Federal Bank Revises Interest Rate on Savings Accounts

KOCHI:
In continuation to the reduction of interest rates for loans offered, Federal Bank, leading private sector bank of the country has revised the interest rate on savings bank deposits. The rate of interest offered for savings account balances up to Rs 50 Lakhs will be 3.50% with effect from 25 th August 2017. The rate of interest offered for fixed deposit for tenure of 1111 days was increased to 7% last month, which remains unchanged. The Bank had reduced interest rates for loans to the tune of 0.62% in the last one year, without reducing the rate of interest offered to its savings account holders during this period.