North East Small Finance Bank is a subsidiary of RGVN (North East) MicroFinance Limited, a financial service company that received an ‘In-Principle Approval’ from RBI in 2015 to set up the bank. It was the only financial institution in the North-Eastern Region of India to receive the approval. The main aim behind establishing the North East Small Finance Bank (NESFB) was to promote financial inclusion. The bank offers credit to small and marginal farmers, business units, micro and small industries and various entities of the unorganised sector. Let’s explore the North East Small Finance Bank FD rates, features, benefits and various FD schemes.
|Minimum Deposit||₹ 1,000|
|Maximum Deposit||No limit specified|
|Minimum Tenure||7 days|
|Maximum Tenure||10 years|
|Interest Rates||3.25% to 9.25% (for deposits below ₹2 crores, including senior citizens rate)|
|Lock-in Period||No limit specified|
|Senior Citizen||4.00% to 9.25%|
|General Citizen||3.25% to 8.50%|
North East Small Finance Bank FD Rates 2023
|Tenure||General Citizen||Senior Citizen|
Features and Benefits of North East Small Finance Bank FD
Check the features and benefits of a fixed deposit scheme by choosing the North East Small Finance Bank FD rate.
- The bank offers all depositors a guaranteed rate of return, making FD investments an attractive and secure choice.
- As per the Income Tax Act provision, the tax gets deducted at source from the interest earned from NESFB fixed deposit.
- As depositors, you can get the benefits of a part withdrawal facility and auto renewal facility.
- Depositors can also avail of additional benefits, including instant loans and doorstep banking.
- The interest earned on the FD account is generally credited to the savings account that a depositor mentions initially while opening the account. The interest gets credited either monthly or quarterly.
- Upon premature closure of NESFB FD, the bank charges a penalty of 1% on the interest income from a depositor.
How to Book North East Small Finance Bank FD?
North East Small Finance Bank allows you to book FD, but that is currently offline. Check the details of how to open a fixed deposit account:
- Step 1: Visit the nearest North East Small Finance Bank branch and ask the officials for the FD account opening form.
- Step 2: Fill up the form and double-check it to ensure that all the details have been correctly entered.
- Step 3: Attach all the required documents with the application form, such as a copy of the PAN card and photographs.
- Step 4: Pay the initial investment amount through demand draft, cheque or online banking.
The bank will verify the details submitted. Once they are satisfied with the result, they’ll open the FD account for you. Don’t forget to collect the FD account opening acknowledgement slip from the bank.
Documents Required to Book North East Small Finance Bank FD
Here are the documents you should consider keeping ready if you want to open a fixed deposit account at NESFB:
- FD Opening Application Form
- PAN card of an applicant or Form 60/61
- Passport-size photographs of the applicant
- ID proofs of an applicant (Aadhaar Card or Voter ID Card)
- Address proofs of an applicant (Telephone bill, Electricity bill, Bank statement with a Cheque and Certificate/ID card issued by post office)
- Age proofs of an applicant (Birth Certificate or School Passing Certificate)
- Bank account details (Account Number and IFSC Code)
Eligibility to Open North East Small Finance Bank FD
Check the eligibility criteria for opening an FD account at North East Small Finance Bank:
- Applicant type: Resident Individuals, Hindu Undivided Families (HUF), Proprietorships, Partnership Firms, Limited Liability Partnerships (LLPs), Companies, Associations, Societies, Trusts and Clubs
- Age (in case of individual applicants): An applicant must be at least 18 years of age. All applicants below the age group are considered minors and only eligible under guardianship.
Types of North East Small Finance Bank FD Schemes
As of now, the North East Small Finance Bank offers primarily one FD scheme.
1. Regular Fixed Deposit Scheme
A Regular Fixed Deposit Scheme of North East Small Finance Bank allows depositors/investors to earn a slightly higher interest rate on their surplus funds than a savings account. This is a type of term deposit where a particular amount remains locked in for a specific time period.
- Minimum Deposit: ₹1,000
- Maximum Deposit: No limit specified
- Tenure: 7 days to 10 years
- Interest Rate: 3.25% to 8.60%
- Eligibility: Resident Individuals, HUFs, Minors, Senior Citizens, NRIs, Partnership Firms, LLPs, Companies, Associations, Trusts, Societies, Clubs.
Hopefully, now, with all this information, you can make an informed decision when it comes to choosing North East Small Finance Bank FD rates for your FD investment. Although the bank provides high-yielding and assured returns, make sure to go through all the terms and conditions before agreeing to open an FD account.