There is good news for private sector Federal Bank customers. The bank has revised its fixed deposit rates. After this amendment, Federal Bank is now offering interest up to 8 percent annually on FD. The highest interest is now being offered on FD with a tenure of 444 days. After the new amendment, a maximum interest of 7.5 percent is being offered to general customers and 8 percent to senior citizens. The new rates have been implemented from January 10, 2025.
How much interest is being received in different periods
According to the official website of Federal Bank, on one year deposits, Federal Bank is now offering 7.00 percent and 7.50 percent interest to general customers and senior citizens respectively. Similarly, on two-year deposits, the bank is offering 7.15 percent and 7.65 percent interest to general and senior citizens. On three-year and four-year deposits, the bank is now offering 7.10 percent interest to general citizens and 7.60 percent interest to senior citizens.
This much interest is being received on FD of 777 days
The bank is offering 7.10 percent interest to general citizens and 7.60 percent interest to senior citizens on deposits with a tenure of 5 years. On deposits of more than five years, the bank is offering 6.60 percent interest to general citizens and 7.10 percent interest to senior citizens. Similarly, on FD of 777 days, general customers are getting 7.40 percent interest and senior citizens are getting 7.90 percent interest.
Federal Bank performance
Federal Bank’s September quarter net profit increased by 11 percent to Rs 1,057 crore. The bank had reported a net profit of Rs 954 crore in the same period a year ago. Total income of Federal Bank increased to Rs 7,541 crore from Rs 6,186 crore in the same quarter last year. The bank earned interest income of Rs 6,577 crore during the quarter under review, compared to Rs 5,455 crore in the same period a year ago. During this period, the gross non-performing assets (NPA) of the bank decreased from 2.26 percent to 2.09 percent on an annual basis.
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