Federal Bank Strengthens its Deposits Portfolio with Annuity Deposit Product

Federal Bank, one of India's leading private sector banks, has unveiled a new term deposit product, Annuity Deposits, specifically designed for resident customers. This innovative product offers customers the opportunity to receive a stable income over a tenure ranging from 5 to 20 years. Customers can choose their preferred payout frequency - monthly, quarterly, half-yearly, or yearly. Each payout will include a portion of the principal along with the interest earned. The product was officially launched by Shalini Warrier, Executive Director, Federal Bank in the presence of senior executives Eqbal Manoj (Branch Banking Head, Federal Bank), P. V. Joy (Country Head of Deposits, Wealth & Banca, Federal Bank) and Damodaran C, (Chief Risk Officer, Federal Bank).

Commenting on the launch, Shalini Warrier, ED and Business Head at Federal Bank, expressed enthusiasm about the Annuity Deposits, stating " The bank has launched yet another innovative product for its customers. The Annuity deposit product gives opportunity to customers to earn stable income for a very long tenure up to 20 years which is very unique in the banking industry. At Federal Bank we are committed to provide more customer centric products which enables them to save and generate wealth".

The minimum investment amount required to open an annuity deposit is Rs. 15,00,000, with a maximum limit of Rs. 2,00,00,000. Additionally, customers have the flexibility to prematurely close their accounts should any emergency need arise. This product is particularly well-suited for customers seeking a guaranteed, pension-like income for longer periods.

Shares of The Federal Bank Limited was last trading in BSE at Rs. 177.60 as compared to the previous close of Rs. 178.45. The total number of shares traded during the day was 112705 in over 1424 trades.

The stock hit an intraday high of Rs. 179.05 and intraday low of 175.05. The net turnover during the day was Rs. 19901560.00.

Source : Equity Bulls

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