The rates below are for deposits of less than Rs. 100 lakhs. For deposits of Rs. 1 crore or more, please contact the bank for further details. The rates mentioned below are subject to change.
|Period||Less than Rs.100 Lakhs|
|271 days to less than 1 year||7|
|Above 1 year to less than 3 years||7.15|
|Above 3 years||7.1|
Get the Best Rates for a Federal Bank Recurring Deposit
A recurring deposit scheme helps save small amounts of money every month in order to achieve your goals or future needs. Choose an amount and term according to your financial affordability and convenience. Deposit as low as Rs. 50, in multiples of Rs. 10 thereof. There is no maximum limit specified. Standing instructions can be made to automatically deduct the deposit amount every month from your savings account. Loan against deposit is also available. The minimum tenure for RDs is 6 months and is capped at 10 years. The interest rates offered on an RD depends on the term and amount of the deposit.
Short term recurring deposits comprise of tenures between 6 months to less than 1 year. These deposits earn 7% per annum. NRIs are not eligible to open short term deposits. The minimum term is 1 year for NRI accounts.
Federal Bank Medium and Long Term Recurring Deposit Interest Rates
For medium term deposits, customers can earn 7.15% per annum. Medium terms are 1 year to less than 3 years. Long term deposits are taken for 3 years up to 10 years. These RDs earn 7.35% for the tenure of 3 years and 7.10% interest per annum for above 3 years.
Federal Bank Senior Citizen Recurring Deposit Interest Rates
Senior citizens are entitled to 0.50% additional interest above the regular rate. This bonus is given regardless of the tenure. Senior citizens can earn 7.5% per annum on short term deposits. For deposits between 1 year and 3 years, the interest given is 8.00% per annum. Deposits made for 3 years and above attract 8.00% per annum interest.
Federal Bank NRE/NRO Recurring Deposit Interest Rates
NRIs can open an RD scheme with Federal Bank for a period of 1 year minimum. Interest on a deposit made for less than 2 years earns 7.50% interest per annum. Deposits for 2 years and above earn 7.5% interest.
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
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- Recurring Deposit Interest Rates of All Banks
- Tax on RD
News About Federal Bank Recurring Deposit
Federal Bank Revises Recurring Deposit Rates
Federal Bank whose RD schemes are one of the most sought after investment products in the market, recently revised the interest rates. Federal Bank Recurring Deposit schemes are divided into three categories - for general customers, NRI customers and senior citizens. The bank’s general RD customers will now receive an interest rate of 7.5% per annum for tenures varying from 1 year to 10 years instead of 7.6% per annum. Senior citizens will receive an interest rate of 8% per annum instead of 8.1% per annum for RD tenures from 1 year to 10 years.
For NRI customers, the interest rate for RD tenures ranging from 1 year to less than 2 years has been revised to 7.5% per annum from 7.6% per annum. Interest rate of Recurring Deposit for senior citizens for a tenure of 6 months to 364 days remains the same at 7.5% per annum. For general customers, the interest rate for recurring deposit tenures ranging from 6 months to 364 days remains unchanged at 7% per annum.
2nd March 2016