A Recurring deposit account with Federal Bank can be opened for a minimum deposit of Rs.50. The bank offers two types of recurring deposit schemes namely -
- Federal Savings Fund
- Millionaire Federal Savings Fund
There is no cap on the maximum amount when it comes to depositing in the RD accounts offered by the bank. Federal Bank also offer customers loan facility against the balance in the recurring deposit. The tenure for which you can open an RD account with the bank ranges between 6 months and 10 years. Listed below are the tenures and interest rates offered by Federal Bank when it comes to recurring deposits:
|Deposit Tenure||Interest rate offered to General Public (p.a.)||Interest rate offered by Senior Citizens (p.a.)|
|181 days to less than 12 months||6.50%||7%|
|12 months to 24 months||7.30%||7.80%|
|24 months 1 day to less than 36 months||7.40%||7.90%|
|More than 36 months||7.25%||7.75%|
Federal Bank Short-Term Recurring Deposit Interest Rates
Short-term recurring deposits are those which have a tenure of 181 days to less than 12 months. The interest offered on such RDs by the bank is 6.50% p.a. to general citizens and 7% p.a. to senior citizens.
Federal Bank Medium Term Recurring Deposit Interest Rates
For medium term recurring deposits, general citizens are offered interest in the range of 7.30% - 7.40% p.a. Citizens who are above the age of 60 years are offered in the range of 7.80% to 7.90% p.a. Medium-term RDs are those which have deposit tenures of 12 months to 36 months.
Federal Bank Long Term Recurring Deposit Interest Rates
Long term Recurring Deposits are those which have a deposit above 36 months. The interest paid by Federal Bank to general citizens on such deposits is 7.25% p.a. Senior citizens are offered 7.75% p.a. for investing in long-term RDs. The maximum tenure offered by the bank to citizens when it comes to long term recurring deposits is 7.75% p.a.
More you need to know about Recurring Deposit
- Compare Recurring Deposit Rates of Federal Bank with Other Banks and Institutions
- Check Features and Schemes of Federal Bank Recurring Deposit