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RBL Bank FD Interest Rate

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 r...Read More

RBL Bank Fixed Deposit Interest Rates

Note: All interest rates are updated as of 30 Jan 2024
TenureFor General Citizen (p.a)For Senior Citizen (p.a)
7 days to 14 days3.5 %4 %
15 days to 45 days4 %4.5 %
46 days to 90 days4.5 %5 %
91 days to 180 days4.75 %5.25 %
181 days to 240 days5.5 %6 %
241 days to 364 days6.05 %6.55 %
365 to 452 days (12 months to less than 15 months)7 %7.5 %
max_returns
453 days to less than 24 months (15 months to less than 24 months)
7.8 %8.3 %
24 months to less than 36 months7.5 %8 %
36 months to 60 months 1 day7.1 %7.6 %
60 months 2 days to 240 months7 %7.5 %
Tax Savings Fixed Deposit (60 months)7.1 %7.6 %

Fixed Deposit

Fixed Deposits are one of the safest ways of investing. FD involves investing a lump-sum amount into a bank at a fixed interest rate and for a fixed period. At the maturity of the period, you earn the principal amount along with the compound interest on it. An FD can be as short as 7 days and as long as 20 years. Based on your investment period, the interest rate is accrued.

Features of FD

Fixed Deposit comes with the following features:

  • Fixed Returns: It won’t get affected by market ups and downs and interest rates are decided at the time of booking.
  • Flexible Tenure: It has tenure from 7 days to 20 years to meet your requirement of lump sum cash as per your need.

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: it is a fixed deposit that is linked with your savings or current account, by this fixed deposit the investor not only earns a better return but also enjoys the power of liquidity, if any account deficit is taken care of by breaking the exact amount from the linked flexi-sure fixed deposit.
  • Regular fixed deposits: these are easy investment fixed deposits with attractive returns, it is very convenient to book them by internet banking or RBL bank account. Investors can choose to 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. 
  • Tax saving fixed deposits: offer 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 banking or mobile banking channels. If you're looking to save on taxes while earning a competitive interest rate, a tax-saving fixed deposit could be a viable option for you.
  • Senior citizens fixed deposits: It offers multiple convenient options for booking fixed deposits (FD) online, 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 choose to book your FD through a branch or by contacting your Relationship Manager. Bank offers flexibility when it comes to receiving your interest payments. You can choose to receive interest on a monthly, quarterly, or maturity basis. Additionally, we offer a range of tenure options from a minimum of 7 days to a maximum of 20 years. You can also enjoy liquidity with our Overdraft (OD) facility, which allows you to access up to 90% of the principal value of your FD. We 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.

Pros 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 amount as less as ₹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 payouts of interest 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.

Cons of investing in RBL Bank Fixed Deposits

  1. Not dynamic- Interest rates on RBL FD are not dynamic. So, it fails to overcome the risk of inflation. 
  2. Fixed-rate- Fixed deposits offer a fixed rate on the investment. Hence, no benefit can be availed for higher returns in cases of an increase in market interest rates.

Eligibility Criteria and documents required to open a Fixed Deposit with RBL

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

  1. Senior
  2. Non Senior citizens

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

Documents required for identity proof:

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

Documents required for identity proof:

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

How do 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- 

Step 1- Login to your Net Banking Application. 

Step 2- Select 'Transact' and choose open Fixed deposit.

Step 3- Fill in the required details after selecting the bank's branch.

Step 4- Enter the amount of the deposit and select the tenure of FD. Also, enter the nominee details.

Step 5- Click confirm and continue.

Offline way- 

Step 1- Visit the bank branch.

Step 2- Take the FD application form. 

Step 3- Fill in the required details and submit the necessary documents. 

Step 4- Submit the form to the branch. 

RBL Bank FD withdrawal process

When it comes to withdrawing your Fixed Deposit, you have the option of doing so either online or offline.

For online FD withdrawal:

  • Visit the bank's website 
  • and 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 on '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 these documents and they have been verified, 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 that you will receive upon withdrawal.

Tax implication on FD interest

  1. The interest earned on all types of FDs is included in the total income and is taxable as per the prevailing slab rate.
  2. As per section 80C of the I-T Act, the investor gets an exemption of ₹1,50,000 in tax saver FD investment.
  3. In the case of a senior citizen (Age above 60 years), a deduction of up to ₹ 50,000 is available and for non-senior citizens up to ₹ 40,000.
  4. If the PAN is not provided then, in that case, 20% TDS is levied.
  5. In case your total income is below the taxable limit i.e. ₹ 2.5 lakhs, you can avoid TDS by submitting Form 15G to the bank.
  6. In the case of senior citizens if your total income is below the taxable limit then you can avoid TDS by submitting Form 15H to the bank.

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% per annum 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
453 days to less than 24 months (15 months to less than 24 months)
7 days to 14 days15 days to 45 days46 days to 90 days91 days to 180 days181 days to 240 days241 days to 364 days365 to 452 days (12 months to less than 15 months)453 days to less than 24 months (15 months to less than 24 months)24 months to less than 36 months36 months to 60 months 1 day60 months 2 days to 240 monthsTax Savings Fixed Deposit (60 months)
7.8 %
Yes
No
Maturity Amount₹1,09,681

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