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Federal Bank amends bank savings deposit rates: Details here


Federal Bank, a private sector lender, has revised the interest rates on savings bank accounts. According to the bank’s official website, the new rate takes effect on October 29, 2022. The Federal Bank savings account interest rate linked to the repo rate is currently 5.90%. Since interest rates are linked to repo rates, they fluctuate whenever the RBI modifies the repo rate.

Federal Bank Savings Account Interest

For bank savings deposits with a smaller balance at the end of the day 50,000, the bank offers an interest rate 2.90% lower than RBI’s repo rate and for bank savings deposits with a closing balance of 5 thousand to less 50,000, Federal Bank offers 2.90% less than RBI’s rate of return for amounts up to and including 1 lakh and less than 2.85% of RBI repo rate for above remaining balance 1 thousand.

Savings deposit with a balance at the end of the day is 50 thousand to less 5 Crores, the bank offers less than 2.90% RBI return rate for funds up to and including 1 lakh and less than 2.80% of RBI repo rate for the remaining balance above 1 thousand. Federal Bank offers an interest rate 2.90% lower than the RBI rebate rate for amounts up to and including 1Lakh and less than 0.40% of RBI repo rate for above remaining balance 1Lakh on savings account balance of 5 Crores to smaller 50 Crores.

The bank offers an interest rate of 2.90% lower than the RBI rebate rate for amounts up to and including 1Lakh and above 0.10% RBI repo rate for the above remaining balance 1Lakh on savings account with ending balance of 50 Crores to smaller 150 Crores. On a savings account, the balance at the end of the period of 150 Crores or more, the bank will now offer an interest rate 2.90% lower than the RBI repo rate on funds up to and including 1Lakh and less than 1.15% of RBI repo rate for above remaining balance 1 Lakh.

Federal Bank Savings Account Interest

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Federal Bank Savings Account Interest (Federalbank.co.in)

The Federal Bank has mentioned on its website that “Since the interest rate is linked to the Repo rate, the interest rate will change as and when the Repo Rate is modified by the RBI on a T+1 basis. Rates like mentioned above will be charged on daily End of Day balance maintained in Savings Bank account (Permanent/NRE/ONR) and same amount will be credited to respective accounts quarterly . “

On the other hand, Bank of India interest rates increase for fixed deposits under 2 crore on Saturday, October 29. The bank raised interest rates on deposits with a term of 1 year to 5 years or more after adjusting it up to 90 bps. Deposits with a term of 2 years to less than 3 years will now receive a maximum interest rate of 6.50% at Bank of India as a result of today’s amendment.

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