The Federal Bank raises interest rates on the savings account: details inside
The Federal Bank, a private sector lender, raised interest rates on savings accounts. According to the bank’s official website, the new rates have been in effect since August 6, 2022. The repo rate was raised by the Reserve Bank on Friday by 50 basis points to 5.40%, marking the third consecutive hike since may. In addition, since interest rates for Federal Bank savings accounts are tied to pension rates, they have also increased.