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Fixed Deposit

RBL Bank was formerly known as The Ratnakar Bank and is a scheduled commercial bank that has its headquarters in Kolhapur region at Maharashtra. The Bank successfully established its presence in the states of Maharashtra and Karnataka. It has expanded to other growth states such as Punjab, Gujarat, Telangana, Andhra Pradesh, Tamil Nadu, Delhi NCR, Haryana, Madhya Pradesh, Rajasthan and West Bengal. The bank has expanded its branches all over the country and has also expanded the number of ATMs around the country. The Bank has over 5 lakhs satisfied customers all over India.

RBL Bank FD Rates 2018

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FD Tenure

Interest Rates (in %)

Regular Citizens Senior Citizens
7 to 14 days 5.00 5.50
15 to 45 days 5.25 5.75
46 to 90 days 6.75 7.25
91 to 180 days 6.75 7.25
181 to 240 days 7.00 7.62
241 to 364 days 7.10 7.82
12 months to less than 24 months 7.20 7.93
24 months to less than 36 months 7.30 8.03
36 months to less tha 60 months 7.20 7.93
60 months to less than 120 months 7.20 7.93
120 months to 240 months 7.20 7.93
Tax Saving Fixed Deposit 7.20 7.93

Note: Interest rates are applicable on investments below Rs 1 Crore w.e.f. 01 Sep 2017 and are subject to change without prior notice.

Types of Fixed Deposit Accounts available under RBL Bank

  • RBL Bank Regular Fixed Deposit
  • RBL Bank Tax Saving Fixed Deposit
  • RBL Bank Senior Citizen Scheme
  • RBL Bank Flexi-Sure Fixed Deposit
  • RBL Bank Recurring Fixed Deposit

RBL Bank Regular Fixed Deposit

This is a traditional Fixed Deposit account; these deposits can be opened for a short term or a long-term period. These accounts give the benefit of offering flexibility and earnings. The minimum period for which this deposit can be opened is 7 days, while the maximum is 15 years.


There are no penalty charges for the premature withdrawal of the term deposit on the condition that it has remained with the bank for at least 7 days.


Interest Rates-
 

The following are the interest rates earned under the Regular Fixed Deposit Scheme. The interest rate depends on the term chosen for deposit as well as the amount deposited. There are three bands of interest rates: one for deposit amounts that are less than 1 crore, one for deposit amounts that are between Rs. 1 crore to 3 crores and the last for deposit amounts that are between equal to 3 crore to 5 crores. Moreover, senior citizens are given 0.50% higher rates than those offered to normal customers. So, if normal customers are offered a rate of interest of 8.20% for a deposit of 1 year on Rs.10, 000, senior citizens will be offered 8.70% as the interest rate.

Eligibility-
 

The following are eligible to open the account-
 

  • Residents
  • HUFs

More Features-
 

  • An overdraft facility is available against the deposits that the depositor has made.
  • RBL accountholders have the convenience of booking the fixed deposit through internet banking.
  • RBL Fixed Deposits can be booked with monthly and quarterly interest payout.
  • A partial or premature withdrawal of the term deposit is permitted.
  • The customer may choose any of the following intervals for the interest to be paid to him or her – monthly or quarterly.
  • Senior citizens are offered 30 basis points higher than the normal rate for fixed deposits that are of one year and above.
  • As per the terms & conditions of fixed deposit accounts of the RBL Bank, on the pre-mature withdrawal of the fixed deposit, interest will be calculated at the rate applicable for the period for which deposit has actually remained with the bank, subject to a penalty of 1%.

Nomination facility – RBL Bank allows its customers to nominate an individual in their Fixed Deposit accounts.


Pre-closure of Fixed Deposit –The customer may break his or her Fixed Deposit account and withdraw their money.

RBL Bank Tax Saving Fixed Deposit

This is another type of Fixed Deposit account with the sole purpose of tax savings, wherein the deposits are eligible for tax exemption according to the Income Tax Act (Section 80C). 


Eligibility:
 

The following are eligible to open the account:
 

  • Resident Individuals
  • HUFs

More Features:
 

  • Attractive interest rates available.
  • Tax can be saved on amounts between Rs. 100 to Rs. 1,50,000 in multiples of 100.
  • The booking period is for a minimum of 5 years to a maximum of 10 years.
  • RBL Fixed Deposits can be booked with monthly and quarterly interest payout.
  • A partial or premature withdrawal of the term deposit is not permitted.
  • TDS is applicable as per existing guidelines.
  • In the case of joint deposits, the tax benefit under 80C will be available only to the first holder of the deposit.
  • In the absence of PAN details, TDS at a higher rate of 20% is applied on resident time deposits with interest income of Rs. 10,000 or above during the financial year.
  • As per the terms & conditions of fixed deposit accounts of the RBL Bank, on the pre-mature withdrawal of the fixed deposit, interest will be calculated at the rate applicable for the period for which deposit has actually remained with the bank, subject to a penalty of 1%.

