RBL Bank introduced its ACE Fixed Deposit scheme with an interest rate of up to 8.50% to give customers better-saving options. The new savings plan is available for a period of time ranging from 12 months to 20 years. Customers will have more options thanks to the new program in terms of banks and rewards.
In accordance with the plan, the bank will pay 20 basis points (20 bps) more interest than it typically does on callable fixed deposits (Fixed Deposits with Premature Withdrawal). Senior people and super senior citizens also receive interest rates that are 50 basis points and 75 basis points higher, respectively. The FD scheme has a minimum deposit requirement of 50 lacks and a maximum deposit limit of 2 crores.
People can connect their investment plan with their long-term financial goals by investing a sizable sum for a period of time between one and twenty years.
Who may profit from this?
Both residents and non-residents of India may use the RBL FD scheme. It is offered to senior citizens and super senior citizens with an interest rate that is 50 bps and 75 bps higher, respectively.
“Traditionally, non-callable deposits worth at least Rs. 2 crores are provided a higher interest rate. However, RBL Bank intended to expand this offering to a larger range of client categories since we believe in empowering our consumers. According to Deepak Gaddhyan, Head of Branch & Business Banking at RBL Bank, “This cutting-edge product delivers a greater interest rate compared to ordinary Fixed Deposit, enabling consumers to benefit from the power of compounding to accomplish their financial ambitions.
MUST READ – RBI Introduces an Expanded e-Rupee Pilot Programme to Include Additional Banks.
The lender in the private sector is attempting to broaden its clientele around the nation. The bank provides specialized services within five business verticals, including retail assets, treasury and financial markets, branch and business banking, corporate and institutional banking, and commercial banking.
With a network of 517 branches, 1,166 business correspondent branches (of which 298 are banking outlets), and 414 ATMs, the bank provides services to more than 12.91 million customers. There are 2,100 client touchpoints in all, located in 28 Indian states and Union Territories.
