Most likely is step up FD which means most likely they give you 4.7% at the last month. Effective rates (the real rates that you are actually getting) will definitely be lesser than 4.7%. The 4.7% is unethical marketing on the bank's part by attempting to "trick" people into believing that the bank is giving 4.7% interest when in actual fact it's not. Search the brouchure for the words "effective rates". That's what you should look for when placing FD.

Still confused?  Head over to front page and look at PB FD XTRA Campaign brochure. The concept is the same.

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