RBL Bank, a private sector lender, has launched Smart Deposit Scheme. It is a flexible fixed deposit scheme that offers regular monthly savings and top-up facility to the customers.
According to the bank, customers can start this scheme with as little as ₹1,000 as well as add more money in the same deposit. RBL Bank on its website mentions that “Smart Deposit is a flexible fixed deposit offered by the bank for the convenience of its depositors.
With the benefit of compound interest, the interest rate will remain the same for both the monthly savings and the top-up amount maintained till maturity. The interest rates on Smart Deposit will be the same as applicable to Fixed Deposit. Interest on the deposit is compounded at quarterly intervals at appropriate rates.
How much interest will customers get ?
Regular customers will get interest at the rate of 7.55%, senior citizens at 8.05% and super senior citizens at 8.30% for a period of 15 months. Top-up can be started from Rs.50 only. At the same time, its duration can be of maximum 60 months and minimum of 6 months.
On Premature Withdrawal
During the tenure of the Smart Deposit, the interest rate will not change. Interest will be calculated by the Bank at the effective rate for the tenure of the Smart Deposit after deducting 1% in case of early withdrawal. However, Senior Citizens and Super Senior Citizens who prematurely withdraw the Smart Deposit are not subject to any penalty.
Know what are the interest rates on FD The bank has increased the interest rate on FDs of 7 days to 364 days by 50 basis points. After the increase, RBL Bank is giving 25 basis points more i.e. 3.50% interest on FDs of 7 days to 14 days to its customers. On the other hand, the bank will pay 25 basis points more on FDs of 15 days to 45 days i.e. 4 percent, 50 basis points more on FDs of 46 days to 90 days i.e. 4.50 percent and 25 basis points more on FDs of 91 days to 180 days i.e. 4.75 percent, It is paying 5.50% interest on FDs of 181 days to 240 days and 6.05% on FDs of 241 days to 364 days.
