NE SFB Offers Up To 9.75% Interest Rates On FD To Senior Citizens

NE SFB has increased interest rate on FD product from 9.25% to 9.75%

Satish Kumar Kalra, MD & CEO

FinTech BizNews Service

Mumbai, June 20, 2024: North East Small Finance Banks (NESFB) has raised its fixed deposit (FD) rates to 9.75%, the country's highest interest rate on FDs. This 50 basis-point increase demonstrates the bank's commitment to providing the most valued return to its customers. NESFB is altering the landscape of savings growth by offering rates as high as 9.25% for the general public and 9.75% for senior citizens.

NESFB’s revised FD rates offer the highest rates across the banking sector. This increase in fixed deposit rates gives customers, particularly senior citizens, the potential to earn inflation-beating returns on their fixed deposits. Given the high liquidity and easy encashability of FDs, along with the better returns compared to money market instruments, the interest generated from these deposits can provide a regular income stream, supporting senior citizens in their retirement years.

Commenting on the development, Mr. Satish Kumar Kalra, Managing Director & CEO, North East Small Finance Bank said, “The increased interest rates are intended to provide our customers with a variety of attractive investment opportunities. These developments have a dual purpose: they assist our customers to develop their wealth by increasing returns, but they also help the bank balance and optimize its overall deposit cost. By modifying the rates, the bank ensures that it can offer competitive returns to its customers while remaining efficient in resource management.”