Kochi, Feb. 27 -- Federal Bank, one of India's leading private sector banks, on Thursday 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 D...