RBL Bank introduced its ACE Fixed Deposit scheme, which offers consumers interest rates of up to 8.50 per cent. The new savings plan is available for terms ranging from 12 months to 20 years, and the customers will have additional alternatives for banks and prizes under the new plan.
The bank is offering a 20 basis point higher rate of interest on callable deposits (Fixed Deposit with Premature Withdrawal) under the scheme. Furthermore, senior persons and super senior citizens receive 50 and 75 basis points higher interest rates, respectively. The FD scheme requires a minimum deposit of 50 lakh and a maximum commitment of 2 crore.
Large investments for 1-20 years will assist people in aligning their investment plan with their long-term financial goals.
The RBL FD scheme is open to both Indian residents and non-residents. It is accessible for elderly citizens and super senior citizens, with interest rates that are 50 basis points and 75 basis points higher, respectively.
“Traditionally, a higher interest proposition is offered for non-callable deposits with a value of Rs. 2 Crore and above. However, at RBL Bank we believe in empowering our customers and wanted to extend this offering to a wider range of client segments. This innovative product offers a higher interest rate compared to regular Fixed Deposit, enabling customers to benefit from the power of compounding to meet their financial aspirations,” said Deepak Gaddhyan, Branch & Business Banking Head, RBL Bank.
The private sector lender is attempting to broaden its clientele across the country. Corporate and institutional banking, commercial banking, branch and business banking, retail assets, and treasury and financial markets are among the services provided by the bank.