North East Small Finance Bank Limited is the wholly owned subsidiary of RGVN (North East) Microfinance Limited. The North East Small Finance Bank was incorporated on July 25, 2016, under the Reserve Bank of India’s (RBI) ‘In-principle approval’ to set up a Small Financial Bank (SFB) to enhance finance inclusion and provide credit facilities to small enterprises.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 - 14 Days||3%||3.75%|
|15 - 29 Days||3%||3.75%|
|30 - 45 Days||3.5%||4.25%|
|46 - 90 Days||4.5%||5.25%|
|91 - 180 Days||4.75%||5.5%|
|181 - 365 Days||6.5%||7.25%|
|366 - 1095 Days||7.25%||8%|
|555 days- Special Scheme||8.5%||9.25%|
|1111 Days- Special Scheme||8.5%||9.25%|
|1096 - 1825 Days||6.5%||7.25%|
|Note: All interest rates are updated as of 1st Aug 2023|
A fixed deposit is an account where an investor can keep money in the bank, earning a percentage of interest at the end of the specified term period. North East Small Finance Bank’s FD comes with an interest rate between 3-8% p.a. for the general public and 3.75-8.75% p.a. for senior citizens. Let's look at some of its features:
To invest in North East Small Finance Bank Fixed Deposits, the following are eligible:
The following documents are required to invest in North East Small Finance Bank Fixed deposits:
|Eligible people||Documents required|
Certificate of incorporation
ID proofs of authorized signatories
Passport size photographs of directors
Memorandum of Association
|Individuals, HUF, Proprietorships|
Passport size photographs
Passport size photographs of partners Letter from partners to open and operate the account
|Associations and Clubs|
Passport size photographs
Board Resolution to open and operate the account
Trust deed copy
Copy of Certificate of Registration
Passport size photographs of the members
Authorizing the members concerned to open and operate the account
You can open an FD account with North East Small Finance Bank offline. The following are the steps:
Step 1: Personally visit the nearest bank branch.
Step 2: Fill out the required FD form.
Step 3: Give complete details such as deposit amount, tenure, etc.
Step 4: Attach the required documents such as PAN, photographs etc.
Step 5: Make the payment through cheque, DD or online banking.
Step 6: The banker will verify the details filled out and will proceed further.
Step 7: Obtain the acknowledgement slip of the FD account.
According to the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
Currently, the highest interest rate for North East Small Finance Bank’s FD for regular citizens is 8% for 1111 days of maturity. And for senior citizens, it is 8.75%.
Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover applies to North East Small Finance Bank FD.
FD amount can be deposited through various modes such as cheques, DD, credit/debit cards, internet banking etc.
Yes, North East Small Finance Bank's staff gets an additional interest rate on the FDs.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.