Insight Online News
Mumbai, Nov 22 : Private sector lender Federal Bank said it has launched a Deposit scheme for NRIs titled ‘Deposit Plus’, which offers higher interest than the existing NRE fixed deposits.
The maximum interest rate offered in this scheme is 7.50 percent for a tenure of 700 days.
The interest accrued on this scheme will be added to the principal (re-investment plan) on a quarterly basis. It is an exciting opportunity for Non-Residents to invest their funds as the interest earned is exempt from Income Tax.
The deposits cannot be closed prematurely; however, customers have the option of availing loans up to 75 pc of the deposit amount in the event funds are required prior to maturity.
Launching the new deposit scheme, Shalini Warrier, Executive Director of the Bank said: “Federal Bank is excited to announce a deposit scheme that offers a higher interest rate on NRE Deposits. We have always been at the forefront in providing the best offers and rates to our customers.
“The Bank is a key player in the Non-Resident India segment, holds a market share of close to percent in NR segment and routes 22 per cent of personal inward remittances to India. We are confident this scheme will delight our NRI patrons.”