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Federal Domestic Term Deposits Scheme
The Federal Bank Domestic Term Deposits tenure ranges from min 7 Days to max 6 Year 3 Months 2 Days . The ROI ranges from 3.00% to 7.30 % for the general public. The lock-in period for this scheme is
Federal Bank Domestic Term Deposits Scheme for amount below ₹ 2.0 Cr
The rate of interest for deposited amount less than ₹ 2.0 Cr is as below
Tenure | Interest Rate for General Public (p.a.) | Interest Rates for Senior Citizens (p.a.) |
|---|---|---|
| 7 Days Upto 29 Days | 3.00% p.a. | 3.50% p.a. |
| 1 Months Upto 1 Months 15 Days | 3.25% p.a. | 3.75% p.a. |
| 1 Months 16 Days Upto 2 Months | 4.00% p.a. | 4.25% p.a. |
| 2 Months 1 Days Upto 3 Months | 4.00% p.a. | 4.50% p.a. |
| 3 Months 1 Days Upto 3 Months 29 Days | 4.75% p.a. | 5.25% p.a. |
| 4 Months Upto 6 Months | 5.00% p.a. | 5.50% p.a. |
| 6 Months 1 Days Upto 11 Months 2 Days | 5.75% p.a. | 6.25% p.a. |
| 11 Months 4 Days Upto 1 Year | 6.00% p.a. | 6.50% p.a. |
| 1 Year Upto 1 Year 8 Months 3 Days | 7.30% p.a. | 7.80% p.a. |
| 1 Year 8 Months 3 Days Upto 2 Year | 5.60% p.a. | 6.10% p.a. |
| 2 Year Upto 2 Year 19 Days | 5.75% p.a. | 6.25% p.a. |
| 2 Year 21 Days Upto 5 Year 1 Months 7 Days | 5.75% p.a. | 6.25% p.a. |
| 5 Year 1 Months 7 Days Upto 6 Year 1 Months 1 Days | 7.05% p.a. | 7.55% p.a. |
| 6 Year 1 Months 3 Days Upto 6 Year 3 Months 2 Days | 7.00% p.a. | 7.50% p.a. |
| 6 Year 3 Months 2 Days Upto | 6.60% p.a. | 7.25% p.a. |
| Upto 11 Months 3 Days | 5.45% p.a. | 5.95% p.a. |
| Upto 1 Year 8 Months 3 Days | 5.90% p.a. | 6.40% p.a. |
| Upto 6 Year 1 Months 2 Days | 6.00% p.a. | 6.65% p.a. |
| Upto 2 Year 20 Days | 6.10% p.a. | 6.60% p.a. |
| Upto 6 Year 3 Months 2 Days | 6.10% p.a. | 6.75% p.a. |
| Upto 1 Year | 6.80% p.a. | 7.30% p.a. |
Key features of Federal Bank Domestic Term Deposits Scheme
Summary of Federal Bank Domestic Term Deposits Scheme features :
| Mutual Fund Schemes | Domestic Term Deposits |
| CRISIL Rating | -- |
| Lock-in Days | -- |
| Loan Against FD | -- |
| Pre-mature Withdrawal | -- |
| FD Nominee | -- |
| Tenure | 7 Days to 6 Year 3 Months 2 Days |
| General Public | 3.00% to 7.30 % |
| Senior Citizen | 3.50% to 7.80 % |
| Amount | -- |
*Interest rates are subject to change at the discretion of the bank. These Interest rates are with effect from 10 November 2021.
What is a Federal Domestic Term Deposits Scheme?
A Federal Domestic Term Deposits scheme is an investment plan with fixed terms. It allows investors to deposit money in the FD account for a specific period and earn interest. Federal Bank Domestic Term Deposits FD scheme is mainly for Indian citizens. However, the bank also offers FD term deposit plans for NRIs (Non-Resident Indians). However, the interest rates may differ for the NRIs.
Term deposits usually have a fixed maturity term between seven days to ten years. The interest rates on deposits vary as the tenure extends. Therefore, the interest rate earned on the FD will be subject to the investment tenure in the scheme.
Based on the type of domestic fixed scheme you choose, the bank will provide you with an option to pick how you want to receive your deposit, whether at the end of the tenure or on a yearly, half-yearly, quarterly, or monthly basis.
