Federal Bank Recently Launched 'Annuity Deposit' for Resident Customers.

Banking & Finance

Aluva (Kerala)-based Federal Bank Limited, one of India's leading private sector banks, recently launched a new term deposit product, "Annuity Deposit," specifically designed for resident customers, offering stable income for a period ranging from 5 to 20 years.


      - Customers have the flexibility to select their preferred payout frequency: monthly, quarterly, half-yearly, or annually, with each payout consisting of both principal and interest earned.

     

     

Main Point :-   (i) The product was recently launched by Shalini Warrier, Executive Director (ED), Federal Bank.

      (ii) To open an annuity deposit, the minimum investment required is Rs. 15 lakh, while the maximum investment limit is Rs. 2 crore.

(iii) The product is designed for customers seeking a reliable, pension-like income over an extended period, with the flexibility to prematurely close their accounts in case of emergencies.
About Federal Bank

CEO : Krishnan Manian
Headquarters: Aluva
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