If you are thinking of investing in Fixed Deposit ie FD, then there is important news for you. IDFC First Bank and Federal Bank have increased interest rates on fixed deposits (FDs).

If you are thinking of investing in Fixed Deposit ie FD, then there is important news for you. IDFC First Bank and Federal Bank have increased the interest rates on fixed deposits. Both the banks have increased the interest rates on fixed deposits with deposits of less than Rs 2 crore. The new interest rates will be applicable from 18 July 2022.

Federal Bank FD interest rates

Presently, an interest rate of 5.25 percent is available on FDs with a maturity of six months in a private bank. On the other hand, fixed deposits with a tenure of nine months are getting interest at the rate of 4.80 percent. Apart from this, FDs with one-year maturity have an interest rate of 5.45 percent. Whereas, fixed deposits with a maturity of two years will get interest at the rate of 5.75 percent.

The bank is giving interest at the rate of 6 percent on FDs with a tenor of 750 days. Whereas, FDs with a tenor of 2222 days and 75 months will get interest at the rate of 5.95 percent.

On the other hand, fixed deposits with a maturity of 750 days or less now have an interest rate of 6.00 percent. On term deposits with a maturity of three to six years, interest will come at the rate of 5.75 percent.

IDFC First Bank FD Interest Rates

IDFC First Bank offers an interest rate of 6.5 percent on FDs with the tenor of 500 days to two years. The bank will now get interest at the rate of 6.50 percent instead of 6.25 percent on FDs of three years one day to five years tenor.

Apart from this, let us tell you that this is important news for you if you have a fixed deposit account in Yes Bank. This bank has told its customers that if the F account is broken prematurely, then now more penalties will have to be paid. The fine was used earlier also, but now its amount has been increased. Premature withdrawal of FD is called premature withdrawal. This situation arises when the customer for some urgent reason closes his FD account before maturity and wants to take the money deposited in it.