and a maximum of 7.30% interest on tenures ranging from 7 days to 10 years.
Highest return on tenure of this many days
The bank is offering the highest interest on FD of 444 days. The interest rate for general citizens is 7.30% and for senior citizens it is 7.80%. On the second place is FD of more than 1 year and 443 days, on this tenure general citizens are getting 7% and senior citizens are getting 7.50% return. Apart from 445 days to 5 years, interest of less than 7 percent is being given on all tenures. General citizens will get 6.85% interest on one year investment.
Interest rates as per tenure
7 days to 29 days – 3%
30 days to 45 days – 3.50%
46 to 90 days – 4.50%
91 to 180 days – 5%
181 days to 270 days – 6%
271 days to less than 1 year – 6.50%
1 year – 6.85%
1 year and above 443 days – 7%
444 days – 7.30%
445 days to 5 years – 7%
5 years and above 10 years – 6.50%
