Mumbai: Federal Bank on Friday announced his relationship with a visa to launch a new credit card after the RBI embargo for fresh cards on the Mastercard network to the norms of data-localization.
Personal lenders say that it will offer credit cards with interest rates as low as 5.9% per year.
According to the bank website, the level of dynamic annual percentage, or April, ranges from 5.9% to 41.9% per year with the lowest for those who maintain the average minimum balance of the 10 lakh Rs.
Interest rates will increase by reducing the average minimum balance managed by the customer in his account.
For example, customers who maintain balances above RS 3 Lakh are entitled to 18% interest rates per year and those who maintain an average balance of more than RS 50,000 will be billed 30% per year.
Under his partnership with a visa, the bank offers three cards – Celesta, Imperio and Signet, each of which is designed to meet the needs of various customer segments.
Celesta cards are targeted at HNI, Imperio for family-oriented customers, and signet is targeted at young people, early professionals.