Fixed Deposit above Rs 50 lakh to Rs 2 crore: Get up to 8.75% interest rate in RBL Bank now!

RBL Bank ACE Fixed Deposit Scheme launch news: RBL Bank, today announced the launch of a new Fixed Deposit scheme named ‘ACE’ with an aim to enhance customer offerings and reward long-term commitment.

The Bank said in a statement that deposits above Rs 50 lakh to Rs 2 crore under the ACE scheme will offer a 20 bps higher rate of interest, over and above the regular callable deposits. Senior citizens and super senior citizens will get 50 bps and 75 bps higher interest rates respectively.

Callable deposits are fixed deposits that allow premature withdrawal. The RBL Bank is now offering up to 8.75% interest to super senior citizens under the ACE FD scheme.

The bank said that with a minimum deposit value of Rs 50 Lakh and a maximum deposit value of less than Rs 2 crore, customers can choose a tenure ranging from 12 to 240 months and enjoy the benefits on maturity, allowing them to align their investment strategy with long-term financial goals.

Also Read: What is the ideal Fixed Deposit tenor for senior citizens and others amid interest rate hikes?

The ACE Fixed Deposit will be available to both resident and non-resident Indians.

ACE Fixed Deposit interest rates

• 12 months to less than 15 months: RBL Bank is offering 7.2% interest rate to general public, 7.7% interest to senior citizens and 7.95% interest rate to super senior citizens.
• 453 days to less than 24 months (15 months to less than 24 months): RBL Bank is offering 8% interest rate to general public, 8.5% interest to senior citizens and 8.75% interest rate to super senior citizens.
• 24 months < 36 months: RBL Bank is offering 7.7% interest rate to general public, 8.2% interest to senior citizens and 8.45% interest rate to super senior citizens.
• 36 months to 60 months 1 day: RBL Bank is offering 7.3% interest rate to general public, 7.8% interest to senior citizens and 8.05% interest rate to super senior citizens.
• 60 months 2 days to 240 months: RBL Bank is offering 7.2% interest rate to general public, 7.7% interest to senior citizens and 7.95% interest rate to super senior citizens.

“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.