RBL Bank launches new FD scheme; these investors can earn up to 8.3% interest rate This flexible term deposit option is known as Smart Deposit
In order to give customers the benefit of flexibility with their regular monthly savings and top-up investments, RBL Bank announced the launch of its Smart Deposit programme. This flexible term deposit option is known as Smart Deposit.Customers have the opportunity to open a Smart Deposit for as little as Rs 1,000 with the flexibility to top it off with an additional amount in the same deposit.
“The interest rate will remain the same for the monthly savings as well as the top-up amount held till maturity with the benefit of compounding interest. As a smart investment tool, this risk-free investment is easy to liquidate. Customers can earn a competitive rate of interest – 7.55% for regular customers, 8.05% for senior citizens and 8.30% for super senior FDs for a tenure of 15 months. The top-up can be as low as Rs. 50. The minimum tenure is as low as 6 months and in multiples of 3 months thereof with a maximum of 60 months. The interest rate offered on a Smart Deposit will remain the same for the entire tenure. On premature withdrawal, the interest will be calculated at the rate applicable for the period during which the Smart Deposit has remained with the Bank, subject to a 1% penalty for early withdrawal. But there is no penalty for premature withdrawal of a Smart Deposit by senior citizens/super senior citizens,” according to an RBL Bank press release.
What is RBL Bank smart deposit
According to the RBL website, “Smart Deposit is a flexible term deposit that bank offers for the convenience of its depositors. Customer can now avail the benefit of flexibility along with regular savings by opening a Smart Deposit with a minimum amount as low as Rs. 1,000 along with a monthly SI for similar amount & get an option to top-up additional amount to increase savings with same interest rate that your deposit was booked at.”
The interest rate will remain the same for the entire term, including the amount added on.
RBL Bank interest rate
The bank offers highest interest rate of 7.55% to regular citizens and 8.05% to senior citizens on tenure of 725 days.
Features of Smart Deposit
According to the RBL website, these are important notice
The customer is aware that the interest rates for Smart Deposits will be the corresponding rate as applicable for a Fixed Deposit. The customer is aware that interest on the Deposits is compounded at quarterly intervals, at the applicable rates. The customer agrees that the instalment amount once fixed will not be allowed to be altered at a later date. Booking amount and subsequent SI amount shall be the same.The customer is aware that the maturity amount mentioned on the Smart Deposit advice/digital channels is subject to top up amount and TDS. Smart Deposit may be opened by the customer with a minimum of Rs. 1,000 and in multiples of Rs. 1 thereof and maximum amount Rs. 5 lakhs. 1% penalty shall be applied on missing installment / SI in line with regular RD except if customer deposits cumulative amount equal to more than SI amount before the next SI date. Smart Deposit may be opened by customer with a minimum tenure 6 months and in multiples of 3 months thereof and maximum 60 months. Minimum top-up amount shall be Rs. 50, thereafter in multiple of Rs. 1 and maximum top up allowed shall be Rs. 10,000 per day. The total top-up amount should not exceed Rs. 25,000 a week (Monday to Sunday). The rate of interest offered on a Smart Deposit by RBL BANK will remain same for the entire Tenure of the Smart Deposit i.e. the contracted rate will remain uniform for the entire tenure of the Smart Deposit. Part premature withdrawal is not allowed for a Smart Deposit.On pre-mature withdrawal of the Smart Deposit, the interest will be calculated at rate applicable for the period for which Smart Deposit has actually remained with the bank, subject to a penalty of 1%. However, there is no penalty for premature withdrawal of Smart Deposit by senior citizens/super senior citizens.
Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here!
This story originally appeared on: India Times - Author:Faqs of Insurances
