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Updated 15 Dec 2023
Financial security in the golden years is a priority for many. Recognizing this, Federal Bank offers special Fixed Deposit schemes tailored for senior citizens, ensuring they get the most out of their savings. With attractive interest rates typically higher than regular deposits, Federal Bank's senior citizen FD rates aim to provide a lucrative savings avenue.
This introduction delves into the nuances of these FD rates in Federal Bank, exploring their benefits, features, and why they are a preferred choice for many in their post-retirement phase. Dive in to learn more about maximizing your returns with Federal Bank.
Interest rates for Resident Term Deposits effective from 17-05-2023 (Rates in % p.a)
| Period | Single Deposit Less than ₹200 Lakhs - Senior Citizen |
|---|---|
| 7 days to 29 days | 3.50% |
| 30 days to 45 days | 3.75% |
| 46 days to 60 days | 4.50% |
| 61 days to 90 days | 5.25% |
| 91 days to 119 days | 5.25% |
| 120 days to 180 days | 5.50% |
| 181 days to 270 days | 6.25% |
| 271 days to less than 1 year | 6.50% |
| 1 year to less than 15 months | 7.30% |
| 15 months to 2 years | 7.75% |
| Above 2 years to less than 3 years | 7.25% |
| 3 years to less than 5 years | 7.10% |
| 5 years and above | 7.25% |
The eligibility criteria for the senior citizen FDs is that they need to be at least or above the age of 60 on the day of opening the FD account. They typically need to be residents to open a senior citizen FD; However, NRIs can also open accounts through NRE and NRO accounts.
The documentation required is similar to that of a normal FD account opening. One metric being essential is your age proof.
Identity Proofs
Address Proof
Age proof is mandatory to avail of a Senior Citizen FD account.
What special interest rates are offered to senior citizens by Federal Bank on FDs?
Federal Bank typically offers senior citizens a higher interest rate on FDs than regular deposits. The exact rate might vary based on the deposit tenure and prevailing economic conditions.
Who qualifies as a senior citizen at Federal Bank?
Generally, individuals aged 60 years and above are considered as senior citizens by most banks, including Federal Bank.
Is there a specific tenure for senior citizen FDs at Federal Bank?
Federal Bank offers a range of tenures for FDs. However, the special interest rate for senior citizens is applicable across various tenures.
Can I open a joint FD account with a senior citizen rate?
Yes, but typically, the primary account holder must be a senior citizen to avail of the special rates.
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.
