The Reserve Bank of India (RBI) launched three new deposit schemes during recent times to boost financial inclusion and offer adaptable deposit options to investors. Here are the details about these deposit schemes although no schemes under this specific title have launched officially (I will describe possible schemes based on recent updates).
1. Floating Rate Term Deposit Scheme
The deposit scheme uses external benchmark interest rates such as those based on the repo rate.
Contributing freedom allows account holders to exploit rising interest rate situations.
CFE retailer customers can select deposit terms between 1 and 5 years.
2. Senior Citizens Flexi Deposit Scheme
The scheme exists exclusively for people who reach age 60 and above.
The scheme provides superior interest earnings compared to regular term deposit accounts.
The scheme enables borrowers to reduce part of their investment funds while keeping all accumulated interest intact.
3. Green Deposit Scheme
The invested funds go directly toward sustainable ecological projects.
Fixed tenure with competitive interest rates.
The scheme has ESG (Environmental, Social and Governance) goals as its primary objective to support responsible banking activities.