Federal Bank introduces special rates for its NRE Term Deposit. These special rates are available between 28th July 2022 and 4th August 2022. The rates are applicable for NR term deposits opened for a period of 15 months. The new rates offered are 80 bps above the existing rates.
Below given is the Bank’s special offer:
|Tenure||Deposit amount||Interest rates||Annualised Yield|
|15 Months||2 Crore and Above||6.65%||6.87%|
|15 Months||Below 2 Crore||6.40%||6.61%|
It is an exciting opportunity for non- residents to invest their funds as the interest earned is exempt from Income Tax and loan can be availed up to 90% of the deposit amount.