Federal Bank and its wide range of fixed deposit schemes are a highly popular investment option among NRIs to park their savings and earn steady interest on it. Through Federal Bank NRI FDs, individuals enjoy tax benefits while making the most out of their investments. In this blog, we will discuss the latest Federal Bank NRE FD rates and other relevant details that you need to know.
What is Federal Bank NRI Fixed Deposit?
The Federal Bank offers different NRI fixed deposits at varying competitive rates of interest. Another key feature of such deposits is that the principal and interest earned are wholly reparable in foreign currencies with Indian rupee deposits.
You can open an NRI FD account with Federal Bank with a minimum deposit of ₹500. Under the Income Tax Act, you can also avail tax exemption benefits on accrued interest on these accounts. Such accounts can be opened online and jointly with two or more individuals. Starting from 7 days, Federal Bank allows individuals to avail the benefits of its NRI FD scheme for 10 years.
However, the only downside is that a premature withdrawal facility is not allowed under the Federal Bank NRI Fixed Deposit before the completion of 1 year.
Federal Bank NRE Fixed Deposit Rates (under ₹2 crores)
Refer to the following table for the latest Federal Bank NRE FD interest rates for deposits below ₹2 crores.
| FD Tenure | Interest Rate |
|---|---|
| 1 year to less than 13 months | 6.80% |
| 13 months to 399 days | 7.30% |
| 400 days | 7.40% |
| 401 days to 21 months | 7.30% |
| Above 21 months to less than 2 years | 6.75% |
| 2 years to less than 3 years | 7.05% |
| 3 years and above | 6.60% |
Federal Bank NRE Fixed Deposit Rates (above ₹2 crores)
Refer to the table below for the latest Federal Bank NRE fixed deposit interest rates of ₹2 crores and above:
| FD Tenure | Interest Rate |
|---|---|
| 1 year | 7.45% |
| 1 year 1 day to 15 months | 7.60% |
| Above 15 months to 18 months | 7.30% |
| Above 18 months to 2 years | 7.10% |
| Above 2 years to 3 years | 6.75% |
| Above 3 years to 5 years | 6.75% |
| Above 5 years | 6.50% |
Federal Bank NRO Fixed Deposit Rates (under ₹2 crores)
Refer to the table below for the latest Federal Bank NRO FD rates for deposits below ₹2 crores.
| FD Tenure | Regular Citizen | Senior Citizen |
|---|---|---|
| 7 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 60 days | 4.00% | 4.50% |
| 61 days to 119 days | 4.75% | 5.25% |
| 120 days to 180 days | 5.00% | 5.50% |
| 181 days to 270 days | 5.75% | 6.25% |
| 271 days to less than 1 year | 6.00% | 6.50% |
| 1 year to less than 13 months | 6.80% | 7.30% |
| 13 months to 399 days | 7.30% | 7.80% |
| 400 days | 7.40% | 7.90% |
| 401 days to 21 months | 7.30% | 7.80% |
| Above 21 months to less than 2 years | 6.75% | 7.25% |
| 2 years to less than 3 years | 7.05% | 7.55% |
| 3 years to less than 5 years | 6.60% | 7.10% |
| 5 years and above | 6.60% | 7.25% |
Federal Bank NRO Fixed Deposit Rates (above ₹2 crores)
Refer to the table below for the latest Federal Bank NRO FD rates of ₹2 crores and above.
| FD Tenure | Interest Rate |
|---|---|
| 7 to 14 days | 4.90% |
| 15 to 29 days | 5.00% |
| 30 to 45 days | 5.30% |
| 46 to 60 days | 6.00% |
| 61 to 90 days | 6.50% |
| 91 to 120 days | 6.90% |
| 121 to 180 days | 7.00% |
| 181 to 270 days | 7.10% |
| 271 days to less than 1 year | 7.30% |
| 1 Year | 7.45% |
| 1 year 1 day to 15 months | 7.60% |
| Above 15 months to 18 months | 7.30% |
| Above 18 months to 2 years | 7.10% |
| Above 2 years to 3 years | 6.75% |
| Above 3 years to 5 years | 6.75% |
| Above 5 years | 6.50% |
Federal Bank FCNR Fixed Deposit Rates
Refer to the following table for the latest Federal Bank FCNR rates for FD in USD currency.