Nomination facility – RBL Bank allows its customers to nominate an individual in their Fixed Deposit accounts.

RBL Bank Senior Citizen Scheme

This scheme is meant especially to provide fixed deposits for senior citizens. In order to open this fixed deposit account the applicant must be a senior citizen, which means that he or she has to be over 60 years of age. The main benefit of this scheme is that the depositors’ gets to enjoy an interest rate that is higher than those meant for other schemes.


More Features:
 

  • Attractive interest rates available
  • RBL accountholders have the convenience of booking the fixed deposit through internet banking.
  • RBL Fixed Deposits can be booked with monthly and quarterly interest payout.
  • A partial or premature withdrawal of the term deposit is permitted.
  • The customer may choose any of the following intervals for the interest to be paid to him or her – monthly or quarterly.
  • The booking period is 7 days to 10 years.
  • In the absence of PAN details, TDS at a higher rate of 20% is applied on resident time deposits with interest income of Rs. 10,000 or above during the financial year.
  • As per the terms & conditions of fixed deposit accounts of the RBL Bank, on the pre-mature withdrawal of the fixed deposit, interest will be calculated at the rate applicable for the period for which deposit has actually remained with the bank, subject to a penalty of 1%.
  • RBL Bank allows its customers to nominate an individual in their Fixed Deposit schemes.

RBL Bank Flexi-Sure Fixed Deposit

This is a fixed deposit scheme that is linked with the customers savings or current account. The customer therefore enjoys better returns and also enjoys the facility of liquidity. A deficit that occurs in the account is taken care of by breaking the exact amount from the flexi-sure fixed deposit account.


More Features:
 

  • Shortfalls or deficits in the savings account or current account of the accountholder is taken care of by breaking the linked fixed deposit account.
  • The linked deposit account is partially broken to meet the shortfall; however, the remaining amount continues to earn interest.
  • Multiple deposits can be linked to the customers savings account or current account.
  • There is flexibility in choosing the tenure of the fixed deposit.
  • In the absence of PAN details, TDS at a higher rate of 20% is applied on resident time deposits with interest income of Rs. 10,000 or above during the financial year.
  • As per the terms & conditions of fixed deposit accounts of the RBL Bank, on the pre-mature withdrawal of the fixed deposit, interest will be calculated at the rate applicable for the period for which deposit has actually remained with the bank, subject to a penalty of 1%.

RBL Bank Recurring Fixed Deposit

This scheme is meant for the fixed income groups to invest small amount every month.


More Features:
 

  • Attractive interest rates and easy investment.
  • Nomination facility is available with this fixed deposit scheme.
  • Customers get to enjoy easy payment options from their savings account through  standing instructions.
  • In the absence of PAN details, TDS at a higher rate of 20% is applied on deposits with interest income of Rs. 10,000 or above during the financial year.
  • As per the terms & conditions of fixed deposit accounts of the RBL Bank, on the pre-mature withdrawal of the fixed deposit, interest will be calculated at the rate applicable for the period for which deposit has actually remained with the bank, subject to a penalty of 1%.

How to open a RBL Bank Fixed Deposit Account

A Fixed Deposit account can be easily opened by any existing customers who already have an account with the bank and also a new customer looking to invest with the bank. New and old customers need to visit the nearest branch, fill up the application form and submit the deposit amount to open a Fixed Deposit account. New customers will have to provide KYC or Know-Your-Client details and documents for opening the fixed deposit account.

Documents Required for RBL Bank Fixed Deposit

For opening a RBL Bank Fixed Deposit account, the documents mentioned below have to be submitted by the customer to the bank. The documents should be original for verification and self attested copies should be taken as well:
 

  • Passport sized photographs which should be recently clicked
  • Documents that serve as proofs or evidence of the applicants’ identity, which could be in the form of a copy of Passport / Voter ID card / Driving License/ PAN Card /Government ID Card/Photo Ration Card/Senior citizen ID Card.
  • Documents that serve as proofs or evidence of the applicants’ correct address, which could be in the form of a copy of Passport/Ration Card / Aadhar Card / Electricity or Telephone Bill / Rental Agreement / Certificate or ID Card issued by the Post Office.