For fixed deposits with maturities ranging from 7 days to 10 years, the bank is now offering interest rates that vary from 3.00% to 6.00% for the general public and from 3.50% to 6.65% for senior citizens.
Source: Bank website
According to the Federal Bank website, “Resident Term Deposits interest rates are also applicable to Resident Cash Certificate, Federal Savings Fund, Federal Tax Savings Deposits and NRO Fixed Deposits”
Premature withdrawal penalty charges
Federal Fixed Deposit scheme features and benefits
- Minimum deposit amount for Fixed deposit is just Rs. 1000/-
- There is no maximum amount for Fixed deposit
- Interest can be withdrawn on specific frequencies as either monthly or quarterly or annually
- Fixed deposits have the automatic renewal facility
- On the due date, interest and principal amount will be credited to your Federal Bank Savings account automatically.
- You can opt for monthly, half-yearly, quarterly or yearly interest payments, automatic renewals, automatic credit of interest and principal to your account on due dates etc
- Nomination facility is available
- You can get loan against Fixed deposits up to 90% of deposit
- Fixed deposits have a minimum deposit period of 7 days and maximum deposit period is 10 years.