September 24, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

Federal Bank partners Visa after Mastercard embargo

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, Federal Bank partners Visa after Mastercard embargo, The World Live Breaking News Coverage & Updates IN ENGLISH
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, Federal Bank partners Visa after Mastercard embargo, The World Live Breaking News Coverage & Updates IN ENGLISH
, Federal Bank partners Visa after Mastercard embargo, The World Live Breaking News Coverage & Updates IN ENGLISH

MUMBAI: Federal Bank on Friday announced its association with Visa to launch new credit cards following the RBI’s embargo for fresh cards on the Mastercard network until the company complies with data-localisation norms.
The private lender said that it will offer credit cards with interest rates as low as 5.9% per annum. According to the bank’s website, the dynamic annual percentage rate, or APR, ranges from 5.9% to 41.9% per annum with the lowest for those who maintain an average minimum balance of over Rs 10 lakh.
The interest rate would rise with the reduction in the average minimum balance maintained by the customer in his account.
For instance, customers maintaining balances above Rs 3 lakh are entitled to interest rates of 18% per annum and those maintaining an average balance over Rs 50,000 will be billed at 30% per annum.
Under its partnership with Visa, the bank offers three cards — Celesta, Imperio and Signet, each of which is designed to cater to the needs of different segments of customers. Celesta card is targeted at HNIs, Imperio is for family-oriented customers, and Signet is targeted at young, early professionals.

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