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Federal Bank Fixed Deposit Rate
A Fixed Deposit (FD) is one of the most popular saving instruments provided by banks across the country. It is a much more consistent investment option that offers an interest rate higher than the regular savings account. On the specified due date, the interest and the principal amount is credited to your Fixed Deposit account automatically.
Fixed deposits with the Federal Bank have a minimum deposit period of 7 days and the maximum of 10 years. The bank has no restriction on the maximum amount that can be put in, but the minimum amount is Rs. 1000/-. There are two ways to open the deposit account – online or offline.
If you are already a customer, Fednet – Internet Banking account can be used to open cash certificate online. If the internet banking facility is not activated, it can be done by visiting the closest bank branch. Federal Bank offers interest rates on fixed deposits that are very competitive in the market.
Federal Bank has three different types of deposit that can be considered. A convenient Fixed Deposit scheme must be taken by you while deciding to open a Fixed Deposit account. Tax Saving Deposit and Millionaire Deposits are the different types of Fixed Deposit accounts available with the bank apart from the regular one.
About Federal Bank Fixed Deposit Rate
Federal Bank Tax Saving Fixed Deposit
Trying to save on Income Tax is a popular objective by most of the middle-class segment. The Federal Tax Savings Deposit is one of the most convenient and risk-free options available. Tax benefits under Section 80C of the Income Tax Act can be availed. If you have a joint account, the benefit of tax is applicable only to the first account holder. This type of Fixed Deposit has a fixed period of 5 years and a lock-in period of the same time.
Federal Bank Millionaire Deposits
The Federal Bank Millionaire Deposits savings fund is a one-of-its-kind recurring deposit plan wherein one must invest systematically over a period and at the end of the investment period, you become a millionaire on maturity. This option is available to both resident Indian and NRI customer. For an NRI customer, the amount of investment and returns is freely repatriable.
Interest Rate on Federal Bank Fixed Deposit Schemes
The Fixed Deposit rate of interest differs according to the investment amount, period for which it is deposited and the bank. The Fixed Deposit interest rates vary from 3.50% to 7.25% with the Federal Bank. With a Fixed Deposit investment, one cannot withdraw the money before maturity. At the time of maturity, the bank credits the original investment amount with the interest back into the bank account which has been specified at the time of opening the Fixed Deposit. The money that has been deposited attracts the same fixed rate of interest through the investment period except for floating rate deposit.
Federal Bank Fixed Deposit rates
The Fixed Deposit rates are applicable to the Federal Savings Fund, Federal Tax Savings Deposits and NRO Fixed Deposits.
An additional 0.50% interest rate is applicable to deposits of senior citizens for all tenures. ONR accounts are not eligible for this additional interest rate. The minimum tenure for earning any interest on your Fixed Deposit is 7 days.
The below mentioned interest rates are applicable in 2018. This is subject to change by the bank at any point of time.
