Federal Bank has hiked the rate of interest to 10 per cent on both - resident as well as NRE term deposits - for a period of one year. The hike came into effect from today.
The rates of interest for resident deposits of other maturity periods have been fixed at for 7 days to 45 days — 5.00 per cent, 46 days to 180 days — 7.00 per cent, 181 days to 199 days — 8.50 per cent, 200 days — 9.50 per cent, 201 days to less than 1 year — 8.50 per cent, above 1 year to less than 3 years — 9.50 per cent and 3 years and above — 9.25 per cent , a statement issued here said.
The rate of interest for NRE term deposits for a period of one year to less than 3 years is 9.50 per cent and for a period of 3 years and above is 9.25 per cent.
Senior citizens are eligible for additional interest of 0.50 per cent on resident term deposits.