The Federal Bank has followed the major banks - SBI, PNB, Bank of Baroda and Union Bank of India- in increasing its interest rates for NRE term deposits and FCNR deposits. The bank has hiked the interest rates by 50 basis points with a view to improve the foreign currency inflow. | Tenure | Interest Rate
Earlier | Interest Rate
Now | 1 year
to
less than 2 years | 3.21% | 3.71% | 2 years
to
less than 3 years | 3.31% | 3.81% | 3 years
and
above | 3.63% | 4.13% |
The bank has also updated the interest rates on resident term deposits with tenure of one year. These interest rates have been raised to 10.60%. A press release issued by the bank says that the benefits for senior citizens are extra. Federal bank has been serving its customers for more than seven decades and have dominant presence in the state of Kerala. Bank has deployed latest technology to assist its customers about its products and services. Federal bank is the first one to launch Internet Banking Service through FedNet. The bank has more than 500 branches spread across the country. |
