Federal Bank has announced a hike in interest rates for deposits with effect from 15th August 2023. This special rate enhancement aligns with the spirit of the 77th Independence Day, with an impressive 77 basis points higher than the standard rate for senior citizens for selected periods.
The term deposit rate for a tenure of 13 months would fetch interest rates of 7.30 per cent for the general category and 8.07 per cent for senior citizens. The enhanced rates would be available for a limited period only.
The bank is also offering rates of up to 7.15 per cent on savings bank accounts.
Joy PV, Senior Vice President & Country Head – Deposits, Wealth and Bancassurance, Federal Bank said, “The enhanced rates provide an excellent opportunity for customers to maximize the returns while enjoying security and reliability. We are glad to launch the boosted interest rates as the nation celebrates its 77th Independence Day.”