Federal Bank on Wednesday hiked the interest rates on resident as well as non-resident term deposits (NRE).
The interest rates of resident term deposits for a period of two years to less than three years has been increased from 9.25% to 9.50%, while the rate for deposits of five years and above has been increased from 9.00% to 9.25%. The rate of interest on NRE term deposits for one year to less than three years is 9.50 %, while for three years and above, it is 9.25%.
Based on the asset liability management situation, the bank has revised rates to cater to increased demand in these buckets.