RBL Bank Recurring Deposit Interest Rate

Introduction

Ready to grow your savings steadily? RBL Bank Recurring Deposit Interest Rate are the perfect solution. With competitive interest rates, flexible tenures, and a range of benefits, RBL Bank RDs offer a reliable and rewarding way to save. Enjoy attractive returns, make regular contributions effortlessly, and benefit from the security of a bank deposit. Use RBL Bank’s online RD calculator to estimate your potential earnings and open an account today at your nearest branch or online.

What is an RBL Bank Recurring Deposit (RD) Account?

An RBL Bank Recurring Deposit (RD) account allows customers to deposit a fixed amount of money every month for a predetermined period. The bank pays interest on the deposited amount, which is compounded quarterly. At the end of the tenure, the customer receives the maturity amount, which includes the principal and the interest earned.

Current RBL Bank RD Interest Rates

RBL Bank offers attractive interest rates on RD accounts, which vary based on the tenure of the deposit. Here is a detailed breakdown of the interest rates for different tenures:

• 6 months to less than 1 year: 5.50% per annum
• 1 year to less than 2 years: 6.50% per annum
• 2 years to less than 3 years: 6.75% per annum
• 3 years to less than 5 years: 7.00% per annum
• 5 years and up to 10 years: 7.25% per annum

These rates are subject to change based on RBI regulations and other economic factors. It is advisable to check the latest rates on the RBL Bank website or visit a branch for the most accurate information.

You may also want to know Bank of India RD Interest Rates

RBL Recurring Deposit Interest Rate Calculator

To help customers estimate their returns, RBL Bank provides an RD interest rates calculator on its website. The calculator allows you to input the monthly deposit amount, tenure, and applicable interest rate to calculate the maturity amount. Here’s how you can use the RBL Bank RD interest rates calculator:

1. Visit the RBL Bank official website: Navigate to the ‘Calculators’ section under the ‘Deposits’ tab.
2. Select the RD Calculator: Choose the Recurring Deposit Calculator from the list.
3. Enter the details: Input the monthly deposit amount, tenure (in months), and the current interest rate.
4. Calculate: Click on the ‘Calculate’ button to see the maturity amount.

The calculator provides a clear picture of the returns, helping you plan your investments better.

Benefits of Opening an RD Account in RBL Bank

1. Low Minimum Deposit: RBL Bank offers a low minimum deposit requirement, allowing you to start an RD account with just ₹1000 per month, making it accessible for small investors.

2. Flexible Tenure Options: You can choose an RD tenure from 6 months to 20 years, giving you the flexibility to save for both short-term and long-term financial goals.

3. Attractive Interest Rates: RBL Bank offers competitive interest rates, comparable to fixed deposit rates, ensuring your savings grow effectively over time.

4. Premature Withdrawal Facility: RBL Bank provides an option for premature withdrawal, giving you access to funds in case of financial emergencies, albeit with a small penalty.

5. Loan Against RD: You can avail a loan or overdraft up to 90% of the RD balance without breaking your recurring deposit, making it a great option for liquidity.

6. Auto-Renewal Option: Upon maturity, RBL Bank offers the auto-renewal facility, where your RD can automatically renew for the same tenure unless you provide instructions otherwise.

7. Senior Citizen Benefits: RBL Bank provides higher interest rates for senior citizens, typically 0.5% more than the standard rate, making it an excellent savings tool for retirees.

8. Nomination Facility: You can nominate a beneficiary at the time of account opening, ensuring that the funds are passed on to the nominee in case of any unforeseen events.

9. Online Account Management: RBL Bank allows you to open, manage, and track your RD account online through its Net Banking and mobile app, providing ease of access and convenience.

10. No Tax Deducted at Source (TDS): There is no TDS deducted on RD interest until the overall interest earned crosses the exemption limit, allowing you to enjoy tax-free savings up to a certain point.

You may also want to know IOB Recurring Deposit Interest Rates

How to Open an RD Account in RBL Bank?

Opening a Recurring Deposit (RD) account in RBL Bank is simple and can be done through both online and offline methods. Below is a detailed step-by-step guide to help you open an RD account:

1. Eligibility Criteria

Before opening an RD account with RBL Bank, make sure you meet the following eligibility criteria:

• You should be an Indian resident or part of a Hindu Undivided Family (HUF).
• You must hold a savings account with RBL Bank.
• Minors can also open RD accounts under the supervision of a guardian.

2. Documents Required

You will need the following documents to open an RD account in RBL Bank:

• Identity Proof: Aadhaar card, PAN card, voter ID, passport.
• Address Proof: Aadhaar card, passport, or utility bills.
• Photograph: Passport-size photographs to put in generic placeholder image if opening the account offline.

3. Opening an RBL RD Account Offline – At the Branch

Step 1: Visit the Nearest RBL Branch

Head to your nearest RBL Bank branch with the required documents. You can ask for the RD application form at the counter.

Step 2: Fill in the Application Form

Complete the RD account opening form by providing personal details such as your name, account number, monthly deposit amount (minimum ₹1000), and the tenure of the RD.

Step 3: Submit KYC Documents

Attach your KYC documents, including identity and address proof, along with the completed application form. Ensure that the details match your savings account information.

Step 4: Make the First Deposit

Make your initial deposit in cash or by transferring the amount from your savings account. The amount will be your core deposit for the monthly recurring installments.

