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Kerala-based Federal Bank revised interest rates on deposits of resident and non-resident customers.
The Bank hiked resident deposit rates for the maturity band of 60 days to 119 days to 8.50 per cent to from 7 per cent. Resident senior citizens are eligible for additional interest of 0.50 per cent.
Meanwhile, NRE Term Deposits, for three years and above, the Bank has increased the rate to 9 per cent from 8.75 per cent.
Development Credit Bank
Development Credit Bank increased NRE fixed deposit interest rates ranging from 9.50 per cent to 10.25 per cent per annum for duration of more than two years to 10 years.
The yields range from 10.83 per cent to 15.57 per cent, the bank said.
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