Private sector lender Federal Bank has announced a hike in interest rates of fixed deposits. Interest rates have been raised for both domestic as well as NRE deposits by the bank.
NRE as well as resident deposits for a tenor of 1 year will now have interest of 10%.
Amongst other tenors in domestic FD domain, the interest rate hike has been such that it will be 5% for tenor of 7 to 45 days, 7% for 46 to 180 days, 8,50% for 181 to 199 days, 9.50% for 200 days, 8.50% for 201 days to less than 1 year, 9.50% for 1 year to less than 3 years and 9.25% for 3 years and above.
In case of NRE deposits, interest will be 9.50% for a period of 1 year to less than 3 years and 9.25% for tenor of 3 years and above.
The revised rates have come into effect from yesterday, 03 April, 2012.