Product Details
Bank Name
Federal Bank
Eligibility
Individuals
Individuals jointly with other Individuals
For Minor Individuals by Guardian
HUF
Sole proprietary concerns
Clubs/Associations
Firms
Joint stock companies
Any other entity not prohibited by RBI
Interest Rate
5 to 7.40% per annum.
Tenure
6 months to 10 years.
Fixed Deposit Type
Regular
Cash Certificate
Tax Benefits
None
Credit Ratings
CRISIL AA+
Interest Payment Frequency
At maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit
Cummulative/Non-Cummulative
Cumulative ( Compounded quarterly)
Features
Minimum deposit amount of Rs 1,000.
There is no maximum limit for the maximum deposit amount.
You can get a loan against Fixed deposits up to 90% of the deposit.
The minimum deposit period of 6 months and the maximum deposit period is 10 years.
Minimum Investment Amount
1,000
Features & Benefits
Pros
Minimum deposit amount of Rs 1,000.
Loans against deposits are available.
No limit on the maximum deposit amount.
Cons
Interest payout is only available at the time of maturity.
Pros & Cons
Account Opening Procedure
How to Open?
Opening a cash certificate is very easy. You can open the deposit either as online or offline.
If you are having FedNet - Internet Banking account, please visit FedNet to open Cash Certificate online.
If you do not have Internet banking facility activated, please visit your branch for opening the deposit.
Open cash certificate through our mobile banking application FedMobile.
Application Procedure
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