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Business News/ Money / Personal Finance/  RBL Bank launches ACE Fixed Deposit Scheme with 8.5% interest
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RBL Bank launches ACE Fixed Deposit Scheme with 8.5% interest

For enhanced customer services and rewards, RBL Bank launched its new fixed deposit scheme, ACE. This scheme offeres returns at the interest rate of 8.5 per cent

Education loan: Most banks offer educational loans for long-term professional and technical courses at reputed universities..Premium
Education loan: Most banks offer educational loans for long-term professional and technical courses at reputed universities..

To provide better saving options for customers, RBL bank introduced its ACE Fixed Deposit scheme with an interest of up to 8.50 per cent. The new saving scheme can be taken for a tenure of 12 months to 20 years. The new scheme will provide more options for customers in terms of banks and rewards.

Under the scheme, the bank is offering 20 bps higher rate of interest, over and above the regular callable deposits (Fixed Deposit with premature withdrawal). Moreover, senior citizens and super senior citizens getting 50 bps and 75 bps higher interest rate respectively. The minimum deposit value of the FD scheme is 50 lakh and maximum deposit value is 2 crore.

Investment of large amount for 1-20 years will help people in aligning their investment strategy with their long-term financial goals.

Who can take the benefits?

The RBL FD scheme is available for residents as well as non-residents of India. It is available for senior citizens and super senior citizens with 50 bps and 75 bps higher interest rate respectively.

“Traditionally, a higher interest proposition is offered for non-callable deposits with a value of Rs. 2 Crore and above. However, at RBL Bank we believe in empowering our customers and wanted to extend this offering to a wider range of client segments. This innovative product offers a higher interest rate compared to regular Fixed Deposit, enabling customers to benefit from the power of compounding to meet their financial aspirations," said Deepak Gaddhyan, Branch & Business Banking Head, RBL Bank.

Take a look at the offered interest rate in RBL's ACE FD scheme

RBL Banks's ACE FD scheme provides interest rates starting from 7.2% to 8%
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RBL Banks's ACE FD scheme provides interest rates starting from 7.2% to 8% (RBL Bank)

The private sector lender is striving to expand its base across the country. The bank offers specialied services under five business verticals like corporate and institutional banking, commercial banking, branch and business banking, retail assets and treasury and financial markets.

The bank services more than 12.91 million customer witht its network of 517 branches, 1,166 business correspondent branches (of which 298 are banking outlets) and 414 ATMs. Its total customer touchpoint stands at 2,100, spread across 28 Indian states and Union Territories.

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Updated: 02 Jun 2023, 02:27 PM IST
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