Federal Bank offers a range of fixed deposit schemes to both regular as well as senior citizens. These schemes fulfill the short term and long term goals of investors likewise. Federal Bank FD rates are competitive in nature and thus lead to good returns. Let’s discuss the types and features of the schemes offered by the bank.
Table of Contents
Federal Bank FD Rates | ||
| Tenure | Regular Citizens | Senior Citizens |
| 7 days to 29 days | 2.5% | 3% |
| 30 days to 45 days | 2.75% | 3.25% |
| 46 days to 90 days | 3% | 3.5% |
| 91 days to 180 days | 3.75% | 4.25% |
| 181 days to 270 days | 4% | 4.5% |
| 271 days to less than 1 year | 4.4% | 4.9% |
| 1 year to less than 16 months | 5.1% | 5.6% |
| 16 Months | 5.5% | 6% |
| Above 16 months to less than 2 years | 5.1% | 5.6% |
| 2 years to less than 5 years | 5.35% | 5.85% |
| 5 years and above | 5.6% | 6.25% |
Note: The aforementioned rates are applicable to deposits less than Rs. 2 crores, effectively from 9th June 2021.
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| Tenure | Less than Rs. 2 crore |
| 1 year to less than 16 months | 5.1% |
| 16 Months | 5.5% |
| Above 16 months to less than 2 years | 5.1% |
| 2 years to less than 5 years | 5.35% |
| 5 years and above | 5.6% |
Note: The aforementioned interest rates are applicable with effect from 9th June 2021 for deposits below Rs. 2 crore.
| Tenure | Currency | ||||
| USD | GBP | CAD | AUD | SGD | |
| 1 year to less than 2 years | 0.8% | 0.77% | 0.63% | 0.33% | 0.71% |
| 2 years to less than 3 years | 0.94% | 0.92% | 0.89% | 0.49% | 0.91% |
| 3 years to less than 4 years | 1.17% | 1.06% | 1.14% | 0.65% | 1.17% |
| 4 years to less than 5 years | 1.34% | 1.17% | 1.36% | 0.88% | 1.37% |
| 5 Years only | 1.5% | 1.25% | 1.51% | 1.09% | 1.38% |
Note: The aforementioned interest rates (all in %) are effective from 1st July 2021.
| Deposit Tenure | USD | GBP | EURO | YEN | CAD | AUD | CHF | SGD |
| 6 months to less than 1 year | 0.8% | 0.77% | 0.05% | 0.05% | 0.63% | 0.33% | 0.14% | 0.51% |
| 1 year to less than 2 years | 0.8% | 0.77% | 0.05% | 0.05% | 0.63% | 0.33% | 0.14% | 0.51% |
| 2 years to less than 3 years | 0.94% | 0.92% | 0.05% | 0.05% | 0.89% | 0.49% | NA | 0.71% |
| 3 years only | 1.17% | 1.06% | 0.05% | 0.05% | 1.14% | 0.65% | NA | 0.97% |
Note: The aforementioned interest rates (all in%) are effective from 1st July 2021.
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The following types of fixed deposit schemes are offered by the Federal Bank:
1. Regular Fixed Deposit
Federal Bank provides its customers with the regular fixed deposit scheme which can be used to invest a lump sum amount of their choice for a specified tenure and earn interest. Following are some of the key features of the scheme:
| Particulars | Details |
| Tenure | 7 days – 10 years |
| Min. Deposit Amount | Rs. 1000 |
| Rate of Interest | Compounded quarterly; paid monthly, quarterly or annually |
| Rates for Senior Citizens | Additional 0.50% interest |
| Premature Withdrawal | Available |
| Loan against FD | Available; for up to 90% of deposit amount |
| Features |
|
2. Cash Certificate
The Cash Certificate scheme is a goal oriented deposit model by Federal Bank, which focuses on providing high interest to their customers. It is an ideal investment option for those looking to double their deposit amount in a limited period of time without significant risks. Features & benefits of the scheme are mentioned below:
| Particulars | Details |
| Tenure | 6 months – 10 years |
| Min. Deposit Amount | Rs. 1000 |
| Rate of Interest | Compounded quarterly; paid at maturity |
| Rates for Senior Citizens | Additional 0.50% rate of interest |
| Loan against FD | Available; for up to 90% of the deposit amount |
| Features |
|
3. Tax Saving Deposit
A good option for those looking to save tax, the Tax Saving Deposit scheme by Federal Bank aids investors to avail deduction under section 80C of the Income Tax Act, 1961. There is a lock-in period of 5 years before which deposit cannot be withdrawn. Read further to understand the scheme in detail:
| Particulars | Details |
| Tenure | 5 years (Lock-in period) |
| Deposit Amount | Rs. 100 – Rs. 1.5 lakh |
| Rate of Interest | Compounded quarterly; paid at maturity |
| Rates for Senior Citizens | Additional 0.50% interest |
| Premature Withdrawal | Not Available |
| Loan against FD | Not Available |
| Features |
|
Though investing in a fixed deposit leads to locking of money for a fixed period of time while earning interest on the same but in times of need, investors nowadays have the option of withdrawing the amount prematurely (i.e. before maturity date). For this, investors are liable to pay premature withdrawal penalty to the bank. Along with providing competitive fixed deposit interest rates, Federal Bank also provides this facility, thus leading to increased liquidity for investors.
