New Delhi: A fixed deposit is regarded as one of the most secure and safe kinds of investment. It offers reasonable returns and flexibility in terms of withdrawals. This makes it an excellent choice for people looking for a secure place to park their money while earning interest. Banks change rates regularly for individuals seeking assured returns.
Federal Bank: Announcement
Following suit, on Founder's Day and amid the festive season, Federal Bank said that it has instituted exceptional interest rates on fixed deposits. (Also Read: Watch: People Doing Garba In Office Goes Viral Online; But Here's A Twist)
Federal Bank: Special FD Rate
According to the bank, the special rates are valid for 400 days and the highest rate provided is 8.15 percent. (Also Read: Do You Know About Google's CEO Sundar Pichai And His Wife Anjali's Love Story? Read About The Sparkling Tale Here)
Federal Bank is giving 8.15 percent to Senior Citizens for a 400-day term deposit that is non-withdrawable before maturity. In this tenure, the interest rate for regular residents is 7.65 percent.
Federal Bank: Fixed Deposit Rates
The bank stated that rates for such deposits with terms ranging from 13 to 21 months (excluding 400 days) are 8.05 percent for senior citizens and 7.55 percent for the general public, respectively.
Federal Bank: Fixed Deposit Rates When Withdrawn Before
Senior citizens are citizens over the age of 60, and they can benefit from a higher rate for deposits that can be withdrawn before maturity, which is 7.90 percent for 400 days and 7.80 percent for tenures ranging from 13 months to 21 months (excluding 400 days).
