Federal Bank new interest rate: Federal Bank has revised its interest rates on savings accounts and fixed deposits of less than Rs 2 crore. As per the official website of the bank, the new rates are effective from today 17-05-2023. After the revision, the maximum rate of interest on fixed deposits is 7.25% for general public and 7.75% for senior citizens.
Federal Bank FD Rates
The bank is offering an interest rate of 3.00% on fixed deposits maturing in the next 7 to 29 days, and Federal Bank is offering an interest rate of 3.25% on deposits maturing in the next 30 to 45 days. The interest rates offered by Federal Bank are 4.00% for deposits of 46 days to 60 days and 4.75% for deposits of 61 days to 119 days.
Deposits maturing between 120 and 180 days will fetch an interest rate of 5.00%, while deposits maturing between 181 and 270 days will fetch an interest rate of 5.75%. The bank is offering an interest rate of 6.00% on fixed deposits maturing in less than one year in 271 days, and Federal Bank is offering an interest rate of 6.80% on deposits maturing in less than 15 months to a year Is.
Federal Bank is offering an interest rate of 6.75% on deposits of more than 2 years but less than 3 years and 7.25% on deposits of 15 months to 2 years. Deposits maturing in 3 to 5 years or more will now earn interest at the rate of 6.60%.
Federal Bank Savings Account Rates
Federal Bank’s savings account interest rates are linked to the repo rate. The current RBI repo rate is 6.50%, and considering interest rates are correlated with repo rates, they will fluctuate when the repo rate is adjusted by the RBI on a T+1 basis.
For the quarter ended March, Federal Bank reported a consolidated total revenue of ₹ 5,780.78 crore, an increase of 38.6% from ₹ 4,170.55 in the comparable quarter of FY22. Consolidated net profit increased by 62.4% to Rs 953.91 crore. Net profit on a stand-alone basis increased by 67% YoY to ₹ 902.61 crore in Q4FY23 from ₹ 540.54 crore in Q4FY22. From ₹ 3,948.24 to ₹ 5,454.60 crore, the total income increased by 38.2%.
