North East SFB Debuts Special FD With Returns Up To 9.25% For Senior Citizens

In order to lure customers' interest towards fixed deposits, North East Small Finance Bank (SFB) has announced "Monsoon Dhamaka" special fixed deposit (FD) scheme for retail investors. The bank made this announcement on 06.06.2023, and the special FD scheme has been launched with tenor of 555 days and 1111 days.

Under the "Monsoon Dhamaka" FD scheme of North East SFB, the general public will get an interest rate of 8.50% and senior citizens will get an interest rate of 9.25% which is 75 bps higher than the standard rates.

"No ODFD to be given for special scheme tenor of 555 days and 1111 days," North East Small Finance Bank on its website.

North East SFB FD Rates

The bank is offering a 3.00% interest rate on fixed deposits held for 7 to 29 days, and North East SFB is offering a 3.50% interest rate on deposits held for 30 to 45 days. The interest rates that North East SFB is providing are 4.50% for deposits made between 46 and 90 days and 4.75% for deposits made between 91 and 180 days. Deposits that mature between 181 and 365 days will earn interest at a rate of 6.50%, while deposits that mature between 366 and 1095 days will earn interest at a rate of 7.25%.

On 555 to 1111 days- special scheme, the bank is offering an interest rate of 8.50% and on a tenor of 1096 - 1825 days, North East SFB is promising an interest rate of 6.50%. Deposits maturing in 1826 - 3650 days will fetch an interest rate of 6.25%.

North East SFB also allows recurring deposits (RDs) where one can make monthly deposits instead of a lump sum. The bank allows RDs for a tenure of 3 months to 10 years, and on RD maturing in 2 Years, the general public will get a maximum interest rate of 7.50% and senior citizens can earn as high as 8%.