[www.keralites.net] Federal Bank hikes interest rates on Term Deposits

 

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%

Federal Bank has hiked the rate of interest on both resident and NRE term deposits for a period of 1 year to 10%.

The rate 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.

The above rates are effective from 3 April 2012.

Best Regards

Prakash Nair 

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www.keralites.net

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