How to open a Fixed Deposit using FedMobile?
Open a Fixed Deposit online, using FedMobile App.
Federal Bank offers the Fixed Deposit scheme at attractive interest rates. The tenure of the FD account ranges between 7 days and 10 years.
Senior citizens are offered an additional interest rate.
What is a fixed deposit?
A fixed deposit is a financial instrument offered by banks that allows individuals to deposit a specific sum of money for a predetermined period at a fixed interest rate.
How can I open a fixed deposit account with Federal Bank?
You can open a fixed deposit account with Federal Bank by visiting your nearest branch or through the online banking facility (FedNet) or through mobile banking app (FedMobile).
What is the minimum deposit amount required to open a fixed deposit with Federal Bank?
Minimum deposit amount for Fixed deposit is just Rs. 1000/-
What is the maximum tenure for a fixed deposit with Federal Bank?
The maximum tenure for a fixed deposit with Federal Bank is typically up to 10 years.
Can I prematurely withdraw my fixed deposit before the maturity period?
Yes, you can prematurely withdraw your fixed deposit before the maturity period. However, penalties or charges may be applicable, and the actual terms and conditions depend on the bank's policies.
Is the interest on fixed deposits taxable?
Yes, the interest earned on fixed deposits is taxable as per the income tax laws of the country. The bank may deduct TDS (Tax Deducted at Source) based on applicable rates if the interest exceeds a certain threshold.
Are senior citizens eligible for additional interest rates on fixed deposits?
Yes, senior citizens are often eligible for higher interest rates on fixed deposits compared to regular customers. Federal Bank offers preferential rates for senior citizens.
Can I avail a loan against my fixed deposit with Federal Bank?
Yes, you can avail of a loan against your fixed deposit with Federal Bank. The loan amount may vary based on the bank's policies, and interest rates are typically lower compared to other types of loans.
How is the interest on fixed deposits calculated?
The interest on fixed deposits is calculated based on the fixed deposit amount, the applicable interest rate, and the tenure of the deposit.
Can I choose to receive the interest on my fixed deposit at regular intervals?
Yes, you can choose to receive the interest on your fixed deposit at regular intervals. Federal Bank provides options such as monthly, quarterly, half-yearly, or yearly interest payouts.
Is it possible to open a fixed deposit jointly with another person?
Yes, you can open a fixed deposit jointly with another person. Federal Bank allows joint accounts with various combinations, such as individuals, minors with guardians, etc.
What happens if I forget to renew my fixed deposit after maturity?
If you forget to renew your fixed deposit after maturity, Federal Bank may offer an option to automatically renew it for a specified period at prevailing interest rates. Alternatively, the funds may be transferred to your savings account.
Can I open a fixed deposit account for a minor?
Yes, you can open a fixed deposit account for a minor with Federal Bank