Eligibility Criteria
You can establish the Federal Bank Domestic Term Deposits account only when you meet the criteria set by the bank. The following entities are eligible to apply for the scheme:
- Individuals
- HUFs (Hindu Undivided Families)
- Individuals having joint accounts with other individuals
- Firms
- Sole Proprietary concerns
- Joint stock companies
- Clubs/Associations
- Minor Individuals by Guardian
Documents Required
You must furnish the following documents to apply for Federal Bank domestic term deposits FD:
- Duly filled and signed fixed deposit application form
- PAN Card
- Photographs of the depositor
- ID proof that may include Aadhaar Card, PAN Card, Driving License, and Passport
- Address proof, including Aadhaar Card, Driving License, Passport, Utility Bills, etc.
- Age proof such as birth, matriculation, discharge, PAN Card, etc.
Key Attractions of Federal Bank Fixed Deposit
The following are the key features of Federal Bank Fixed Deposit that may lure customers into investing in the scheme:
- Loan against FD facility available
- An interest rate of up to 7.50% is available
- Minimum account opening deposit of ₹ 1000 required
- Nomination facility available
- Automatic credits to customers’ savings accounts on due dates
Features & Benefits
Federal Bank Fixed Deposit scheme could be a suitable choice if you seek to generate lucrative returns on your savings. Given below are some significant features and benefits of Federal Bank FD:
Minimum Deposit Amount: Opening a domestic term fixed deposit with Federal Bank required as low as ₹ 1000.
Maximum Deposit Amount: The bank hasn’t restricted the maximum deposit account.
Flexible Tenure: Federal Bank fixed deposit account lets you open an FD for a minimum term of 7 days to a maximum tenure of up to 10 years.
Loan Against Deposit: You can avail of a loan against Federal Bank fixed deposits of up to 90% of the total deposit amount.
Renewal Facility: Fixed deposit scheme at Federal Bank has an automatic renewal facility.
Nomination Facility: You can also avail of the facility to nominate a nominee for your FD account.
Automatic Credit: The bank offers you the facility of receiving the principal and interest amount automatically to your Savings account on due dates.
Various Payment Options: You can receive yearly, half-yearly, quarterly or monthly interest payments, automatic credit of principal and interest to your account on due dates, automatic renewal, etc.
How to Apply for Federal Bank Domestic Term FD?
You can open a domestic term fixed deposit online or offline with Federal Bank. If you have access to FedNet, i.e. Internet Banking account, you can visit FedNet to open a Cash Certificate online.
However, if the FedNet facility isn’t activated for your account, you can visit your nearest branch to open the term deposit FD account.
If you have access to mobile banking, you can open your account through Federal Bank’s mobile banking application, which is known as FedMobile.
Download Domestic Term FD Application Form
Follow the below-mentioned steps to download the Federal Bank Domestic Term FD application form:
Step 1: Visit the official website of the Federal Bank.
Step 2: Scroll down to the bottom of the page and click on “Forms & Stationary” in the Quick Links section.
Step 3: A new page will open. Go to the ‘Accounts Opening Forms (Residents/ NRIs)” section and click on the “Term Deposit Account Opening Form (For Existing Customers)” option.
Step 4: The “Term Deposit Account Opening” application form will appear in PDF format. You can download it by clicking on the download icon.
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FAQs
What are Federal Domestic Term Deposits?
It’s a service offered by the Federal Bank wherein you can park your money for a said term during the deposit. You can’t withdraw your money in mid-term deposits, or you may have to pay some charges.
Is Federal Bank Domestic Term FD tax-free?
Not all term deposits but a “Tax Saver” Fixed Deposit scheme offered by Federal Bank can help you save tax on deposits under Section 80C of the Income Tax Act, 1961.
Is it good to invest in Federal Bank Domestic Term FD?
Federal Bank offers a maximum return of 7.50% for senior citizens and 7.00% for regular citizens, which is quite higher than other banks. Moreover, the bank has been performing well in the past years. Therefore, investing in Federal Bank Fixed Deposit could be a lucrative option.
What is the minimum tenure for Federal Bank Domestic Term FD?
The minimum tenure for Federal Domestic Term Deposits is 7 days.
