RBL Bank has launched a Smart Deposit scheme which offers the benefit of compounding and up to 8.3% interest. The bank said in a statement that the Smart Deposit Scheme is a flexible fixed deposit option where customers can avail the benefit of flexibility with regular monthly savings and top-up investments.
The bank said that customers can open a Smart Deposit with a minimum amount as low as Rs 1,000 and get an option to top-up an additional amount in the same deposit.
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Compounding Benefit
According to the bank, the interest rate for money deposited in this scheme will remain the same for monthly savings as well as the top-up amount held till maturity with the benefit of compounding interest. Moreover, the scheme offers the safety of a fixed deposit and is easy to liquidate.
“…the interest on the Deposits is compounded at quarterly intervals, at the applicable rates,” the bank says on its website.
Smart Deposit scheme Interest Rate
The bank said that customers can earn a competitive rate of interest with the Smart Deposit scheme. It is currently offering 7.55% interest for regular customers, 8.05% for senior citizens and 8.30% for super senior FDs of a tenure of 15 months. Customers can do a top-up with an amount as low as Rs 50.
Top-Up Details
The bank allows a minimum top-up of Rs 50 and thereafter in multiples of Re 1. The maximum top-up allowed per day is Rs 10,000 per day but the total top-up in a week (Monday to Sunday) should not exceed Rs 25,000.
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The interest rate offered on a Smart Deposit will remain the same for the entire tenure.
Key Features
As per information on the bank’s website, following are the key features of the Smart Deposit Scheme:
- Easy investment with attractive returns
- Enjoy easy payment options from your savings account through standing instructions
- Nomination facility available
- Booking Period – 6 months to 5 years
- Booking Amount – Minimum Rs. 1,000 and maximum Rs. 5,00,000
Premature Withdrawal
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.
