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Federal Bank hikes interest rates on term deposits
Private sector lender Federal Bank hiked its interest rates on resident as well as non resident term Deposits. The interest rates of resident term deposits for a period of 2 years to less than 3 years has been increased from 9.25% to 9.50% while the rate for deposits of 5 years and above has been increased from 9.00% to 9.25%.
Private sector lender Federal Bank hiked its interest rates on resident as well as non resident term Deposits. The interest rates of resident term deposits for a period of 2 years to less than 3 years has been increased from 9.25% to 9.50% while the rate for deposits of 5 years and above has been increased from 9.00% to 9.25%.
The revised rates of interest on NRE term deposits are as follows: 1 year to less than 3 years 9.50 %, 3 years and above 9.25%.
The other rates for resident term deposits are given below:
Period
Rate of Interest
7 days to 45 days
5.00%
46 days 180 days
7.00%
181 days to 199 days
8.50%
200 days
9.50%
201 days to less than 1 year
8.50%
1 year only
9.75%
Above 1 year to less than 2 years
9.50%
3 years to less than 5 years
9.25%
The hiked rates were applicable from Jan 17, 2012.
