Product Details
Bank Name
Federal Bank
Eligibility
Individuals
Individuals jointly with other Individuals
For Minor Individuals by Guardian
HUF
Sole Proprietory concerns
Clubs/Associations
Firms
Joint stock companies
Any other entity not prohibited by RBI
Interest Rate
3 to 7.40% per annum.
Tenure
7 days to 10 years.
Fixed Deposit Type
Regular
Fixed Deposits
Tax Benefits
None
Credit Ratings
CRISIL AA+
Interest Payment Frequency
Monthly, Quarterly, Half-yearly, Annually. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit
Cummulative/Non-Cummulative
Cumulative
Features
Minimum deposit amount of Rs 1000.
There is no maximum limit for the maximum deposit amount.
You can get a loan against Fixed deposits up to 90% of the deposit.
The minimum deposit period of 7 days and the maximum deposit period is 10 years.
Minimum Investment Amount
1,000
Fees and Charges
Pros
Flexible interest payout options.
Minimum deposit amount of Rs 1,000.
Loans against deposits are available.
No limit on the maximum deposit amount.
Cons
Low interest rates for some tenure options.
Pros & Cons
Account Opening and Procedure
How to Open?
Opening a fixed deposit is very easy. You can open the deposit either as online or offline.
If you are having FedNet - Internet Banking account, please visit FedNet to open Cash Certificate online.
If you do not have Internet banking facility activated, please visit your branch for opening the deposit.
Open fixed deposit through our mobile banking application FedMobile.
Application Procedure
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