Great news for customers of Federal Bank in the private sector! The bank has updated its fixed deposit rates, now offering an impressive interest rate of up to 8 percent per annum. The top rate is available for fixed deposits with a duration of 444 days. Following this update, general customers can earn a maximum of 7.5 percent interest, while senior citizens can enjoy rates of up to 8 percent. These new rates took effect on January 10, 2025.
Interest rates for different tenures are as follows:
For one-year deposits, general customers will receive 7.00 percent, while senior citizens will earn 7.50 percent. For two-year deposits, the rates are 7.15 percent for general customers and 7.65 percent for senior citizens. On three-year and four-year deposits, general customers will receive 7.10 percent, and senior citizens will earn 7.60 percent.
For five-year deposits, the interest rates are 7.10 percent for general customers and 7.60 percent for senior citizens. For deposits exceeding five years, the rates drop to 6.60 percent for general customers and 7.10 percent for senior citizens. Additionally, for fixed deposits with a tenure of 777 days, general customers can expect 7.40 percent interest, while senior citizens will receive 7.90 percent.
Federal Bank is certainly making strides in its offerings!
Federal Bank’s net profit for the September quarter climbed by 11 percent, reaching Rs 1,057 crore. In the same quarter last year, the bank reported a net profit of Rs 954 crore. Additionally, Federal Bank’s total income rose to Rs 7,541 crore, up from Rs 6,186 crore during the corresponding period last year.
In terms of interest income, the bank generated Rs 6,577 crore in the recent quarter, compared to Rs 5,455 crore in the same quarter a year earlier. Furthermore, the bank’s gross non-performing asset (NPA) ratio improved, decreasing to 2.09 percent from 2.26 percent year-over-year.
