How to Earn Higher Interest Rates with Non-Callable Deposits
Do you have idle money that you are not using? Are you tired of earning low interest rates on your savings? If so, Federal Bank has the perfect solution for you – Deposit Plus, also known as non-callable deposits.
These deposits are a great way to earn higher interest rates than those generally offered on normal deposits. In this article, we will explain what non-callable deposits are, their key features, eligibility and advantages, as well as how they can benefit customers.
What are Non-Callable Deposits?
Non-callable deposits are term deposits that offer higher interest rates than regular term deposits. These deposits cannot be withdrawn before maturity, hence the name 'non-callable'. They offer higher interest rates because the bank has the guarantee that the customer will keep the money with them for a fixed period.
Key Features of Non-Callable Deposits
Here are the top features of non-callable deposits:
- They have a fixed tenure ranging from one to 10 years
- Their interest rates are higher than those for regular term deposits
- The interest rates are fixed for the entire tenure of the deposit
- The deposit cannot be withdrawn before maturity
- They can be opened with a minimum amount of Rs.10,000
- The interest can be paid out on a monthly, quarterly, half-yearly or annual basis.
Eligibility for Non-Callable Deposits
Residents and non-resident Indians (NRIs) can open non-callable deposits.
Proprietorship firms, partnership companies and other types of businesses, as well as certain individuals, can also open such deposits.
Advantages of Non-Callable Deposits
Non-callable deposits provide the following pros:
- Higher interest rates than regular term deposits
- Guaranteed returns as the funds cannot be withdrawn before maturity
- Interest rates are fixed for the entire tenure of the deposit
- The deposit can be pledged as collateral for loans
- Interest can be paid out monthly, quarterly, half-yearly or annually.
Why Non-Callable Deposits are Valuable
Non-callable deposits can help you:
- Earn higher interest rates
- Have the assurance of guaranteed returns
- Gain collateral for loans
- Enjoy convenient interest payouts.
Looking for a fixed deposit option that provides high interest rates and fixed returns? Consider Federal Bank's Deposit Plus (non-callable deposit) investment option. With a minimum deposit amount of Rs.15,00,001 and a minimum tenure of 12 months, you can enjoy convenient interest payouts, advances against the funds and the option to nominate a beneficiary. Plus, senior citizens get additional rates! Don't miss out on this opportunity to maximise your returns.