Federal Bank hikes interest rate on term deposits

Federal Bank has hiked the rate of interest on both-resident as well as NRE term deposits for a period of 1 year to 10 per cent effective from April 3, a statement issued here said.

The rates of interest for resident deposits of other maturity periods has been fixed at for 7 days to 45 days - 5.00 per cent, 46 days to 180 days - 7.00 per cent, 181 days to 199 days - 8.50 per cent, 200 days - 9.50 per cent, 201 days to less than 1 year - 8.50 per cent, above 1 year to less than 3 years - 9.50 per cent and 3 years and above - 9.25 per cent.

The rate of interest for NRE term deposits for a period of 1 year to less than 3 years is 9.50 per cent and for a period of 3 years and above is 9.25 per cent.

Senior citizens are eligible for additional interest of 0.50 per cent on resident term deposits.

Source: Financial Express