Federal Bank Raises Fixed Deposit Rates For Residents & Non-Residents
Federal Bank, on Thursday, said that it has revised the Fixed Deposit for residents and non-residents, effective as of 5 December 2023.
The updated rate for 500-day deposits is now set at 7.50 per cent for both resident and non-resident deposits. Non-withdrawable fixed deposits of the same duration carry an interest rate of 7.65 per cent. Senior citizens are eligible for a maximum return of 8.15 per cent for 500-day tenures and 7.80 per cent for tenures ranging from 21 months to less than three years.
The following table provides details of the new fixed deposit interest rates:
Duration Regular Rate (%) Senior Citizen Rate (%)
| 500 days | 7.50 | 8.15 |
| 21 months to < 3 years | 7.80 | 7.80 |
Moreover, there have been upward revisions in the interest rates for Foreign Currency Non-Resident (FCNR) and Resident Foreign Currency (RFC), with additional details outlined below.
