RBL Bank announced its Smart Deposit scheme – a flexible term deposit option wherein customers can avail the benefit of flexibility with regular monthly savings and top up investments. 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.
The interest rate will remain the same for the monthly savings as well as the top-up amount held till maturity with the benefit of compounding interest. As a smart investment tool, this risk-free investment is easy to liquidate. Customers can earn a competitive rate of interest – 7.55% for regular customers, 8.05% for senior citizens and 8.30% for super senior FDs for a tenure of 15 months. The top-up can be as low as Rs. 50. The minimum tenure is as low as 6 months and in multiples of 3 months thereof with a maximum of 60 months.
The interest rate offered on a Smart Deposit will remain the same for the entire tenure. 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.