Amidst the war for deposits in the system, private lender RBL Bank has introduced a new program on Wednesday, giving savers 8.1 per cent annual interest.
An official announcement refers to the 500-day tenor product that was introduced on the eve of Independence Day as ‘Vijay Fixed Deposits’. “RBL Bank is proud to honor India’s bravehearts who shape our nation every day. Presenting Vijay Deposit, a special fixed deposit that offers a higher interest rate of 8.6%* per annum for a 500-day tenor,” bank said in a social media post on X, formerly Twitter.
The private sector bank said in a statement that as part of Independence Month, normal FDs will earn 8.1 per cent interest, while FDs placed by senior people and super senior citizens will earn 8.60 and 8.85 per cent interest, respectively. Additionally, there are two ways to book the FDs, that is through the RBL Bank MoBank app or by going to the nearest bank branch.
Furthermore, the bank on August 1 announced that the integration of Unified Payments Interface (UPI) and National Common Mobility Card (NCMC) features on RuPay Credit Cards. By virtue of this integration, RBL Bank is now the first private sector bank in India to offer so many different ways to pay with a single card. With this, users can now travel hasslefree and utilise UPI to make safe, instantaneous payments thanks to the NCMC function.