Federal Bank links savings deposit rate to external benchmarks

03 Sep 2019

Federal Bank has linked its savings deposit rate to external benchmarks. From September 1, its savings deposits up to Rs 2 lakh will earn interest in tandem with the repo rate.

At present levels, deposits of up to Rs 1 lakh will earn an interest of 3.50 percent, while the same of over Rs 1 lakh but under Rs 2 lakh will earn 3.25 percent.

Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. It offers personal, corporate, NRI, SME banking, online banking services to its customers.

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