Table of Contents
- Federal Bank RD Interest Rates 2024
- Federal RD Calculator
- RD Interest Rate for Single Deposits 2018 (Less than INR 100 Lakhs)
- Federal Bank NRE Term Deposits Interest Rates 2018
- Federal Bank RD Interest Rates (For INR 1 crore and above)
- Federal NRE RD Interest Rates (INR 1 crore and above)
- Federal RD Account Premature Withdrawal
- Types of Recurring Deposits Offered by Federal Bank
- Why Investing in SIP is Beneficial?
- Best Performing SIPs to Invest 2024
Federal Bank RD Interest Rates 2024
A Recurring deposit is an investment cum savings option for those who want to save regularly over a certain period of time and earn a higher interest rate. It is a type of term deposit which allows one to save a fixed amount of money every month systematically. If you are familiar with SIP in Mutual Funds, RD works similarly in banking. Every month, a fixed amount of money is deducted either from a savings or a current account. And, at the end of the maturity, investors are paid back their invested money with accrued interest.
The recurring deposit offered by the Federal Bank is simple, yet brilliant scheme to save small amounts of money every month. This is a great way to plan for your financial future and save to reach your goals. A user willing to open an RD account with Federal Bank can choose any amount and term according to your convenience.
Federal Bank RD Interest Rates 2024
The below mentioned annual interest rates are for deposit below Rs. 2 crore.
| Period | Interest Rate for General Citizens | Interest Rate for Senior Citizens |
|---|---|---|
| 181 days to 270 days | 4.00% | 4.50% |
| 271 days to less than 1 year | 4.40% | 4.90% |
| 1 year to less than 16 months | 5.10% | 5.60% |
| 16 months | 5.35% | 5.85% |
| Above 16 months to less than 2 years | 5.10% | 5.60% |
| 2 years to less than 5 years | 5.35% | 5.85% |
| 5 years and above | 5.50% | 6.00% |
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Federal RD Calculator
A Recurring Deposit calculator is a good way of calculating maturity amount on RD. You can follow this method to estimate your RD amount on maturity.
Illustration-
| RD Calculator | INR |
|---|---|
| Monthly Deposit Amount | 500 |
| RD in month | 60 |
| Rate of Interest | 7% |
| RD Maturity Amount | INR 35,966 |
| Interest Earned | INR 5,966 |
Investment Amount:₹180,000 Interest Earned:₹20,686 Maturity Amount: ₹200,686RD Calculator
RD Interest Rate for Single Deposits 2018 (Less than INR 100 Lakhs)
Effective Annualized Rate of Return For single deposits of less than INR 100 Lakhs
| Resident & ONR Term Deposits | Resident Senior Citizens | |||
|---|---|---|---|---|
| Period | Rate of interest | Annualized Yield | Rate of interest | Annualized Yield |
| 6 Months | 6.50% | 6.55% | 7.00% | 7.06% |
| 1 Year | 6.85% | 7.03% | 7.35% | 7.56% |
| 15 Months | 7.30% | 7.57% | 7.80% | 8.11% |
| 2 Years | 7.00% | 7.44% | 7.50% | 8.01% |
| 3 Years | 7.00% | 7.71% | 7.50% | 8.32% |
| 4 Years | 7.00% | 8.00% | 7.50% | 8.65% |
| 5 Years | 7.00% | 8.30% | 7.50% | 9.00% |
| 6 Years | 7.00% | 8.61% | 7.50% | 9.36% |
| 7 Years | 7.00% | 8.93% | 7.50% | 9.75% |
| 8 Years | 7.00% | 9.28% | 7.50% | 10.15% |
| 9 Years | 7.00% | 9.64% | 7.50% | 10.58% |
| 10 Years | 7.00% | 10.02% | 7.50% | 11.02% |
Federal Bank NRE Term Deposits Interest Rates 2018
| Period | Rate of Interest | Annualized Yield |
|---|---|---|
| 1 Year | 6.85% | 7.03% |
| 15 Months | 7.30% | 7.57% |
| 2 Years | 7.00% | 7.44% |
| 3 Years | 7.00% | 7.71% |
| 4 Years | 7.00% | 8.00% |
| 5 Years | 7.00% | 8.30% |
| 6 Years | 7.00% | 8.61% |
| 7 Years | 7.00% | 8.93% |
| 8 Years | 7.00% | 9.28% |
| 9 Years | 7.00% | 9.64% |
| 10 Years | 7.00% | 10.02% |
Federal Bank RD Interest Rates (For INR 1 crore and above)
| Period | Deposit of INR 1 crore - 5 crore | Deposit of above INR 5 crore- 25 crore | Deposit of above INR 25 crore - 50 crore | Deposit of above INR 50 crore |
|---|---|---|---|---|
| 7 days to 14 days | 4.50% | 4.50% | 4.50% | 4.50% |
| 15 days to 29 days | 6.87% | 6.50% | 6.50% | 6.50% |
| 30 days to 45 days | 6.35% | 6.50% | 6.50% | 6.50% |
| 46 days to 60 days | 6.50% | 6.50% | 6.50% | 6.50% |
| 61 days to 90 days | 6.75% | 6.75% | 6.75% | 6.75% |
| 91 days to 180 days | 7.00% | 7.00% | 7.00% | 7.00% |
| 181 days to 270 days | 7.25% | 7.25% | 7.25% | 7.25% |
| 271 days to 360 days | 7.35% | 7.35% | 7.35% | 7.35% |
| 361 days to 364 days | 7.45% | 7.45% | 7.45% | 7.45% |
| 1 year | 7.50% | 7.87% | 7.50% | 7.50% |
| 1 year 1 day to 370 days | 7.80% | 7.50% | 7.50% | 7.50% |
| 371 days to 375 days | 7.50% | 7.50% | 7.50% | 7.50% |
| 376 days to 380 days | 7.50% | 7.50% | 7.50% | 7.50% |
| 381 days to 18 months | 7.50% | 7.50% | 7.50% | 7.50% |
| Above 18 months to 2 years | 7.70% | 7.60% | 7.60% | 7.60% |
