A variety of banks have recently rolled out new deposit schemes to woo the present and new depositors. A few of these schemes are rolled after making minor tweaks within the common deposit schemes.
As an illustration, Bank of Baroda (BOB) has rolled out a recurring deposit plan which has similarities to a recurring deposit whereby depositors can deposit small deposits in common intervals throughout 6 to twenty months.
This fastened deposit scheme allows depositors to open an account with ₹50 and thereafter in a number of of ₹50 (rural and semi-urban). The fastened deposit (FD) provides mortgage/overdraft facility upto 95 % of the deposit quantity.
Jana Small Finance Financial institution has additionally rolled out a brand new FD scheme often called ‘Liquid Plus Fastened Deposit’.
The newly-launched fastened deposit scheme provides an rate of interest of 6.75 % every year throughout tenures which vary between 7-180 days. So, one can open a hard and fast deposit for any time interval ranging between one week to 6 months to earn an curiosity of 6.75 %.
These are a few of its key options:
I. The time period deposit provides increased returns providing higher yields than conventional short-term investments.
II. It provides same-day redemption (T+0) permitting on the spot entry to funds
III. There’s a flexibility to withdraw a portion of fastened deposit everytime you want.
IV. The time period deposit has no exit load, making it versatile and danger free in case of early withdrawal
V. You may also get an overdraft in opposition to your fastened deposit to fulfill pressing money necessities with out breaking your deposit.
In case of partial withdrawal of the Liquid Plus FD, worth of fastened deposit after the partial withdrawal ought to be equal to or greater than the minimal fastened deposit worth.
The minimal worth of a retail fixed deposit is ₹ 10 lakh and most worth is under ₹3 crore.
Within the liquid plus fastened deposit, curiosity payouts are as per monetary 12 months. Month-to-month curiosity payouts can be on first of each month, quarterly curiosity payouts can be on the primary of each quarter, half-yearly payouts can be on 1 October and 1 April.
