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Federal Bank raises deposit rates

The Federal Bank has hiked interest rates for domestic term deposits. Currently, the bank is paying 10.10 per cent for fixed deposits for a period between one and two years.

20 Aug 2008

The Federal Bank has hiked interest rates for domestic term deposits. Currently, the bank is paying 10.10 per cent for fixed deposits for a period between one and two years.

For senior citizens the benefits would be over and above the revised rates.

Interest rates for deposits maturing between 7-14 days would remain at 4.5 percent, for 15-30 days, 31-45 days and 46-90 days at 5 percent, for 91-180 days at 7 percent and 181-270 days at 8.5 percent, effective from Aug 18.

While 1-2 year period rates have been raised to 10.10 percent from 9.75 percent, 2-3 years are at 9.75 percent, 3-4 years at 9.75 percent from 9.5 percent and 4-5 years were also revised to 9.75 percent from 9.5 percent. The interest rate on deposits above 5 years would now stand at 9.25 percent.



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