Private sector bank hikes fixed deposit interest rate

Kochi: Leading private sector bank. Federal Bank has introduced special interest rates for fixed deposits. The special rates have been announced in celebration of Founder’s Day and the festive season.

Federal Bank is offering 8.15% to Senior Citizens for a Term Deposit that is non-withdrawable before maturity for 400 days tenure. The interest rate for general citizens in this tenure is 7.65%. The bank said that rates for such deposits for a tenure between 13 months and 21 months (excluding 400 days) are 8.05% and 7.55% for senior citizens and the general public respectively.

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Senior citizens are citizens aged above 60 years and they can enjoy a higher rate for deposits that are withdrawable before maturity at 7.90% for 400 days and 7.80% for tenure between 13 months and 21 months (excluding 400 days).