Federal Bank hikes interest rates on savings account: Details inside
Federal Bank, a private sector lender, raised the interest rates on savings accounts. According to the bank’s official website, the new rates are effective as of August 6, 2022. The repo rate was increased by the Reserve Bank on Friday by 50 basis points to 5.40 per cent, marking the third straight hike since May. Additionally, because Federal Bank’s savings account interest rates are linked with repo rates, they have increased as well.
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