North East Small Finance Bank Fixed Deposit Interest Rates (as on 2024)

North East Small Finance Bank FD Interest Rate (below Rs.1 Crore) w.e.f. 01/08/2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7-14 Days3.254.00
15-29 Days3.754.50
30-45 Days4.255.00
46-90 Days4.755.50
91-180 Days6.257.00
181-365 Days7.007.75
366 days to 1095 days7.758.50
400 days8.409.15
555 days8.509.25
1111 days8.509.25
1096 days to 1825 days8.008.75
1826 days to 3650 days6.257.00

North East Small Finance Bank Recurring Deposit Interest Rate w.e.f. 01/08/2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
3 Months4.004.75
6 Months4.505.00
9 Months5.006.00
1 Year6.006.00
2 Year7.508.00
3 Year7.507.50
4 Year6.507.50
5 Years6.257.00
More than 5 years upto 10 years6.007.00

North East Small Finance Bank Domestic Daily Deposit Scheme w.e.f. 01/08/2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
1 Year3.003.50
2 Years3.253.75
3 Years3.504.00

Snapshot: North East Small Finance Bank

PointsDetails
EligibilityResident Indians, Minor, HUF, Sole Proprietorship, Partnership, a Limited Company or Trust
Minimum FDRs. 1,000
Maximum FDNo maximum limit FD
FD Tenure7 days to 10 years
Periodicity of Interest PaymentMonthly (at discounted rates) or Quarterly or Reinvestment of Interest
Loan against deposit / OD facilityUpto 80% of accrued amount is available
Interest to Senior Citizens0.50% more than general FD for FD amount below Rs.1 Crore

North East Small Finance Bank Fixed Deposit

North East Small Finance Bank has a range of Fixed Deposits (FD) products at competitive interest rates with various tenures and lots of other benefits. North East Small Finance Bank offers Fixed Deposit schemes for a short term period and long term period.

It is very easy to open a North East Small Finance Bank FD either online through its website or by visiting its nearby branch.

Important Points regarding North East Small Finance Bank Fixed Deposit

Features & Benefits: North East Small Finance Bank Fixed Deposit

North East Small Finance Bank FD Calculator

Fixed Deposit Calculator

 
 
                       
 
 
Maturity Value (₹)

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Interest Earned (₹)

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Eligibility for North East Small Finance Bank Fixed Deposit

Any of the following persons can invest in fixed deposits (FD):

Documents Required for North East Small Finance Bank Fixed Deposit

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
Trust
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • North Eastthorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
Company
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of North Eastthorised signatories
  • Passport size photographs of directors

Types of North East Small Finance Bank Fixed Deposits

  1. North East Small Finance Bank Fixed Deposit: This is a regular FD scheme which helps you invest your idle savings to earn higher returns. Minimum deposit in this scheme is of Rs 1,000. Its tenure ranges from 7 days to 10 years. It offers great rates, flexibility and security for your fixed deposits, with 0.50% higher interest for our Senior citizens, with quarterly and monthly payout options. You can also earn compound interest by reinvesting your principal amount along with the interest earned during the period. Loan / OD Facility are available. Premature closure penalty of 1 % on interest shall apply.

  2. North East Small Finance Bank Regular Recurring Deposit: It scheme allows you to start saving a small amount regularly to help your money grow slowly but steadily. Minimum deposit in this scheme is of Rs 1,000 and no cap on maximum deposit. The interest is calculated quarterly or as specified by the Bank. Charges for late payment of RD instalment are applicable. Loan against deposit / OD facility is also available. It offers doorstep and SMS alert services. Its tenure ranges from 6 months to 10 years. You can build your wealth securely through regular investments at attractive Interest rates. It gives you opportunity to achieve your short or long term finance goals comfortably. Interest is only paid on maturity.

