Mumbai, June 16: Federal Bank has announced the launch of a special FCNR deposit in US Dollars named ‘FCNR Max Deposit Scheme’, aimed at meeting the rising demand among NRI customers for high-yield, secure investment options. The deposit scheme offers an interest rate of 6.25% for tenures ranging from 3 to 5 years, ensuring stable and competitive returns.
The bank remains committed to offer customer-centric financial solutions, especially for its NRI clientele and that the FCNR Max Deposit Scheme reflects Federal Bank’s focus on delivering both value and reliability in foreign currency investments said Mr. Joy P. V., Country Head – Retail Liabilities.
FCNR Max Deposit Scheme comes with a lock-in period of 1 year from the date of opening. In the event of premature closure after the lock-in period, interest will be payable at a rate 1% lower than the applicable rate for the actual period the deposit was maintained with the bank.