| FCNR FD Tenure | USD | ||
| Less than ₹2.50 lakhs | Between ₹2.50 lakhs and ₹10 lakhs | ₹10 lakhs and above | |
| 1 year | 5.75% | 5.75% | 6.00% |
| Above 1 year to less than 15 months | 5.50% | 5.60% | 5.60% |
| 15 months | 5.50% | 5.60% | 5.70% |
| Above 15 months to less than 2 years | 5.15% | 5.15% | 5.15% |
| 2 years to less than 3 years | 4.35% | 4.35% | 4.35% |
| 3 years to less than 4 years | 4.00% | 4.00% | 4.00% |
| 4 years to less than 5 years | 3.75% | 3.75% | 3.75% |
| 5 years | 3.40% | 3.40% | 3.40% |
Refer to the table below for Federal Bank FCNR FD rates for other currencies:
| FD Tenure | GBP | EURO | YEN | CAD | AUD | CHF | NZD | SGD | HKD |
|---|---|---|---|---|---|---|---|---|---|
| 1 year to less than 2 years | 5.50% | 3.75% | 0.20% | 4.30% | 4.20% | 0.05% | 0.05% | 0.42% | 0.33% |
| 2 years to less than 3 years | 5.00% | 2.50% | 0.20% | 4.10% | 4.00% | NA | NA | 0.84% | 0.72% |
| 3 years to less than 4 years | 4.00% | 2.00% | 0.20% | 4.00% | 4.00% | NA | NA | 0.78% | 0.74% |
| 4 years to less than 5 years | 3.50% | 1.75% | 0.10% | 3.60% | 3.60% | NA | NA | 0.78% | 0.65% |
| 5 years | 3.00% | 1.70% | 0.10% | 2.85% | 3.60% | NA | NA | 0.80% | 0.57% |
Federal Bank RFC Fixed Deposit Rates
Refer to the following table for the latest Federal Bank RFC FD interest rates.
| FD Tenure | USD | ||
| Less than ₹2.50 lakhs | Between ₹2.50 lakhs and ₹10 lakhs | ₹10 lakhs and above | |
| 6 months to less than 1 year | 5.75% | 5.75% | 6.00% |
| 1 year | 5.75% | 5.75% | 6.00% |
| Above 1 year to less than 15 months | 5.50% | 5.60% | 5.60% |
| 15 months | 5.50% | 5.60% | 5.70% |
| Above 15 months to less than 2 years | 5.15% | 5.15% | 5.15% |
| 2 years to less than 3 years | 4.35% | 4.35% | 4.35% |
| 3 years | 4.00% | 4.00% | 4.00% |
Refer to the table below for Federal Bank RFC FD rates for other currencies.
| FD Tenure | GBP | EURO | YEN | CAD | AUD | CHF | NZD | SGD | HKD |
|---|---|---|---|---|---|---|---|---|---|
| 6 months to less than 1 year | 5.50% | 3.75% | 0.20% | 4.30% | 4.20% | 0.05% | 0.05% | 0.42% | 0.33% |
| 1 year to less than 2 years | 5.50% | 3.75% | 0.20% | 4.30% | 4.20% | 0.05% | 0.05% | 0.42% | 0.33% |
| 2 years to less than 3 years | 5.00% | 2.50% | 0.20% | 4.10% | 4.00% | NA | NA | 0.84% | 0.72% |
| 3 years | 4.00% | 2.00% | 0.20% | 4.00% | 4.00% | NA | NA | 0.78% | 0.74% |
Features and Benefits of Federal Bank NRI Fixed Deposit
Check out the features and benefits of Federal Bank NRE and NRO fixed deposits.
1. NRE Fixed Deposit
- The minimum and maximum tenure of this FD is 1 year and 10 years, respectively.
- Through this scheme, you can avail a loan of up to 90% of your FD investment.
- Accrued interest of such FD is exempted from tax under the Income Tax Act.
- Under this scheme, the repayment of a loan is available through remittance from overseas, liquidation of the deposit, or transfer from the NRE/NRO/FCNR account of the borrower.
- Premature withdrawal of FD is available.
- Principal and accrued interest can be repatriated outside of India.
- No interest is payable before the completion of 1 year of FD.
2. NRO Fixed Deposit
- All types of bank accounts, including current, FD, recurring and savings, are permitted in this scheme.
- Repatriation of the available balance in NRO accounts is permitted for bona fide purposes.
- Loan against NRO FD is available with a 2% interest above FD rate and additional interest tax.
- Accrued interest in an NRO account, after TDS, is transferable to an NRE account or repatriable abroad if needed.
- Premature withdrawal is permitted, and interest will be payable for the period since the operative date.
- If PAN ID and Tax Residency Certificate (TRC) are not submitted to the Federal Bank, Income Tax at a rate of 30%, along with a 3% Education Cess, will be levied by the bank on the interest accrued.
- Tax will be applicable as per DTAA rates if PAN ID and Tax Residency Certificate (TRC) are submitted.
Conclusion
Federal Bank is one of the best choices for NRI FD investments. By availing of exclusive features and benefits along with high-yielding interest rates, NRIs can enjoy stable earnings in their investments. For further details on Federal Bank NRE FD rates, you can contact a bank representative or visit the nearest branch.
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Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