| Above 2 years to 3 years | 7.30% | 7.30% | 7.30% | 7.30% |
| Above 3 years to 5 years | 7.00% | 7.00% | 7.00% | 7.00% |
| Above 5 years | 6.90% | 6.90% | 6.90% | 6.90% |
Interest rates for Resident Term Deposits of Rs.1 crore and above - w.e.f 26/09/2018
Federal NRE RD Interest Rates (INR 1 crore and above)
| Period | Deposit of INR 1 crore - 5 crore | Deposit of above INR 5 crore - 25 crore | Deposit of above INR 25 crore - 50 crore | Deposit of above INR 50 crore |
|---|---|---|---|---|
| 1 year | 7.25% | 7.25% | 7.25% | 7.25% |
| Above 1 year to 18 months | 7.54% | 7.35% | 7.35% | 7.35% |
| Above 18 months to 2 years | 7.70% | 7.60% | 7.60% | 7.60% |
| Above 2 years to 3 years | 7.30% | 7.30% | 7.30% | 7.30% |
| Above 3 years to 5 years | 7.00% | 7.00% | 7.00% | 7.00% |
| Above 5 years | 6.90% | 6.90% | 6.90% | 6.90% |
Interest rates for NRE Term Deposits of INR crore and above-w.e.f 25/09/2018 No senior citizen benefits available for single deposit of INR1 crore & above
Federal RD Account Premature Withdrawal
Penalty for premature closure will be applicable for recurring deposits opened/renewed from 14.06.2018:
| Period of Original Deposit | Principal amount up to INR 15L | Principal amount above INR 15L |
|---|---|---|
| Up to 45 days | 0% | 1% |
| Above 45 days | 1% | 1% |
Types of Recurring Deposits Offered by Federal Bank
Currently there are two types of RD account offered by the Federal Bank
1. Federal Savings Fund - Regular Recurring Deposit
- The minimum opening balance required for opening Federal Savings Fund RD account is INR 50 and in multiples of INR 10 thereof
- There is no maximum amount limit for this RD scheme
- The tenure for Federal Saving Funds is from 6 months to 10 years
- Nomination Facility available
- Interest is paid on maturity on the quarterly compounding Basis
- Tax Deducted at Source (TDS) on Interest is applicable
- Premature closure of this Federal RD is allowed
How to Open Federal Savings Fund?
You can open the deposit either as online or offline. If you are having FedNet - Internet Banking account, you need to visit FedNet to open the deposit online. In case, if you do not have an internet banking facility activated, you can visit the nearest Federal Bank branch for opening Federal Savings Fund Recurring Deposit account.
2. RD Xtra Gain Recurring Deposit
RD Xtra Gain Recurring Deposit is a twin product having all the benefits of a normal RD scheme and an attractive loan offer
- Any time loan after 12 months
- Quantum of loan fixed based on five years' future RD installments
- User can opt the option to discontinue RD on availing the loan facility
- Relaxations in Income proof documents
- Only six prompt installments in RD is required for existing Retail customers with good repayment history and an average monthly balance.
RD Xtra Gain Recurring Deposit- Loan Conditions:
- The maximum loan amount INR 5 Lakhs
- The maximum loan period is INR 60 months
- Age of the borrower shall not exceed 60 years or retirement age, whichever is lower at the end of the loan tenor
- Co-obligancy of the spouse is required
- There is no prepayment penalty
Why Investing in SIP is Beneficial?
Systematic Investment plan (SIP) is a way to put your money in mutual funds. Investment can be done on a periodic basis - daily, weekly, monthly or quarterly.
You need to deposit a small amount of money at every interval. The minimum amount can be as low as Rs. 500.
SIPs can help in all kinds of investment goals, whether short- or long –term, depending on the frequency of investment, funds chosen and other factors.
SIPs offer flexible instalment plans of daily, weekly, monthly, quarterly etc.
Returns can be earned better here. The longer you invest via a SIP in mutual funds, especially in an Equity Fund, the higher are the chances to earn good returns.
To Cancel SIP, the investors can simply close their investment and withdraw their money without any penal charges.
Best Performing SIPs to Invest 2024
Here's a list of best performing equity SIPs for an investment horizon of five years and above
Fund NAV Net Assets (Cr) Min SIP Investment 3 MO (%) 6 MO (%) 1 YR (%) 3 YR (%) 5 YR (%) 2023 (%) Motilal Oswal Multicap 35 Fund Growth ₹62.7554
↓ -1.98 ₹12,598 500 -0.4 14.6 46.1 24 18.3 31 IDFC Infrastructure Fund Growth ₹51.49
↓ -1.34 ₹1,798 100 -7.3 -3.5 44.3 30.3 30.2 50.3 Invesco India Growth Opportunities Fund Growth ₹96.44
↓ -1.99 ₹6,340 100 -2.5 9.8 42.2 24.1 21.6 31.6 Principal Emerging Bluechip Fund Growth ₹183.316
↑ 2.03 ₹3,124 100 2.9 13.6 38.9 21.9 19.2 L&T Emerging Businesses Fund Growth ₹89.2118
↓ -1.79 ₹16,920 500 -0.3 6.4 32.8 27.3 31.8 46.1 Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 20 Dec 24
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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