Senior Citizen: This bank is giving more than 9 percent interest on 400 days FD to senior citizens...

Everyone wants to save some of their earnings and invest it in a place where their money is not only safe but also gives strong returns. Accordingly, fixed deposit (FD) is considered an excellent option. Many banks are giving strong returns on FD and one such bank is Federal Bank, in which more than 8 percent interest is being offered by the bank on investment.

New interest rates are effective from May 19
Federal Bank FD can prove to be a good option in case of excellent returns on investment in the short term. In this, you are being given 8.15 percent interest on a tenure of only 400 days. Recently, the bank has increased the interest rates for FDs with investments less than Rs 2 crore. These new rates are effective from May 19, 2023.

Senior citizens get more benefits
The highest interest is being given to senior citizens on making this 400-day FD in Federal Bank. According to the bank's website, the interest rate for senior citizens has been fixed at 8.15 percent. At the same time, 7.65 percent interest is being offered by the bank to the general public for investing for the same period.

New interest rates after change
Federal Bank offers interest ranging from 3 percent to 7.40 percent for common citizens on FD for tenure ranging from 7 days to 10 years. On one hand, 8.15 percent interest is being given on FD of 400 days, on the other hand, on making FD for the tenure of 13 to 21 months, 8.05 percent interest is being given to senior citizens and 7.55 percent interest is being given to the general public.

You can withdraw money before maturity
The bank is not only offering higher interest under this special FD scheme to senior citizens above 60 years of age, but it has also given investors the facility to withdraw their invested amount before the completion of the maturity period. Is going. Talking about the interest received on Federal Bank savings accounts, it ranges from 2.75 percent to 3.45 percent on the amount deposited.

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