Deposits less than Rs. 100 lakhs
| Period | Less than Rs. 100 lakhs |
|---|---|
| 7 days to 14 days | 3.50% |
| 15 days to 29 days | 4.50% |
| 30 days to 60 days | 5.00% |
| 61 days to 90 days | 5.70% |
| 91 days to 119 days | 6.00% |
| 120 days to less than 1 year | 6.50% |
| 1 year to 549 days | 7.00% |
| 550 days | 7.50% |
| 551 Days to 2 years | 7.00% |
| Above 2 years | 7.25% |
Effective Annualized Rate of Return For single deposits of less than ₹100 Lakhs
| Resident & ONR Term Deposits | Resident Senior Citizens | |||
|---|---|---|---|---|
| Period | Interest Rate (%) | Annualized yield (%) | Interest Rate (%) | Annualized yield (%) |
| 6 months | 6.5 | 6.55 | 7 | 7.06 |
| 1 year | 7 | 7.19 | 7.5 | 7.71 |
| 550 days | 7.5 | 7.86 | 8 | 8.41 |
| 2 years | 7 | 7.44 | 7.5 | 8.01 |
| 3 years | 7.25 | 8.02 | 7.75 | 8.63 |
| 4 years | 7.25 | 8.32 | 7.75 | 8.98 |
| 5 years | 7.25 | 8.65 | 7.75 | 9.36 |
| 6 years | 7.25 | 8.98 | 7.75 | 9.75 |
| 7 years | 7.25 | 9.34 | 7.75 | 10.16 |
| 8 years | 7.25 | 9.71 | 7.75 | 10.60 |
| 9 years | 7.25 | 10.10 | 7.75 | 11.06 |
| 10 years | 7.25 | 10.51 | 7.75 | 11.55 |
NRE Term Deposits
| Period | Interest Rate (%) | Annualized yield (%) |
|---|---|---|
| 1 year | 7 | 7.19 |
| 2 years | 7 | 7.44 |
| 3 years | 7.25 | 8.02 |
| 4 years | 7.25 | 8.32 |
| 5 years | 7.25 | 8.65 |
| 6 years | 7.25 | 8.98 |
| 7 years | 7.25 | 9.34 |
| 8 years | 7.25 | 9.71 |
| 9 years | 7.25 | 10.10 |
| 10 years | 7.25 | 10.51 |
Interest rates for Resident Term Deposits of Rs.1 crore and above
| Period | Deposit of Rs.1 crore to Rs.5 crore | Deposit of above Rs.5 crore to Rs.25 crore | Deposit of above Rs.25 crore to Rs.50 crore | Deposit of above Rs.50 crore |
|---|---|---|---|---|
| 7 days to 14 days | 4.50% | 4.50% | 4.50% | 4.50% |
| 15 days to 29 days | 5.75% | 5.75% | 5.75% | 5.75% |
| 30 days to 45 days | 6.25% | 6.25% | 6.25% | 6.25% |
| 46 days to 60 days | 6.50% | 6.50% | 6.50% | 6.50% |
| 61 days to 90 days | 6.50% | 6.50% | 6.50% | 6.50% |
| 91 days to 120 days | 6.75% | 6.75% | 6.75% | 6.75% |
| 121 days to 180 days | 7.00% | 7.00% | 7.00% | 7.00% |
| 181 days to 270 days | 7.25% | 7.25% | 7.25% | 7.25% |
| 271 days to 360 days | 7.35% | 7.35% | 7.35% | 7.35% |
| 361 days to 364 days | 7.35% | 7.35% | 7.35% | 7.35% |
| 1 year | 7.35% | 7.35% | 7.35% | 7.90% |
| 1 year 1 day to 370 days | 7.50% | 7.50% | 7.50% | 7.50% |
| 371 days to 375 days | 7.50% | 7.50% | 7.50% | 7.50% |
| 376 days to 380 days | 7.50% | 7.50% | 7.50% | 7.50% |
| 381 days to 18 months | 7.50% | 7.50% | 7.50% | 7.50% |
| Above 18 months to 2 years | 7.80% | 7.60% | 7.60% | 7.60% |
| Above 2 years to 3 years | 7.50% | 7.30% | 7.30% | 7.30% |
| Above 3 years to 5 years | 7.00% | 7.00% | 7.00% | 7.00% |
| Above 5 years | 6.90% | 6.90% | 6.90% | 6.90% |
Interest rates for NRE Term Deposits of Rs.1 crore and above
| Period | Deposit of Rs.1 crore to Rs.5 crore | Deposit of above Rs.5 crore to Rs.25 crore | Deposit of above Rs.25 crore to Rs.50 crore | Deposit of above Rs.50 crore |
|---|---|---|---|---|
| 1 year | 7.25% | 7.25% | 7.25% | 7.25% |
| Above 1 year to 18 months | 7.35% | 7.35% | 7.35% | 7.35% |
| Above 18 months to 2 years | 7.80% | 7.60% | 7.60% | 7.60% |
| Above 2 years to 3 years | 7.50% | 7.30% | 7.30% | 7.30% |
