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RBL Bank offers multiple fixed deposit schemes to its investors, namely, the regular fixed deposit scheme, senior citizen fixed deposit scheme and tax saving fixed deposit scheme. The interest rates for RBL Bank FD schemes range between 3.25% and 6.95%. The bank allows premature withdrawals and also offers loans and overdraft facility against the FD deposit. In this article, we have covered about RBL Bank FD interest rates in detail.

RBL Bank FD Rates 2021

The table below shows RBL FD interest rates.

RBL Bank fixed deposit rates are higher than their savings account interest rate. The interest rates on fixed deposits are subject to change from time to time. For deposits with tenure below 181 days, the interest will be calculated at maturity as simple interest. Senior citizens get an additional 0.5% interest on their fixed deposits.

The highest interest rate of RBL Bank FDs is 6.95% for a tenure of 3 years. For the same tenure for senior citizens, it is 7.45%. One can estimate their returns from RBL Bank FDs using RBL Bank FD calculators. Alternatively, they can use Scripbox’s fixed deposit calculator.

Compare the latest fixed deposit interest rates.

TenureRegular FD Interest RatesSenior Citizen FD Interest Rates
7 days to 14 days3.25%3.75%
15 days to 45 days4.00%4.50%
46 days to 90 days4.75%5.25%
91 days to 180 days5.25%5.75%
181 days to 240 days5.75%6.25%
241 days to 364 days6.10%6.60%
1 year to 1 year 364 days6.75%7.25%
2 years to 2 years 364 days6.75%7.25%
3 years 1 day6.95%7.45%
3 years 2 days to 4 years 364 days6.50%7.00%
5 years to 9 years 364 days6.50%7.00%
10 years to 20 years6.50%7.00%
Note: RBL Bank revises Fixed Deposit rates periodically

Key Features of RBL Bank Fixed Deposit

RBL Bank offers multiple fixed deposits that offer a wide range of exclusive benefits and attractive interest rates in India.

Tenure

The fixed deposit tenure ranges between 7 days to 20 years. Once invested, one cannot change the tenure of RBL Bank FD investment. However, one can opt for premature withdrawal. And investors can close the existing RBL Bank FD and start a new FD with the desired tenure.

Minimum and Maximum Deposit Amount

One can invest in RBL Bank FDs with an amount as low as INR 100 and thereafter in multiples of INR 100. There is no limit on the maximum amount of investment except for tax saving FDs, which has a limit of INR 1,50,000.

RBL Bank FD Rate

RBL Bank FD offers interest rates in the range of 3.25% p.a to 6.95% p.a. To estimate returns from fixed deposits, one can use a fixed deposit calculator.

Preferential Interest Rate for Senior Citizens

The bank offers a preferential interest rate for senior citizens (additional 0.50%). The fixed deposit interest rates range between 3.75% to 7.45%.

Eligibility Criteria

To be able to open an FD account with RBL Bank, one has to be eligible. The eligible ones are Indian residents, HUFs, partnership firms, public and private companies and trusts.

Documents Required

The documents that one requires to open an FD account in RBL Bank are two photographs, PAN Card, identity proof (Passport, Driving license, Aadhar Card, PAN Card) and address proof (Electricity bill, Water bill, Aadhar Card, Bank statement).

Additional Payments

Also, once the FD tenure has commenced, one cannot invest an additional amount in their existing RBL fixed deposit account. However, one can invest in a new RBL Bank fixed deposit with the desired amount.

Tax and TDS

Investment in RBL tax saving FDs qualifies for tax deduction under Section 80C of the Income Tax Act, 1961. But there is a tax levied on the interest that one earns from RBL Bank FDs. The tax rate depends on individuals’ income tax slab rates. Moreover, if the interest income exceeds INR 40,000 in case of regular citizens and INR 50,000 in case of senior citizens, then there is TDS of 10%. If the PAN details are furnished, then the TDS rate is 10%, else it is 20%.

To determine if the interest income from RBL Bank FD is above or below the TDS threshold limit, one can use a bank FD calculator available online. Also, they can estimate their tax liability using the Income Tax Calculator. Scripbox’s online Income Tax Calculator helps in determining one’s tax liability. Also, it is free to use.

Safety

Under the Deposit Insurance Scheme of RBI, DICGC insures all RBL bank deposits up to INR 5,00,000.

Premature withdrawal

RBL Bank allows investors to withdraw their investments prematurely. However, tax saving FDs do not have the premature facility. Investors will receive interest on their RBL FD investment on the date of withdrawal. Yet, they are charged a penalty of 1% on the same. This is only for regular citizens. Senior citizens need not pay the penalty for premature withdrawal.