Step 5: RD Account Confirmation

Once the form is processed, the bank will provide confirmation of your RD account opening. You will also receive an RD passbook or an account statement for tracking your deposits and accrued interest.

4. Opening an RD Account Online – Through Net Banking

Step 1: Log in to RBL Bank Net Banking

Visit the RBL Bank Net Banking portal and log in using your customer ID and password. If you haven’t registered for Net Banking, you will need to do so using your RBL Bank savings account credentials.

Step 2: Go to the ‘Deposits’ Section

Navigate to the ‘Deposits’ section after logging in and select the Recurring Deposit option from the available list of deposit types.

Step 3: Enter the RD Details

Choose your monthly deposit amount (starting from ₹1000) and tenure (6 months to 20 years). You can also set up an auto-debit option to deduct the amount directly from your savings account each month.

Step 4: Confirm and Submit

Review all the details, including the deposit amount, tenure, and auto-debit settings. After confirming, click Submit to open your RD account.

Step 5: RD Account Acknowledgment

You will receive an acknowledgement on your registered email or mobile number with the RD account details. The account will be created instantly, and you can start making monthly deposits.

5. Opening an RD Account via RBL Bank Mobile App

If you prefer using your mobile phone, you can also open an RD account using the RBL MoBank app.

Step 1: Download the RBL MoBank App

Install the RBL MoBank app from the Google Play Store or Apple App Store, and log in using your Net Banking credentials or registered mobile number.

Step 2: Go to the ‘Deposits’ Section

In the app, navigate to the ‘Deposits’ section and choose the Recurring Deposit option.

Step 3: Set RD Details

Enter the desired monthly deposit amount (minimum ₹1000) and select the tenure of the RD. You can also set up auto-debit to ensure the deposit is automatically deducted from your savings account every month.

Step 4: Review and Confirm

Once all details are entered, review the information and click Submit to open the RD account. You will receive a confirmation message on your registered mobile number.

6. Nomination Facility

When opening an RD account, RBL Bank allows you to nominate a beneficiary. This ensures that the maturity proceeds are passed on to the nominee in case of the account holder’s demise.

7. Track and Manage RD Account

You can easily manage your RD account through RBL’s Net Banking platform and mobile app. Track your monthly deposits, view interest earned, and check the account balance online anytime.

8. Auto-Renewal Option

RBL Bank offers an auto-renewal option for your RD. When the RD matures, it can be renewed for the same tenure at the prevailing interest rate unless you instruct otherwise.

9. Loan Against RD

Once your RD account is set up, you can avail a loan or overdraft against the deposit. RBL Bank allows you to take a loan up to 90% of the RD amount, offering flexibility in case of emergency financial needs.

10. Premature Closure

If required, you can prematurely close the RD account, but there may be penalties involved. This facility is useful when you need immediate funds without waiting for the RD to mature.

RBL Bank RD Interest Rates for Senior Citizens

RBL Bank offers special RD interest rates for senior citizens, which are typically higher than the standard rates. Senior citizens can earn an additional interest rate of 0.50% per annum over the regular rates. This additional benefit makes RD accounts a preferred investment option for senior citizens seeking stable and higher returns.

Tax Implications of RBL Bank RD Interest

The interest earned on RBL Bank RD accounts is subject to tax under the Income Tax Act, 1961. The interest income is added to the account holder’s total income and taxed as per their applicable income tax slab. Additionally, if the interest earned in fixed deposits exceeds Rs. 40,000 (Rs. 50,000 for senior citizens) in a financial year, RBL Bank will deduct Tax Deducted at Source (TDS) at 10%. However, account holders can submit Form 15G/15H to request non-deduction of TDS if their total income is below the taxable limit.

Comparison of RBL Bank RD Interest Rates with Other Banks

RBL Bank RD interest rates are competitive when compared to other banks. Here is a brief comparison with a few other leading banks:

• State Bank of India (SBI): Offers RD interest rates ranging from 5.75% to 6.50% per annum.
• HDFC Bank: Provides RD interest rates between 5.50% and 6.75% per annum.
• ICICI Bank: Offers RD interest rates from 5.50% to 6.75% per annum.
• Axis Bank: RD interest rates range from 5.75% to 6.75% per annum.

While the rates are fairly similar across banks, the choice of bank may depend on factors like customer service, online facilities, and additional benefits like loan options.

How to Maximize Returns on Your RBL Bank RD Account?

To maximize returns on your RBL Bank RD account, consider the following tips:

1. Opt for Longer Tenures: Longer tenures generally attract higher interest rates.
2. Regular Deposits: Ensure timely monthly deposits to avoid penalties and interest loss.
3. Leverage Senior Citizen Rates: If eligible, take advantage of the higher interest rates for senior citizens.
4. Use the RD Calculator: Plan your investments using the RD calculator to understand potential returns.
5. Reinvest Interest: Consider reinvesting the interest earned to compound your returns further.

Conclusion

RBL Bank RDs are a smart choice for those looking to save consistently and earn guaranteed returns. Enjoy competitive interest rates, flexible terms, and a range of benefits. To maximize your returns, understand current interest rates, use the RD interest rate calculator, and follow best practices.

For more information or to open an account, visit your nearest RBL Bank branch or check their website.