Federal Bank, a Kerala-based private sector bank is planning to provide special rate of 10% for resident and non-resident deposits of 1,000 days’ maturity. The bank is going to offer this rate for a limited period only that is between July 30 and August 17.
The bank will offer an additional interest of 0.50% points over this rate for senior citizens and NRIs a tax-free yield of 10%. The bank is likely to introduce its 1000th branch in the country on August 17, 2012.