Friday, December 28, 2012

Federal Bank revises interest rates on resident and NRI deposits

Mumbai- Federal Bank revised interest rates on rupee deposits from resident and non-resident customers. The bank has increased rate to 9.00% on maturity period of one year to three years. The extant rate of interest on deposits of ‘above 1 year to 3 years’ maturity bucket is 8.75%. For resident depositors, rate of interest for deposits has been increased in the ’91 days to 119 days’ band to 7.50% from 7.00%.    Revised rates of interest for resident customers for other maturity periods are as follows:

TenureInterest                       Rate

7 days to 45 days                  5.00%
46 days to 90 days                7.00%
120 days to 180 days            7.00%
181 days to less than 1 year   8.50%
Above 3 years                       8.75%

Resident Senior Citizens are eligible for additional interest of 0.50%. For NRI Term Deposits, for maturities from one year to three years the rate offered is 9.00%. Above three years the rate is 8.75%  The above rates are effective from December 24, 2012.

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