A fixed deposit (FD) is a financial instrument wherein you invest an amount for a specific period and at a fixed interest rate to receive high returns. Coastal Local Area Bank offers fixed deposits with attractive interest rates and tenures that range from 7 days to more than 5 years. Senior citizens can avail of an additional interest of 0.50% for tenures ranging from 181 days to 5 years and above.
Features and Benefits of Coastal Local Area Bank Ltd Fixed Deposits
The fixed deposits offered by Coastal Local Area Bank come with the following features and benefits:
- Attractive interest rates ranging from 4.75% p.a. to 7.00% p.a.
- Flexible tenures ranging from 7 days to more than 5 years.
- An additional interest rate of 0.50% is offered to senior citizens.
- Interests are paid out on a monthly, quarterly, and half-yearly basis.
- An auto-renewal facility is available.
Coastal Local Area Bank Ltd FD Interest Rates
The interest rates of Coastal Local Area Bank’s fixed deposits are as follows:
|Tenure||General Public Interest Rates p.a.||Senior Citizens Interest Rates p.a.|
|7 days – 14 days||4.75%||4.75%|
|15 days – 29 days||4.75%||4.75%|
|30 days – 45 days||4.75%||4.75%|
|46 days – 90 days||5.10%||5.10%|
|91 days – 180 days||5.25%||5.25%|
|181 days – 270 days||5.50%||6.00%|
|271 days – 364 days||5.75%||6.25%|
|1 year – below 2 years||6.10%||6.60%|
|2 years – below 3 years||6.25%||6.75%|
|3 years – below 5 years||6.40%||6.90%|
|5 years and above||6.50%||7.00%|
Note: The interest rates mentioned in the table above are effective from 1 May 2022.
FAQs on Coastal Local Area Bank Ltd FD Rates
What are the interest rates offered by Coastal Local Area Bank on fixed deposits?
The interest rates offered by Coastal Local Area Bank on fixed deposits range from 4.75% p.a. to 7.00% p.a.
Is there any additional interest rate for senior citizens?
Yes. An additional interest rate of 0.50% is offered to senior citizens.
Is there an auto-renewal facility available?
Yes. An auto-renewal facility is available.