Bank FD Rates: 15-month FD offers 7.10% return; this private bank revises interest rates

 

Another private bank has revised its fixed deposit interest rates. Senior citizens are now earning 7% or more returns on various tenures. Let’s find out how much interest will be earned on investments for how long?

Bank FD Rates: Private sector bank Federal Bank has joined the list of banks that revised their fixed deposit interest rates (Bank FD Rates) in November. The bank has revised the interest rate on resident term deposits. The new rates have also been implemented for FDs of less than ₹3 crore. Even after the revision, the bank is offering an additional 50 bps interest rate to senior citizens. General citizens receive a minimum interest rate of 3% and a maximum of 6.70%. Interest rates for senior citizens range from 3.50% to 7.20%.

Anyone can open an FD account with an investment of just ₹1,000. The bank also offers automatic renewal, allowing for premature withdrawal, and nomination. Furthermore, the bank offers loans for certain tenures.

The highest interest rate will be earned on investments of this length.

The bank is offering the highest interest rate on 36-month FDs. All tenures over 1 year offer interest rates of over 6%. The bank offers 6.60% for general citizens. The interest rate for those over 60 is 7.10%. All banks revise their fixed deposit interest rates from time to time. Therefore, it is recommended to visit the bank’s official website or nearest branch.

Annuity Deposit Interest Rates

The bank has also implemented new interest rates for annuity deposits, effective November 17th. For deposits with tenures ranging from 5 to 10 years, the general public is offered 6.50% interest. For senior citizens, the interest rate is 7%. For deposits with tenures of more than 10 years and up to 20 years, the bank is offering 6% interest to the general public and 6.15% return to senior citizens. This benefit is available only to resident individuals. Investments are allowed for 5 to 20 years. The deposit amount must be between ₹15 lakh and less than ₹2 crore.

Tenure and Interest Rates

7 days to 29 days – 3%
30 days to 45 days – 3.25%
46 to 90 days – 4.25%
91 days to 180 days – 4.50%
181 days – 6%
182 days to 270 days – 5.50%
271 days to less than 1 year – 5.90%
1 year – 6.25%
More than 1 year and less than 15 months – 6.50%
15 months – 6.60%
More than 15 months and less than 36 months – 6.50%
36 months – 6.70%
More than 36 months and up to 10 years – 6.50%
More than 10 years and up to 20 years – 6%