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FD Rates Decreased: The changes in the repo rate affect the Fixed Deposits (FD Rates of Banks) FDs with the bank's interest rate. The entire banking system went under massive transitions in recent days as well. Government, private and even small finance banks have slashed the interest offered on FDs. On April 17 another blow was issued by the private sector bank. Yes, Federal Bank has revised the interest rates for the term deposits below 3 crores. Now customers will earn lesser returns than some of the earlier favorable past for few selected tenures.
It is still true that after the change these days, Federal Bank continues to pay additional interest to senior citizens relative to other citizens. For all tenures, that amount is 0.50% more. And the other citizens are also being paid a minimum of 3% and a maximum of 7.30% for the periods of 7 days to 10 years.Maximum return on deposit period of this many days
The bank has the best rate on an FD of 444 days. For the general public, the interest offered is 7.30% and 7.80% for senior citizens while junior citizens get 7.30%. Second place goes to an FD of more than 1 year and 443 days, on this tenure general citizens are getting 7% and senior citizens 7.50%. Other than 445 days to five years, all other tenures have interest less than 7%. A one-year investment will fetch general citizens 6.85% interest.
Interest rates grouped by the length of the term.
From 7 days to 29 days – 3%
From 30 days to 45 days – 3.50%
From 46 to 90 days – 4.50%
1 year to 6.85%
1 year up to 443 days -7%
444 days - 7.30%
445 days up to five years -7%
After five years up to ten years - 6.50%
Between 271 days to less than one year - 6.5%
One year above and up to 5 years 7%
After five years up to ten years 6.5%
And 5 years to 10 years -6.5%
