Federal Bank hikes FD rates; these fixed deposit investors can earn up to 8.25% interest rate

Federal Bank has hiked the fixed deposit interest rate on certain tenures for both resident and non-resident accounts, effective January 17, 2024.

According to the Federal Bank press release, “Interest Rate for 500 days is increased to 7.75% and 8.25 % for resident senior citizens. Interest rate for non-withdrawable fixed deposits for 500 days is increased to 7.90% and for resident senior citizens, Federal Bank is now offering a maximum return of 8.40% for 500 days tenures.”

All About Tax-Saving

Tenure	Withdrawable before maturity (Less than 2 Cr)		Non-withdrawable before maturity (Above 1 Cr – Less than 2 Cr)
	General Public (NR & Resident)	Resident Senior Citizen	General Public (NR & Resident)	Resident Senior Citizen
500 Days	7.75%	8.25%	7.90%	8.40%

Latest Federal Bank FD interest rates
Federal Bank after the revision offers fixed deposit interest rates between 3% to 7.75% for general citizens on tenure ranging from 7 days to 10 years. For senior citizens, the bank offers interest rate between 3.50% to 8.25%. The rates are effective from January 17, 2024.

Period	Single Deposit Less than ₹200 Lakhs - General Public	Single Deposit Less than ₹200 Lakhs - Senior Citizen
7 days to 29 days	3.00%	3.50%
30 days to 45 days	3.25%	3.75%
46 days to 60 days	4.00%	4.50%
61 days to 119 days	4.75%	5.25%
120 days to 180 days	5.00%	5.50%
181 days to 270 days	5.75%	6.25%
271 days to less than 1 year	6.00%	6.50%
1 year to less than 13 months	6.80%	7.30%
13 months to 499 days	7.30%	7.80%
500 days	7.75%	8.25%
501 days to 21 months	7.30%	7.80%
Above 21 months to less than 3 years	7.05%	7.55%
3 years to less than 5 years	7.00%	7.50%
5 years and above	6.60%	7.25%

IDBI Bank
IDBI Bank also revised FD interest rates . IDBI Bank after the revision offers fixed deposit interest rates between 3% to 7%( excluding special Utsav deposit) for general citizens on tenure ranging from 7 days to 10 years. For senior citizens, the bank offers interest rates between 3.50% to 7.50%. The rates are effective from January 17, 2024.

IDBI Bank special FD interest rate

Interest Rate (% p.a.)
Special Buckets	General/NRE/NRO	Senior Citizens
375 Days	7.1	7.6
444 Days	7.25	7.75