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
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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.
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Is there any additional interest rate for senior citizens?
Yes. An additional interest rate of 0.50% is offered to senior citizens.
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Is there an auto-renewal facility available?
Yes. An auto-renewal facility is available.