Nomination Facility

Depositors can nominate beneficiaries for their RBL Bank fixed deposits.

Auto-Renewal

RBL Bank offers an auto-renewal facility for the deposits.

Convenience

Depositors can open and manage their RBL Bank FD investments online.

Loan against FD

RBL Bank allows investors to avail an overdraft or a loan against their FD investments. However, investors of senior citizen FDs and tax saving FDs do not have this option. Depositors can avail a loan up to 90% of the deposit value. This helps them to meet their liquidity requirements without having to break the deposit. Furthermore, the loan is given at 4.25% to 7.95%. Also, the maximum loan tenure is up to the maximum tenure of the FD. 

Investors can take loans such as loan against property (home loan), education loan, business loans, etc., against RBL Bank FD. One can calculate the loan EMI using the loan EMI calculator. The loan EMI calculator works as a personal loan EMI calculator, a home loan calculator and also as a car loan calculator. The investor can also use the EMI calculator in multiple scenarios by changing the variables like personal loan interest rate, home loan interest rate and car loan interest rate.

PAN Card

Details of PAN Card need not necessarily be submitted to open a fixed deposit account with RBL Bank. However, there are a few implications of not disclosing PAN Card details. The TDS charge will be 20% instead of the regular 10% under Section 206AA. Also, the bank is not liable to issue any TDS certificate. Moreover, all exemption certificates, including the form 15H and 15G, are invalid.

Types of RBL Bank Fixed Deposit Schemes

  • Regular Fixed Deposits
  • Tax Saving Fixed Deposits
  • Senior Citizen Fixed Deposits
  • Flexi Sure Fixed Deposits

Types of RBL Bank Fixed Deposit Schemes: In Detail

Regular Fixed Deposits

RBL bank’s regular fixed deposit offers regular fixed income through easy investment and attractive returns.

  • Tenure:  7 days to 20 years
  • Interest Payout: Depositors can choose to receive interest monthly, quarterly or invest till maturity
  • TDS: TDS on interest is applicable
  • Nomination facility: Available
  • Partial or Premature withdrawal: Available, however with a penalty
  • Overdraft Facility: Available
  • Convenience: One can book the deposit through internet banking and mobile banking for RBL Bank account holders

Tax Saving Fixed Deposits

RBL Bank Tax Savings fixed deposits are flexible and secured schemes that offer dual benefits of tax exemption under Section 80C of the Income Tax Act and attractive interest rates.

  • Tenure: 5 years
  • Investment Amount: By investing in RBL Bank Tax Savings fixed deposits one can save tax on deposit amount ranging between INR 100 to INR 1,50,000
  • TDS: TDS on interest is applicable
  • Nomination facility: Available
  • Partial withdrawal / Premature withdrawal: Not available
  • Joint deposits: Tax benefit will be available only to the first holder of the fixed deposit
  • Convenience: One can book the deposit through internet banking and mobile banking

Senior Citizen Fixed Deposits

The Senior Citizen Fixed Deposit scheme offers higher returns with an additional interest rate of 0.5% p.a. for all tenures.

  • Tenure:  7 days to 20 years
  • Interest Payout: Depositors can choose to receive interest monthly, quarterly or invest till maturity
  • TDS: TDS on interest is applicable
  • Nomination facility: Available
  • Partial or Premature withdrawal: Available, however with a penalty
  • Convenience: One can book the deposit through internet banking and mobile banking for RBL Bank account holders

Flexi Sure Fixed Deposits

In a Flexi Sure Fixed Deposit scheme, the current account or savings account of the depositor is linked to the scheme. Through this scheme, one can earn better returns as well as enjoy the power of liquidity. Also, any low balance in any of the accounts is taken care of by breaking the same amount from the linked Flexi sure fixed deposit scheme.

Once the amount is partially broken to meet a shortfall, the balance amount will continue to earn interest. Also, multiple deposits can be linked to one account. Furthermore, the depositor has the flexibility to choose the tenure of the deposit.

Does RBL Bank offer Recurring Deposits?

Yes, RBL bank offers recurring deposits. Depositors can enjoy easy payment options from a savings account by providing standing instructions.

TenureGeneral RatesSenior Citizen Rates
180 days7.15%7.65%
181 days to 240 days7.25%7.75%
241 days to 364 days7.35%7.85%
1 year to 1 year 364 days8.00%8.50%
2 years to 2 years 364 days8.05%8.55%
3 years to 4 years 364 days7.60%8.10%
5 years to 9 years 364 days7.60%8.10%
10 years to 20 years7.20%7.70%
Note: RBL Bank revises RD rates periodically

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