BANGALORE, 14 June 2012: ING Vysya Bank today launched a first-of-its-kind savings product ING FD+; a fixed deposit scheme embedded with several innovations and high interest rates. The scheme, initially rolled out in Bangalore, offers an interest rate of up to 9.5% per annum for one-year deposits.
This is on the back drop of ING Fixed Deposits being rated as FAAA by the national rating agency CRISIL, which implies highest safety to customers.
Delivering innovative products which are easy to manage led to the process of co-creating ING FD+ along with our retail customers. Volatile financial markets, rising property and gold prices have generated a renewed demand for stable financial products with assured returns. Simultaneously, fast paced lifestyle and sudden uncertainty meant clients wanted quick access to their funds and without any charges.
Customers of ING FD+ enjoy stable returns of a fixed deposit, complete waiver of the premature closure penalty and a range of features that allow accessibility and high liquidity. The scheme is available for deposits up to Rs 15 lakhs and customers can also do a partial withdrawal of the deposit in units of Re 1. ING FD+ is powered by technological innovations such as using a simple SMS to book an FD or check the latest FD rates. Customers can also link the FD with their savings account and activate automatic sweep of funds from the FD, when needed. Customers can therefore withdraw cash from an ATM or write cheques to access their fixed deposit in case of a shortfall in their savings account.
Uday Sareen, Country Head – Retail ING Vysya Bank said: “Our brand promise is to deliver innovative, easy products. While Fixed Deposits are probably as old as banking itself, we went back to our customers and asked them to design their ideal savings product. The result is ING FD Plus, our latest, if you may call it, “crowd sourced” offering. This power packed saving solution combines access, freedom, liquidity and peace of mind. You may avail the product through a simple SMS, access money from your FD from an ATM, and not get penalized for any premature withdrawals.”
Benefits of ING FD+
• Book it via SMS
• Break as much as you need, without penalty
• Access the FD from our ATM, cheque or branches
• No pre-closure penalty
• Attractive interest rates on deposits