- The deposit scheme, “Deposit Plus”, offers a higher interest rate than the existing fixed deposit schemes for NRIs.
- The maximum rate of interest offered by the Deposit Plus scheme is 7.50% for a tenure of 700 days.
- The interest accrued will be added to the principal on a quarterly basis and will be exempted from income tax.
- According to the terms of the scheme, the deposits can’t be prematurely closed, however, customers can avail of a loan of up to 75% of the deposit amount prior to maturity.
- Federal Bank Ltd is a financial services company that was established in 1931 with its headquarters in Aluva, Ernakulam, Kerala. The current CEO of the company is Shyam Srinivasan.
Question:
Q.1 Which of the following bank launched a deposit scheme for Non-Resident Indians (NRIs)?a. HDFC Bank
b. ICICI Bank
c. Canara Bank
d. Federal Bank
