North East SFB to increase fixed deposit rate by 50 bps to 9.25%

North East Small Finance Bank (NESFB) on Thursday decided to increase the fixed deposit rate by 50 basis points to 9.25 per cent for the maturity bucket of 546-1111 days. Senior citizens will get 50 basis points more.

“NESFB’s revised FD rates offer the highest rates across the banking sector. This increase in fixed deposit rates gives customers, particularly senior citizens, the potential to earn inflation-beating returns on their fixed deposits,” the bank said in a statement.

The SFB is in the process of merging with fintech Slice to augment its capital base.

“By modifying the rates, the bank ensures that it can offer competitive returns to its customers while remaining efficient in resource management,” said Satish Kumar Kalra, managing director and chief executive officer, North East Small Finance Bank.