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RBL Bank Fixed Deposit

Updated 06 Dec 2023

RBL Bank Limited, previously known as Ratnakar Bank, was established in 1943 in Kolhapur, Maharashtra. It has since become one of India's rapidly growing private sector banks, with an ever-expanding nationwide reach. The bank offers specialised services under five business verticals: Corporate and Institutional Banking, Commercial Banking, Branch and Business Banking, Retail Assets and Treasury and Financial Markets Operations. RBL Bank is listed on both NSE and BSE.

Types of RBL Bank Fixed Deposits

RBL gives a wide range of fixed deposits. And the best-fixed deposit interest rate on your FD investment. Types of FDs offered by RBL bank are:

  • Flexi sure fixed deposits
  • Regular fixed deposits
  • Tax-saving fixed deposits
  • Senior citizens fixed deposits

Benefits of investing in RBL Bank Fixed Deposits-

  1. Convenient- Having a savings account in RBL bank allows one to open fixed deposits easily, and they can be liquidated whenever required.
  2. Minimum amount- FD of less than ₹5,000 can be opened with RBL bank.
  3. Guaranteed returns- Returns are guaranteed because, unlike in the case of equity and mutual funds, they are not based on market highs and lows.
  4. Liberal payouts- RBL bank provides options for monthly or quarterly interest payouts on FD. This is beneficial for people who wish for regular income.
  5. Tax-benefits- Under section 80C of the Income-tax Act, 1961(I-T Act), taxpayers can invest in tax-saving FD plans to reduce their tax liability.
  6. Loan against FD: In an emergency, individuals can opt for a loan against FD without withdrawing their investment.

Features of RBL Fixed Deposits

Flexi sure fixed deposits 

  • It is a fixed deposit linked with your savings or current account.
  • By this fixed deposit, the investor earns a better return and enjoys the power of liquidity.
  • Any account deficit is handled by breaking the exact amount from the linked flexi-sure fixed deposit.
  • Based on the scheme tenor, the interest rate ranges from 3.25% to 7.55% for the general public and 3.75% to 8.05% for senior citizens.

Regular fixed deposits 

  • These are easy investment fixed deposits with attractive returns. Booking them by Internet banking or RBL bank account is very convenient.
  • Investors can receive the interest monthly or quarterly or let it get invested till maturity.
  • A nomination facility is available with premature or partial withdrawal. Investors can also avail of overdraft facilities against term deposits.
  • Based on the scheme tenor, the interest rate ranges from 3.25% to 7.55% for the general public and 3.75% to 8.05% for senior citizens.

Tax-saving fixed deposits

  • It offers attractive interest rates on investments between Rs. 100 to Rs. 1,50,000, in multiples of Rs. 100, and can be booked for a minimum of 5 years.
  • The interest rates for tax-saving FDs are subject to prevailing rates, and TDS will be applicable as per existing guidelines.
  • This type of FD also allows for a nomination facility, but partial or premature withdrawal is not allowed.
  • Additionally, tax benefits under 80C will only be available to the first holder of the deposit in case of joint deposits.
  • Tax-saving fixed deposits can be booked online through net or mobile banking channels.
  • A tax-saving fixed deposit could be a viable option if you're looking to save on taxes while earning a competitive interest rate.
  • Based on the scheme tenor, the interest rate ranges from 3.25% to 7.55% for the general public and 3.75% to 8.05% for senior citizens.

Senior citizens fixed deposits

  • It offers multiple convenient options for online booking of fixed deposits (FD), including RBL MoBank, Internet Banking, and RBL Cares – Chatbot
  • As a senior citizen, you can avail of an additional interest rate of 0.50% p.a.
  • You can also book your FD through a branch or contact your Relationship Manager.
  • Bank offers flexibility when it comes to receiving your interest payments. You can receive interest on a monthly, quarterly, or maturity basis.
  • Additionally, they offer a range of tenure options from a minimum of 7 days to a maximum of 20 years.
  • You can also enjoy liquidity with their Overdraft (OD) facility, which allows you to access up to 90% of the principal value of your FD.
  • They also offer a nomination facility for added convenience.
  • If you need to make a partial or premature withdrawal of your term deposit, you can do so without incurring any penalty charges. This offers you the freedom and flexibility to manage your finances as needed.
  • Based on the scheme tenor, the interest rate ranges from 3.75% to 8.05% for senior citizens

Eligibility Criteria

To invest in RBL Bank Fixed Deposits, the following are eligible- 

  • Senior Residents
  • Non-Senior Resident Citizens 

Documents required

Depositors have to submit their identity and address proof to open an FD online and offline:

 

Identity proof

  • Passport
  • Voter ID card
  • PAN card
  • Driving licence
  • Photo ration card
  • Government ID card
  • Senior citizen ID card

Address proof

  • Passport
  • Electricity bill
  • Telephone bill
  • Certificate issued by Post office
  • Bank statement with cheque

How do you Open an FD Account?

If the investor has a saving account or current account with RBL Bank, then, Fixed deposit account can be opened in both online and offline way-

 

Online way

  • Login to your Net Banking Application. 
  • Select 'Transact' and choose Open Fixed deposit.
  • Fill in the required details after selecting the bank's branch.
  • Enter the deposit amount and select the tenure of FD. Also, enter the nominee details.
  • Click confirm and continue.

Offline way

  • Visit the bank branch.
  • Take the FD application form. 
  • Fill in the required details and submit the necessary documents. 
  • Submit the form to the branch.

RBL Bank FD withdrawal process

When it comes to withdrawing your Fixed Deposit, you can do so online or offline.

 

For Online FD withdrawal

  • Visit the bank's website
  • Log in to your net banking account with your credentials.
  • Select the 'Fixed Deposit' option under the account tab
  • Click on the 'premature withdrawal' option. Your premature withdrawal details will appear on the screen, and you can select the desired account to transfer the funds.
  • Once you've confirmed the details, click 'Submit' to complete the withdrawal process.

For Offline FD withdrawal

  • Visit the nearest bank branch where you opened the account.
  • Be sure to bring along a duly filled withdrawal form,
  • A Deposit certificate, ID proof, and photographs.
  • Once you've submitted and verified these documents, the funds will be transferred to your savings bank account

RBL Bank Fixed Deposit - Penalty on Premature Withdrawal

As per the bank's fixed deposit account terms and conditions, if a deposit is withdrawn prematurely, the interest will be calculated at the applicable rate for the actual period for which the deposit remained with the bank, subject to a penalty of 1%.

 

To determine the impact of this penalty fee, you can use the FD Premature Withdrawal Penalty Calculator. This calculator allows you to estimate the amount of your Fixed Deposit that will be affected by the penalty fee in the event of an early withdrawal. By factoring in the penalty fee, you can determine the net amount you will receive upon withdrawal.

FAQs

Is the nomination facility available on RBL bank FD?

Yes, banks offer nomination facilities to FD investors keeping unforeseen circumstances in mind.

What is the maximum exemption that I can get under tax-saving FDs?

Maximum tax exemption is ₹ 1,50,000/-

Is there any special benefit for senior citizens on FD?

Yes. They can enjoy an additional interest return of 0.5% annually over and above the usual FD interest rate.

Can I apply for a loan against a Fixed Deposit?

Yes, one can avail loan against a fixed deposit and continue to earn interest on it.

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RBL Bank

Calculate RBL Bank FD Returns

₹1,00,000
6%
365
days
daysmonthsyears
Maturity Amount₹1,06,000

Understanding Fixed Deposit

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