RBL Bank debuts smart deposit scheme with returns up to 8.30% on this tenor

RBL Bank, a lender in the private sector, has launched the smart deposit programme, a flexible term deposit option that allows customers to take advantage of flexibility with regular monthly savings and top-up investments. Customers can start a Smart Deposit, according to the bank, for as little as 1,000, and they have the opportunity to add more money to the same deposit.

RBL Bank has mentioned on its website that “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 for the entire tenure shall remain same including for the top-up amount.»

With the benefit of compound interest, the interest rate will stay the same for both the monthly savings and the top-up amount maintained until maturity. Customers have the opportunity to earn a favourable interest rate for a 15-month term of 7.55% for regular customers, 8.05% for senior citizens, and 8.30% for super senior FDs. The top-up can start at a little Rs. 50. The minimum tenure might be as little as 6 months, with a maximum of 60 months.

For the duration of the Smart Deposit’s term, the interest rate will not change. In the event of an early withdrawal, the interest will be computed at the rate in effect for the period the Smart Deposit was held by the bank, less a 1% premature withdrawal penalty. However, senior/super elderly individuals who prematurely withdraw a Smart Deposit are not subject to any penalties.

Customers can take use of simple payment choices from their savings accounts by setting up standing instructions and the nomination function. The booking amount ranges from 1,000 to lakhs. The interest rates on smart deposits will be the same as those that apply to fixed deposits, and interest on the deposits is compounded at quarterly intervals at the appropriate rates. The maturity amount documented on the smart deposit advice/digital channels, according to RBL Bank, is subject to TDS and top-up amounts. The minimum top-up value is 50, and top-ups can be made up to a maximum of 10,000 per day. Weekly top-ups shouldn’t total more than Rs. 25,000. (Monday to Sunday).

In the meanwhile, RBL Bank announced a rise in savings account rates of up to 125 basis points across a range of balance slabs. According to the bank, the new rates are effective as of January 25, 2023. The maximum interest rate on savings accounts offered by RBL Bank is now 6.50%.

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