Fixed Deposit Interest Rate: Fixed Deposit (FD) is a better option for secure returns. In FD you get strong returns without any risk.
Fixed Deposit Interest Rate: Fixed Deposit (FD) is a better option for secure returns. In FD, you get strong returns without any risk. The increase in FD interest rates for some time has also attracted investors towards this option. Some small finance banks are giving returns of 9 percent or more on FD. One such bank is North East Small Finance Bank (NESFB).
Returns on FD
North East Small Finance Bank has increased its FD interest rate by 50 basis points. The bank is offering the highest interest rate of 9.75% for senior citizens on non-callable deposits between Rs 1 crore and Rs 5 crore for a tenure of 546 – 1111 days. For callable deposits the bank is offering 9.50% interest on the same tenure.
Facility for customers
North East Small Finance Bank customers can invest in FD from the comfort of their homes. For this, mobile banking or net banking has to be used. The authorized savings account of the depositor receives interest from the FD account on a monthly or quarterly basis. North East Small Finance Bank offers services like doorstep banking, auto renew, partial withdrawal, reinvestment option and loan/OD facility. A penalty of 1% is levied by the bank on premature withdrawal of bank FD.
No change in repo rate
Recently, the Reserve Bank of India (RBI) has not made any change in the repo rate in the monetary policy review. RBI maintained it at 6.5 percent. In an effort to control inflation amid strong economic growth, RBI has kept the repo rate unchanged for the eighth consecutive time. Due to no change in the repo rate, the possibility of reduction in the interest rate of bank deposits has also reduced.
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