Federal Bank offers 10% on 1000-day deposits

Kerala-based private sector lender Federal Bank today offered an interest rate of 10% for resident and non-resident deposits for 1,000 days' maturity, effective today through August 17.

The bank is to open its 1000th branch on August 17, and to celebrate the landmark, special interest rate is on offer, it said.
"Senior citizens will get an additional 0.50% interest over the new rate. NRIs will get tax-free return at a high yield of 10%. This gives investors an opportunity to earn high yield over the medium term of 1,000 days that comes built with complete safety," the bank said in a statement.