Last Updated: January 25, 2023, 14:55 IST
The smart deposit programme, a flexible term deposit option offered by private sector lender RBL, enables consumers to benefit from flexibility with regular monthly deposits and top-up investments. The bank claims that customers can begin a Smart Deposit for as low as Rs 1,000 and have the option to add more funds to the same deposit.
According to the RBL Bank website, “Smart Deposit is a flexible term deposit that a bank offers for the convenience of its depositors,”. By initiating a Smart Deposit with a minimum of Rs. 1,000 and a monthly SI for a comparable amount, customers may now enjoy flexibility in addition to regular savings. They now have the option to top up extra amounts to boost savings at the same interest rate that their deposit was booked at. The interest rate will remain the same over the entire term, including for the additional funds.
The interest rate will remain the same for both the monthly savings and the top-up amount kept until maturity thanks to compound interest. For 15 months, consumers can earn an attractive interest rate of 7.5% for normal customers, 8.05% for senior citizens, and 8.30% for super senior FDs. The initial top-up amount is just Rs. 50. The longest term is 60 months, with a minimum duration of just 6 months.
The interest rate will not vary during the term of the Smart Deposit. If there is an early withdrawal, the interest will be calculated at the rate in place for the time that the bank held the Smart Deposit, less a 1% early withdrawal fee. However, there are no fines for senior citizens who prematurely withdraw a Smart Deposit.
By setting up standing instructions and the nomination function, customers can make advantage of straightforward payment options from their savings accounts. RBL Bank claims that the maturity amount listed on the smart deposit advice/digital channels is subject to TDS and top-up fees. Top-ups can be made for as little as 50 cents and as much as 10,000 each day. The sum of weekly top-ups shouldn’t exceed Rs. 25,000.
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