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Federal Bank Launches Deposit Scheme for NRIs

Published on November 24, 2022
Current Context: Federal Bank Ltd launched a deposit scheme for Non-Resident Indians (NRIs).
Federal Bank Launches Deposit Scheme for NRIs
  • 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

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