  3. North East Small Finance Bank Daily Deposit: The Daily Deposit Scheme has been developed with the objective of inculcating savings habits amongst customers. The scheme is mainly for daily wage earners and small-scale business owners which generates daily income. Petty traders can avail loan with minimum documentation during surge seasons without breaking their savings. It bridges the gap between small savings and banking. The scheme would be a variant of the Recurring Deposit product with a daily frequency. Customers can deposit amounts upwards of Rs 50 and in multiples of Rs 50 thereof on a daily basis. It offers doorstep and SMS alert services. Its tenure ranges from 12 months to 36 months. You can build your wealth securely through regular investments at attractive Interest rates. It gives you opportunity to achieve your short or long term finance goals comfortably. The product also enables the customer to avail of loan against deposit/ OD of upto 80% of accrued amount to take care of short term liquidity needs.

Benefits of Senior Citizens North East Small Finance Bank Fixed Deposit

Senior Citizens are offered more interest rate by North East Small Finance Bank for FD amount below Rs.1 Crore as detailed below:

Tax Information: North East Small Finance Bank Fixed Deposit

TDS (Tax Deducted at Source) will be applicable when the total interest payable or reinvested in Recurring Deposits and/or Fixed Deposits per customer, across all branches, exceeds Rs.10000 in a financial year. A TDS Certificate will be mailed to you after end of every quarter during the Financial Year, providing the details of TDS deducted during the quarter.

STATUSTAX RATEEDUCATION CESSTOTAL
Resident Individuals & HUF10%----10%
Corporate Entity10%----10%
NRO30%3%30.90%
Firms10%----10%
Co-operative Societies & Local Authority10%----10%

A fresh Form 15G/H needs to be submitted at the beginning of each Financial Year. Form 15G/H will need to be submitted for all subsequent deposit(s) booked, on every 31st of March. TDS is recovered on the total of interest compounded and interest accrued on the Fixed Deposit(s).

How and when to apply for exemption on TDS?

You may refer to following table for more details:

CategoryName of FormExemption limit (Male)Exemption limit (Female)
Individuals(upto age of 60)Form 15GRs.2,50,000Rs.2,50,000
HUFs, Associations, TrustsForm 15GRs.2,50,000Rs.2,50,000
Individual (age 60 years and above but less than 80 years)Form 15HRs.3,00,000Rs.3,00,000
Individual (age 80 years and above)Form 15HRs.5,00,000Rs.5,00,000
OthersExemption certificate issued by Income Tax OfficerAs per Exemption CertificateAs per Exemption Certificate

North East Small Finance Bank Fixed Deposit FAQ

  1. What interest payment options are available under Term Deposit with North East Small Finance Bank?

    Interest payment on Monthly (discounted), Quarterly and Cumulative is available under North East Small Finance Bank Term Deposit.

  2. What is the minimum and maximum amount of FD in North East Small Finance Bank?

    The minimum amount is Rs.1,000 and there is no cap on maximum FD amount.

  3. What is the minimum and maximum tenor for which Term Deposit can be kept with North East Small Finance Bank?

    The minimum and maximum tenor for general/Senior citizen is 7 days and 10 years respectively.

  4. Does North East Small Finance Bank offer any special interest rate for Senior Citizen on its Term Deposits?

    Yes, an additional interest rate for Senior Citizen is 0.50% for deposits less than Rs. 1 crore.

  5. When is TDS deducted?

    TDS is done at the time of credit of interest to account, if the total interest payable to the customer during the financial year is likely to exceed the limit of Rs.10,000.

  6. At what rate is TDS deducted?

    TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders:

  7. Can I apply for exemption on TDS?

    Yes, you can apply for exemption on TDS, in case your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax. For this, you need to submit self declaration in Form 15G or 15H (for senior citizens only) to the Bank to ensure non deduction of tax at source, in the beginning of respective financial year.

Tax Implications and TDS in FD

Factors affecting Fixed Deposit Interest Rates

  1. Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.

  2. Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.

  3. Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.

  4. Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher defNorth Eastlt risks.

  5. State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.

  6. Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.

  7. Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.

North East Small Finance Bank FD News May 2024

Disclaimer: The FD Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites