Federal Bank, a private sector lender, has revised interest rates on rupee deposits from resident and non-resident customers. The bank has increased rate to 9% on maturity period of one year to three years.
The extant rate of interest on deposits of above 1 year to 3 years maturity bucket is 8.75%. For resident depositors, rate of interest for deposits has been increased in the 91 days to 119 days band to 7.50% from 7%.
Revised rates of interest for resident customers for other maturity periods are as follows:
|| Interest Rate|
| 7 days to 45 days
| 46 days to 90 days
| 120 days to 180 days
|| 7% |
| 181 days to less than 1 year
| Above 3 years
Resident senior citizens are eligible for additional interest of 0.50%. For NRI Term Deposits, for maturities from one year to three years the rate offered is 9%.
Above three years the rate is 8.75%. The above rates are effective from December 24, 2012.
Shares of the company gained Rs 4.05, or 0.78%, to trade at Rs 521.60. The total volume of shares traded was 13,777 at the BSE (1.22 p.m., Monday).