To control the rising inflation in India, RBI has increased the repo rate at frequent intervals. Since the month of May 2022, till now the repo rate has been increased a total of 5 times. After this increase in the repo rate, most of the banks in the country have increased their Fixed Deposit (FD) rate and Savings Accounts rate. After this increase, the customers of the bank are getting more interest than before on their deposits. In this sequence, private sector lender Federal Bank has increased its savings account rates and FD rates of less than Rs 2 crore. The increased new interest rates are applicable from January 16.
New savings account rates of federal bank
After the increase in the interest rate, Federal Bank is paying 3.20% interest to its customers on deposits of less than Rs 5 lakh. The same bank is paying 3.15% interest on deposits between Rs 5 lakh and less than Rs 50 lakh and 3% on deposits between Rs 50 lakh and less than Rs 5 crore. On the other hand, the bank is paying 3.20% interest on deposits of less than Rs 1 lakh. The repo rate now stands at 6.25% after the RBI has increased it at frequent intervals.
Federal Bank increased FD rates
On the other hand, after the increase in bank FD rates, 3% on FDs of 7 days to 29 days, 3.25% on FDs of 30 days to 45 days, 4% on FDs of 45 days to 60 days, FDs of 61 days to 90 days 4.25%, 4.50% on FDs of 91 days to 120 days, 4.75% on FDs of 120 days to 180 days, 5.75% on FDs of 181 days to 270 days and 6% on FDs of 271 days to less than 1 year paying interest.
Highest 7.25% interest is available here
On the other hand, Federal Bank 6.75% on FDs of 1 year, 6.60% on FDs above 1 year and less than 18 months, 7.25% on FDs from 18 months to 2 years, FDs above 2 years and less than 3 years. 6.75%, 6.75% on FDs of more than 3 years and less than 5 years, 6.30% on FDs of 5 years to 2221 days, 6.40% on FDs of 2222 days and 6.30% on FDs of 2223 days and above. paying interest.
