Federal Bank Hikes Interest Rates On Resident, Non-Resident Deposits

Federal Bank has revised interest rates for both resident and non-resident deposits with effect from January 17, 2024. The interest rate for 500 days has been increased to 7.75 per cent and 8.25 per cent for resident senior citizens, according to a statement.

“Interest rate for non-withdrawable fixed deposits for 500 days is increased to 7.90 per cent and for resident senior citizens, Federal Bank is now offering a maximum return of 8.40 per cent for 500 days tenures,” the private sector lender said in a statement.