The FD interest rates will be handled by SBM Bank and will be updated in the Niyo app while creating FD.
Please note: the FD limit related to SCC is 40 lakhs. If the user wants to create an FD over 40 lakhs (up to 50 lakhs), they need to contact the bank directly. The above rates are subject to change without prior notice. Depositors may please confirm the rate on the Niyo App before the investment.
If a customer complains about the FD interest rate fluctuations, you can share the below: The interest rate on the FD purely depends on the bank's decision. They are subject to change without prior notice. You can confirm the latest FD rates on the app's FD home page. To book a new FD, there might be a slight fluctuation in the interest rate SBM provides for their FDs (about 1% to 2%), and the FD invested through us. However, on average, SBM will provide up to 7% interest on FDs to our customers.
The latest interest rate provided by the SBM bank on FD will be instantly updated by the Niyo App.