Federal Bank Introduces Long-Term Annuity Deposit Scheme

Federal Bank has launched a new term deposit product, Annuity Deposits, offering resident customers a structured income over periods ranging from 5 to 20 years. The scheme requires a minimum deposit of Rs. 15 lakh and permits investments up to Rs. 2 crore. The interest rates vary by tenure: 7.10% for five-year deposits, 6.6% for tenures between 5 and 10 years, and 6.25% for durations exceeding 10 years. The bank aims to attract high-value depositors seeking stable long-term returns. This product adds to the bank’s diversified portfolio of investment options designed to cater to different financial planning needs of customers.