Federal Bank’s special deposit scheme

Federal Bank has decided to offer a special rate of 10 per cent for resident and non-resident deposits of 1,000 days’ maturity. The offer is for a limited period only — between July 30 and August 17. The decision marks a milestone in the bank’s growth history as it moves to dedicate its 1000th branch to the nation on August 17. A bank release says that senior citizens will get an additional interest of 0.50 percentage points over this rate, and NRIs a tax-free yield of 10 per cent.