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:
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.