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RBL Bank FD Interest Rates

RBL Bank FD Rates 2020

Last Updated 29th Jul 2020

RBL Bank is one of most reliable FD providers amongst a number of FD providers in the market. RBL Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on RBL Bank FD is 7.25%. Latest RBL Bank FD interest rate for senior citizens, on the other hand ranges between 4.50% to 7.75%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 4.00% 4.50%
15 days to 45 days 4.50% 5.00%
46 days to 90 days 5.50% 6.00%
91 days to 180 days 5.75% 6.25%
181 days to 240 days 6.25% 6.75%

RBL Bank Fixed Deposit (FD)

RBL Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of RBL Bank Fixed Deposit are:

  • Deposit Amount: RBL Bank FD can be opened with an amount as a low ₹ 1,000 to up to No Limit.
  • FD Tenure: Ranges between 7 days to 3 years 1 day.
  • Interest Rate Range: 4.00% p.a. to 7.25% p.a.
  • Senior Citizens FD Rate: 4.50% to 7.75% p.a.
  • Highest Interest Rate: As per today’s rate, RBL Bank’s highest interest rate on FD is 7.25% offered for a tenure of 3 years 1 day.
  • Safety of RBL Bank Deposits: RBL Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: RBL Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Regular Fixed Deposits, RBL Bank Tax Savings Fixed Deposits, Senior Citizens Fixed Deposits, Flexi Sure Fixed Deposits

RBL Bank Best FD Plan

We need to compare tenure wise latest FD rate of RBL Bank to choose the tenure at which it provides the highest interest rate. RBL Bank FD rates are best for the deposits with a tenure of 3 years to 3 years 1 day, wherein the current FD rate of interest is 7.25% p.a

If one is looking to invest in short term deposits with RBL Bank, FD interest rates range from 4.00% p.a. to 6.35% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term RBL Bank FD rates for senior citizens range from 4.50% to 6.85% p.a.

If one is looking to invest in long term deposits, RBL Bank FD interest rates with tenure of 5 years to 20 years are a good choice with interest rates on deposits with a tenure of 20 years at 6.65%. Senior citizens are offered special rates from bank with highest deposit rates of 7.15% p.a. on long term FDs.

Fixed Deposits of RBL Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in RBL Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in RBL Bank

  • PAN Card
  • 2 Photographs

FD in RBL Bank – Premature Withdrawal

Premature closure of Term Deposit with RBL Bank is along with the lower interest rate of 1% than the contracted rate. The penal provisions for premature closure on RBL Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit RBL Bank

RBL Bank offers loan up to 90% against its own deposit. Note that RBL Bank will not give you loan against FD of any other bank. RBL Bank offers Loan against FD at the rate of 5% to 8.25%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in RBL Bank. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 availed for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at RBL Bank

To open a Fixed Deposit account in RBL Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the RBL Bank FD after reading the terms and conditions.

Nomination Facility on RBL Bank FD

RBL Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a RBL Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

RBL Bank Fixed Deposit Scheme

Regular Fixed Deposits

Description:

  • A fixed deposit scheme intended for people who depend on regular fixed income with easy investment and attractive returns.
  • Convenience of booking deposit through internet banking for RBL Bank account holders
  • Nomination facility is available
  • Easy investment with attractive returns
  • Avail overdraft facility against your deposit
  • Loan facility upto 90 per cent is available on the deposit

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm
RBL Bank Tax Savings Fixed Deposits

Description:

  • A flexible and secured fixed deposit scheme with dual benefits of tax exemption under section 80C and attractive returns.
  • Interest earned on deposit is subject to TDS
  • Nomination facility is available
  • In the case of joint deposits, the tax benefit under 80C will be available only to the first holder of the deposit
  • Earn attractive interest rate on your deposit
  • Flexibility to choose interest payment frequency as per your convenience

Who is eligible?

  • Resident Indians and hindu undivided family
Senior Citizens Fixed Deposits

Description:

  • A fixed deposit to facilitate senior citizens with maximum returns on fixed deposits.
  • Easy investment with attractive returns
  • Nomination facility is available
  • Convenience of booking deposit through internet banking for RBL account holders
  • Flexibility to choose interest payment frequency as per your convenience

Who is eligible?

  • Resident Indians above 60 years of age
Flexi Sure Fixed Deposits

Description:

  • A fixed deposit linked with your savings or current account along with ensured liquidity, whenever there is a shortage of cash in your savings or current account, the deposit is partially broken to meet the shortfall in cash while the remaining part continues to earn interest.
  • Shortfall in the savings or current account is taken care by breaking the linked fixed deposit
  • Option of choosing the deposit tenure
  • Convenience to link multiple deposits to your deposit account
  • Linked deposit account can be partially broken to meet the shortfall in the

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

FAQs

What is the highest FD rate for RBL Bank?

You can earn a maximum interest of 7.25% on RBL Bank fixed deposit.

Are there any special rates for senior citizens FD of RBL Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 4.00% to 7.25%. Compared to this, the rate of senior citizens FD are in the range of 4.50% to 7.75%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with RBL Bank?

The minimum deposit amount required to book an FD with RBL Bank is ₹ 1,000.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in RBL Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in RBL Bank?

The documents required to open an FD account in RBL Bank includes PAN Card, 2 Photographs.

Is it possible to change the tenure of my existing fixed deposit account with RBL Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with RBL Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

What is the current interest rate on FD in RBL Bank?

Current interest for FD in RBL Bank ranges between 4.00% - 7.25%.

Can a customer open a FD account online in RBL Bank?

Yes, you can submit your application for opening a FD account on the website of RBL Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in RBL Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 7.25%. For RBL Bank FD the number of years in which your FD will get doubled is; 72/7.25 = 10


RBL Bank News - Sep 2020
  • 2020-01-16 : RBL Bank revises FD rates across certain tenors by five bps
    Private sector bank, RBL Bank revised its interest rates across certain tenors by five basis points. The revised rate for 12-24 months is 7.40% for 24-36 months it is 7.45%, and rates for 36 to 60 months are revised to 7.20%. Earlier, these rates were set at 7.45%, 7.50%, and 7.25%, respectively. Further, the rate for 60 months to 120 months is revised to 7.35% from 7.40%, and for 120 months to 240 months, the rate is revised to 6.85% from 6.90. Fixed Deposit rates for senior citizens vary by 50 basis points.
  • 2019-09-26 : RBL Bank revised its FD rates
    With effect from September 24, 2019, RBL Bank revised its interest rates on fixed deposits. The revised rate for a tenure of 7-14 days is 5.00%; for 15-45 days the rate is 5.50%; the rate for 46-90 days is 6.25%; for 91-180 days it is 6.50%, and for 181-364 days the rate is 6.75%. For longer tenure of 1-2 years, the rate is 7.60%; for 2-3 years it is 7.65%; for 3-5 years the rate is 7.35%; the rate for 5-10 months is 7.50%, and the revised rate for 10-20 years is 7.00%.
  • 2019-04-15 : Bajaj Finserv RBL Bank SuperCard offers 5% cash back on shopping
    The SuperCard which has been jointly announced by the NBFC Bajaj Finserv and private sector lender, RBL Bank in 2017 is offering attractive cashback of up to 5% on shopping. The offer is available to all the SuperCard members from 20th March to 20th June where you can avail cashback of up to Rs. 1,000 per transaction. Besides this, the NBFC is also planning to achieve significant growth across is personal loans and fixed deposits.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More