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Kochi, Aug. 20

The Federal Bank has raised interest rates for domestic term deposits and is currently paying 10.10 per cent for fixed deposits for a period between one and two years. The benefits to senior citizens would be over and above the revised rates, a press release from the bank said. Effective from August 18, interest rates on 7-14 days deposit would remain at 4.5 per cent, for 15-30 days, 31-45 days and 46-90 days at 5 per cent, for 91-180 days at 7 per cent and 181-270 days at 8.5 per cent. While 1-2 year period rates have been increased to 10.10 per cent (9.75 per cent), 2-3 years are at 9.75 per cent, 3-4 years at 9.75 per cent (9.5 per cent) and 4-5 years were also revised to 9.75 per cent (9.5 per cent). Deposits above 5 years would command an interest rate of 9.25 per cent, the release added.

— Our Bureau

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