NESFB announces new enhanced interest rates for fixed deposit

Syllad | The Rising MeghalayaMarch 19, 2024

In a significant move aimed at bolstering financial growth and stability for its customers, North East Small Finance Bank (NESFB) on Tuesday announced its enhanced fixed deposit (FD) schemes for its customers. 

With competitive rates of up to 8.50% for the general public and an impressive 9.25% for senior citizens, NESFB set a new benchmark in savings growth opportunities.

In its enhanced fixed deposit rates, NESFB will provide 7.75 per cent interest rates to regular citizens for 366-1095 days while the interest rate will go up to 8.50 per cent for senior citizens for the same period.

The interest rate for 400 days (special scheme) will be 8.40 per cent for regular customers and 9.15 per cent for senior citizens.

Similarly, the bank will provide 8.50 interest for FD to regular customers for 555 days and 9.25 per cent to senior citizens for the same period.

The interest rate for 1111 days (special scheme) will be 8.50 per cent for regular citizens and 9.25 per cent for senior citizens.

 “The NESFB reinforced its pledge to foster financial security and prosperity, aligning with the bank’s mission to empower its customers, especially the senior citizens within the Northeast community,” the bank authorities said. 

“For senior citizens, fixed deposits (FDs) offer a reliable means of generating earnings. FDs are designed to act as a steady source of income for the elderly, akin to a pension. The interest generated from these deposits can provide a regular income stream, supporting senior citizens in their retirement years,” they said.

“NESFB is dedicated to providing superior investment opportunities to its valued clients, spanning across both urban and remote regions of Assam. To achieve this goal, NESFB will leverage its extensive network of branches, ensuring that every customer, irrespective of their location, has access to its comprehensive suite of investment solutions,” they also said.

NESFM managing director and CEO Satish Kumar Kalra said: “NESFB is committed to creating value and enhancing the financial well-being of our customers. Our new fixed deposit rates, alongside our wide range of financial solutions, underscore our commitment to excellence, innovation, and customer-centricity. As we continue to grow and evolve, our focus remains on serving our community and positively transforming the financial landscape.”

Recently, the Competition Commission of India approved the transaction involving the merger of the slice (Garagepreneurs Internet Private Limited) with NESFB.