Federal Bank is one of India’s major commercial banks in the private sector. It headquartered in Aluva, Kerala. The Bank has 1252 branches, 1696 ATMs and 231 Cash Machines as on 31 March 2018. Federal Bank offers various services include internet banking, Mobile Banking, online bill payment systems, loans, mutual fund products, deposit accounts. etc. best monthly saving scheme
About Federal Bank Fixed Deposit Scheme
Federal Bank Fixed deposit scheme is the best option for people who think to save their money in a safe place and get periodical income by the way of interest. Common people more preferring Federal bank because of its customer-friendly features. Federal Bank Fixed deposit starts from Rs. 1000 and there is no maximum amount they specified in the case of fixed deposit. As per the Deposit scheme, customers can withdrawn interests on specific frequencies as either monthly or quarterly or annually. The fixed deposit has a minimum deposit period of 7 days and the maximum deposit period is 10 years. You can choose monthly, half-yearly, quarterly or yearly interest payments, automatic renewals, automatic credit of interest and principal to your account on due dates. Also, the customers can apply for loan against Fixed deposits up to 90% of the deposit amount.
|Period||Less than Rs.200 Lakhs|
|7 days to 14 days||3.50%|
|15 days to 29 days||4.50%|
|30 days to 60 days||5.00%|
|61 days to 90 days||5.50%|
|91 days to 180 days||5.75%|
|181 days to 270 days||6.25%|
|271 days to less than 1 year||6.50%|
|Above 1 year to less than 20 months||6.80%|
|Above 20 months||6.80%|
Federal Bank providing an interest calculator. With this, you can calculate the monthly interest based on the Deposit amount, Rate of interest and Deposit period.
If you want to open a Fixed Deposit in Federal Bank, you can be done online or offline. If you have Fednet – Internet Banking Account, you can easily open a fixed deposit account via Internet banking. The FedMobile Android app also having this option. If you have not an Internet Banking facility, just visit your branch for opening the deposit.
How to Open Fixed Deposit account using FedMobile App
- Open the FedMobile application on your device.
- Login with your 4 digit pin number.
- Tap Deposit icon, then it will open Term Deposit page.
- Here, you can create Fixed, Recurring and Tax saving accounts.
- Under the Fixed menu, you can enter the amount you want to deposit, Period, Maturity Date.
- Then select category ( Cash Certificate – Compound Interest, FD Monthly Interest, FD Quarterly Interest, FD Half Yearly Interest, FD Yearly Interest, FD Interest on Maturity ).
- Next is Referral code, it’s optional entry. so you can skip it. On the left side a calculator is available. You can calculate your interest by using the calculator.
- Then tap on the Proceed button at the bottom.
- Next, the page shows all your entries and a confirm button. Check the entries and click on confirm button.
- Then enter your 4 digit Pin to confirm your identity.
- That’s it. You can check fixed deposit account details any time under My Accounts Tab in the Fedmobile app.