Senior Citizen Fixed Deposit Interest Rate Increased. Federal Bank offers up to 8.15% for 400 days

financialexpress.com:

Federal Bank today said it has introduced special interest rates for fixed deposits. The special rates have been announced in celebration of Founder’s Day and the festive season. The bank said that special rates are applicable for 400 days and the highest rate offered is 8.15%.

Federal Bank is offering 8.15% to Senior Citizens for a Term Deposit that is non-withdrawable before maturity for 400 days tenure. The interest rate for general citizens in this tenure is 7.65%. The bank said that rates for such deposits for a tenure between 13 months and 21 months (excluding 400 days) are 8.05% and 7.55% for senior citizens and the general public respectively.

Senior citizens are citizens aged above 60 years and they can enjoy a higher rate for deposits that are withdrawable before maturity at 7.90% for 400 days and 7.80% for tenure between 13 months and 21 months (excluding 400 days).

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“These special rates are designed to provide an extra edge to depositors during this festive season. Federal Bank, in its commitment to customer-centric offerings, presents these enhanced rates as a token of appreciation during the Founder’s Day celebration,” the bank said.