Federal Bank allows you to open a recurring deposit account with the bank. A Recurring deposit account can be opened with a minimum deposit of Rs.50.
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 RD when it comes to recurring deposits:
| Period | Interest Rate (p.a) for general citizens | Interest Rate (p.a.) for senior citizens |
|---|
| 181 days to 270 days | 4.00% p.a. | 4.50% p.a. |
| 271 days to less than 1 year | 4.40% p.a. | 4.90% p.a. |
| 1 year to less than 16 months | 5.10% p.a. | 5.60% p.a. |
| 16 months | 5.35% p.a. | 5.85% p.a. |
| Above 16 months to less than 2 years | 5.10% p.a. | 5.60% p.a. |
| 2 years to less than 5 years | 5.35% p.a. | 5.85% p.a. |
| 5 years and above | 5.50% p.a. | 6.00% p.a. |
Note: The mentioned interest rates are for deposit below Rs.2 crore and are effective 19 January 2021.
Know more about Recurring Deposit
Federal Bank Short-Term Recurring Deposit Interest Rates
Short-term recurring deposits are those which have a tenure between 181 days to less than 1 year. The interest offered on such RDs by the bank is in the range of 4.00% p.a. to 4.40% p.a. for to general citizens. Senior citizens are offered between 4.50% p.a. and 4.90% p.a.
Federal Bank Medium Term Recurring Deposit Interest Rates
For medium term recurring deposits, general citizens are offered interest in the range of 5.10% p.a. and 5.35% p.a. Citizens above the age of 60 years are offered between 5.60% p.a. and 5.85% p.a. Medium-term RDs are those which have a deposit tenure between 12 months and 36 months.
Federal Bank Long Term Recurring Deposit Interest Rates
Long term Recurring Deposits are those which have a deposit tenure above 24 months. The interest paid by Federal Bank to general citizens on such deposits is 5.35% p.a. to 5.50% p.a. Senior citizens are offered the same between the range of 5.85% p.a. to 6.00% p.a.
FAQs on Federal Bank Recurring Deposit Interest Rates
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Who is eligible to open a Federal Bank Recurring Deposit account?
A Federal Bank Recurring Deposit account can be opened by:
- Individuals
- By the guardian on behalf of a minor
- Hindu Undivided Families (HUFs)
- Associations/Clubs
- Joint stock companies
- Sole proprietaries
- Firms
- Any other entity that has not been prohibited by the Reserve Bank of India
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Is it possible to change the tenure of the Recurring Deposit account?
No, it is not possible to change the tenure of the Recurring Deposit account.
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Can I pay an additional amount towards the Recurring Deposit account?
No, you cannot pay an additional amount towards the Recurring Deposit account.
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Can the interest be withdrawn before the account matures?
No, the interest that has been generated cannot be withdrawn before the RD account matures.
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Can I avail a loan against the RD account?
Yes, loans can be availed against the money that is available in the account.
RD Interest Rate Pages
- United Bank RD Interest Rates
- Uco Bank RD Interest Rates
- Allahabad Bank RD Interest Rates
- Central Bank RD Interest Rates
- Federal Bank RD Interest Rates
- Indian Bank RD Interest Rates
- Andhra Bank RD Interest Rates
- Kotak Mahindra RD Interest Rates
- Syndicate Bank RD Interest Rates
- IOB RD Interest Rates
- City Union Bank RD Interest Rates
- Citybank RD Interest Rates
- Indusind Bank RD Interest Rates
- Corporation Bank RD Interest Rates
- BOM RD Interest Rates
News About Federal Bank Recurring Deposit
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Federal Bank Revises RD Interest Rates
Federal Bank is one of the leading banks in India today. Recently, the bank decided to revise its recurring deposit interest rates. Depositors can now earn 7.15% p.a. for a tenure of 1 year to below 3 years. People who own a Federal Bank RD with a tenure of 3 years can earn an interest of 7.35% p.a. and people who own a RD with a tenure of more than 3 years can earn an interest rate of 7.1% p.a.
1 December 2016
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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.
2 March 2016
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