Please note that the tax-saving FD scheme doesn’t come with the option.
Useful Article: Premature withdrawal Facility
While Federal Bank FD rates aid investors in maximizing their wealth, facilities like loan against FD lead to better options when they require. Investors can take loan against a portion of the balance in FD, say up to 90%. Using this facility, the investor will not be required to withdraw his / her FD and get the desired amount as a secured loan against it. It should be noted that the bank can recover the loan amount if the individual is not able to repay the amount within the stipulated time.
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For any scheme provided by the bank, it is imperative to know the prevailing Federal Bank FD interest rates. This leads to more accurate estimation of returns one shall receive at the time of maturity. Using the FD calculator available at Paisabazaar.com can help customers get a better idea of this.
Using this calculator requires one to provide the deposit amount (principal) and FD tenure along with the current Federal Bank FD rates. Click on the “Calculate” button to check the potential maturity amount that the investor can earn if stay invested for the mentioned tenure at the Federal Bank FD rate provided.
To open an FD with Federal Bank, customers are suggested to keep the following listed documents ready:
Note: This is not an exhaustive list.
In order to open a fixed deposit account with Federal Bank, customers must visit the nearby branch office of the bank. When visiting, it is suggested to take along the aforementioned documents so as to avoid any setbacks in the process.
Customers can also opt for a call back from the bank. Steps for the same are mentioned below:
Step 1: Visit the official website of Federal Bank.
Step 2: On the top of the homepage, click on ‘Personal’ tab and select ‘Deposits’ under the ‘Products’ vertical.
Step 3: A list of FD schemes offered by the bank shall be on the left side of the page. Click the preferred one.
Step 4: Click on ‘Request Call Back’ button.
Step 5: Fill the enquiry form with contact and location details and hit the submit button.
What information is required to use the Federal Bank FD calculator?
The account holder will be required to provide deposit amount, Federal Bank FD rates and deposit tenure to use the Federal Bank FD calculator.
Can investors withdraw from tax saving FD prematurely?
Premature withdrawal is not allowed for tax saving FD schemes.
Can one take a loan against a tax-saving FD?
No. Tax-saving FD schemes do not come with the option of taking a loan against the deposit amount.
How to update the PAN?
Updating PAN is mandatory for 5-year FD schemes. Investors need to visit the bank’s branch along with their PAN card and get it updated. It is advised to carry photocopies of PAN cards too.
Q. Are the Federal Bank FD schemes available for account holders only?
A. Any existing, as well as a non-existing customer of the bank, can opt for these schemes and reap benefits from competitive Federal Bank FD interest rates.
| Federal Bank revises its FD interest rates |
| 8 August, 2019 Federal Bank has revised its fixed deposit interest rates with effect from 6th August 2019. The bank is offering an interest of 5.00% for FDs maturities in 7 days to 60 days, 5.70% for maturities between 61 days to 90 days and 6.00% for maturities between 91 to 180 days. Moreover, the bank is providing an interest rate of 6.5% and 7% for FDs maturing in 1 year less than 20 months and above 20 months respectively. The bank is offering an interest rate of 7.25% for 20 months. |
