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Federal Bank has said savings deposits with the lender that are less than ₹2 lakh balance will earn interest consistent with the repo rate (external benchmark rate) announced by the Reserve Bank of India at regular intervals. At the current repo rate, balances up to ₹1 lakh in SB accounts will earn annual interest of 3.5 per cent. Savings deposit balance above ₹1 lakh and less than ₹2 lakh will be paid interest at 3.25 per cent annually. The changes are applicable from Sunday.
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