Federal Bank hikes interest rate on term deposits by 25 bps

Moneycontrol Bureau

Kerela-based Federal Bank on Tuesday hiked the rate of interest for one year short term deposit scheme by 25 basis points to 10%. Both resident and non-resident customers can avail this higher rate. The new rate is effective from April 03 onwards.
 
The rates of interest for resident deposits of other maturity periods are as follows:  7 days to 45 days - 5.00%, 46 days to 180 days - 7.00%, 181days to 199 days - 8.50%, 200 days - 9.50%, 201 days to less than 1 year - 8.50%, above1 year to less than 3 years - 9.50%, 3 years and above - 9.25%.

The rate of interest for NRE Term Deposits for a period of 1 year to less than 3 years is 9.50% and for a period of 3 years and above is 9.25%. Senior Citizens are eligible for additional interest of 0.50% on resident term deposits.