Doha: Federal Bank, has introduced special interest rate of 7.5 percent on fixed deposits for NRIs for a tenure of 700 days. This interest rate can be availed on deposits opened before October 29, 2022. The offer was available for a 4 days window. The new rates offered are 50bps higher than the preceeding rate.
NRIs can celebrate the occasion of Diwali with these higher rates this season. It is an exciting opportunity for non-residents to invest their funds as the interest earned is exempt from income tax and loans can be availed up to 90 percent of the deposit amount.
Federal Bank in its recently announced half-yearly results have displayed an all time high market share of 22 percent under individual inward remittances business.