| Above 3 years to 5 years | 7.00% | 7.00% | 7.00% | 7.00% |
| Above 5 years | 6.90% | 6.90% | 6.90% | 6.90% |
Interest rates for Resident Term Deposits (Non – Withdrawable) of Rs.1 crore and above
| Period | Deposit of Rs.1 crore to Rs.5 crore | Deposit of above Rs.5 crore to Rs.25 crore | Deposit of above Rs.25 crore to Rs.50 crore | Deposit of above Rs.50 crore |
|---|---|---|---|---|
| 91 days to 120 days | 7.00% | 7.00% | 7.00% | 7.00% |
| 121 days to 180 days | 7.25% | 7.25% | 7.25% | 7.25% |
| 181 days to 270 days | 7.50% | 7.50% | 7.50% | 7.50% |
| 271 days to 360 days | 7.50% | 7.50% | 7.50% | 7.50% |
| 361 days to 364 days | 7.55% | 7.55% | 7.55% | 7.55% |
| 1 year | 7.80% | 7.80% | 7.60% | 7.60% |
| 1 year 1 day to 370 days | 7.80% | 7.80% | 7.60% | 7.60% |
| 371 days to 375 days | 7.80% | 7.80% | 7.60% | 7.60% |
| 376 days to 380 days | 7.80% | 7.80% | 7.60% | 7.60% |
| 381 days to 18 months | 7.80% | 7.80% | 7.60% | 7.60% |
| Above 18 months to 2 years | 8.00% | 7.95% | 7.70% | 7.70% |
| Above 2 years to 3 years | 7.80% | 7.80% | 7.40% | 7.40% |
| Above 3 years to 5 years | 7.20% | 7.20% | 7.20% | 7.20% |
How to Calculate Federal Bank Fixed Deposit Interest Rate
The Federal Bank website offers a calculator to calculate the interest applicable on your Fixed Deposit. It is based on the deposit amount, rate of interest and deposit period. You need to simply enter the figures in the given space and click on “Calculate”. It will generate the monthly interest earned on your Fixed Deposit. The actual payment may vary as the calculator will give an estimated value.
Federal Bank Fixed Deposit Premature Withdrawal Penalty
It is possible to break your Fixed Deposit in case of emergency requirement. However, the bank may charge a penalty for this premature withdrawal. For principal amount up to Rs. 15 Lakhs, there is no charge for a period of less than 45 days. For more than 45 days, a 1% penalty is levied. If the principal amount is more than Rs. 15 lakhs, 1% charge is applicable in this case for periods less than 45 days and more than 45 days too.
Federal Bank Fixed Deposit Rate FAQ
1. Who is eligible for opening a Fixed Deposit with Federal Bank?
The following entities can open a Fixed Deposit account with Federal Bank:
- Individuals
- Individuals jointly with other individuals
- Minors
- HUF
- Sole proprietary concerns
- Clubs/Associations
- Firms
- Joint stock companies
- Any other entity not prohibited by the RBI
2. What are the advantages for opening a Fixed Deposit with the Federal Bank?
One can open a Fixed Deposit for a minimum period of 7 days and a long term as 10 years. Interest can be withdrawn on a monthly, quarterly, semi-annually or annual basis. Loan can be availed against Fixed Deposit account.
3. Is TDS applicable on the interest earned through Fixed Deposit?
Yes, TDS is applicable on any kind of Fixed Deposit. This is deducted from the interest that is directly credited to the account.
4. Is it possible to withdraw prematurely from my Fixed Deposit account?
Yes, it is possible to withdraw your Fixed Deposit before the maturity period. This premature withdrawal may attract penalty charges depending on the type and period of the investment.
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