North East Small Finance Bank (NESFB) has announced a hike in its fixed deposit (FD) interest rates. The bank has increased the rates by up to 0.50%, benefiting both senior citizens and the general public. Now, senior citizens can earn up to 9.75% interest, while the general public can earn up to 9.25%.
About NESFB
Established in 2017, NESFB is a small finance bank headquartered in Guwahati, Assam, and operates across all northeastern states of India. The bank aims to provide accessible financial services to the region.
New FD Interest Rates
The bank has increased the interest rates on FDs from 9.25% to 9.75% for senior citizens on non-callable deposits ranging from ₹1 crore to ₹5 crore for a tenure of 546 to 1111 days. For the general public, the interest rate on non-callable deposits is now 9.25%.
Interest Rates Breakdown
| Tenure (days) | General (₹1 – 5 Crore) | Senior (₹1 – 5 Crore) | General (Up to ₹5 Crore) | Senior (Up to ₹5 Crore) |
|---|---|---|---|---|
| 7 – 14 | 3.25% | 3.75% | 3.50% | 4.00% |
| 15 – 29 | 3.75% | 4.25% | 4.00% | 4.50% |
| 30 – 45 | 4.25% | 4.75% | 4.50% | 5.00% |
| 46 – 90 | 4.75% | 5.25% | 5.00% | 5.50% |
| 91 – 180 | 6.25% | 6.75% | 6.50% | 7.00% |
| 181 – 365 | 7.00% | 7.50% | 7.25% | 7.75% |
| 366 – 545 | 8.75% | 9.25% | 9.00% | 9.50% |
| 546 – 1111 | 9.00% | 9.50% | 9.25% | 9.75% |
| 1112 – 1825 | 8.00% | 8.50% | 8.25% | 8.75% |
| 1826 – 3650 | 6.25% | 6.75% | 6.50% | 7.00% |
Key Takeaways
- Interest Rate Hike: NESFB has increased FD interest rates up to 9.75% for senior citizens and 9.25% for the general public.
- Senior Citizen Benefits: Highest interest rate of 9.75% on non-callable deposits for a tenure of 546 to 1111 days.
- General Public Rates: Up to 9.25% on non-callable deposits for the same tenure.
- Established Presence: NESFB operates throughout the northeastern states of India, providing essential financial services.
This move by NESFB follows the new guidelines issued by the Reserve Bank of India (RBI) and aims to provide better returns to depositors, encouraging more people to invest in fixed deposits.