RBL Bank offers several banking products and services that help customers save money for various purposes. One such product is a Recurring Deposit (RD) account. Build the habit of saving regularly through the RD account. Here is all the information you may want to know about RBL Bank RD accounts.

1. Recurring Deposit Interest Rates 2021 of RBL Bank

The interest rates provided in the table below are applicable for deposits less than Rs.1 crore.

Deposit Tenure

Interest Rate for Regular Customers (% p.a.)*

Interest Rate for Senior Citizens (% p.a.)*

6 months

5.75

6.25

9 months

6

6.5

12 months

6.5

7

15 months

6.5

7

36 months

6.75

7.25

39 months up to 120 months

6.40

6.9

*Interest rates are subject to change from time to time.

2. Different Types of RBL Bank RD Schemes

Recurring Deposits:

The scheme allows customers to make easy deposits with attractive returns and capital guarantee. You can make easy monthly payments by linking your savings account with the RD account. Choose the monthly instalment amount and tenure based on your convenience. The scheme is best suited for fixed income groups to contribute small amounts every month and get closer to their dreams.

3. RBL Bank RD Special Features and Benefits

  • Set standing instructions to make easy payments to RD accounts from savings accounts.
  • The deposit tenure available ranges from 6 months to 20 years.
  • Get competitive interest rates on deposits.
  • Nomination facility is available.
  • Book the account through online channels, such as net banking and mobile banking.
  • Premature withdrawal is allowed subject to certain conditions.

4. Basic Eligibility Criteria for RBL Bank RD

  • Resident Indians
  • Non-resident Indians
  • Hindu Undivided Families (HUF)

5. Tax Liabilities on RBL Bank Recurring Deposit

Any interest income earned by regular customers beyond Rs.40,000 per financial year and Rs.50,000 per financial year for senior citizens will be taxable. Income tax will be deducted at source (TDS) by the bank if the interest income on the FD and RD accounts across all the bank branches exceeds this limit at 10%.

TDS is now reduced from 10% to 7.5% due to the pandemic, effective from May 2020 until March 2021. You have the option to submit Form 15G or Form 15H, as applicable, and request the bank not to deduct tax at source if your annual income is within the basic exemption limit, i.e. Rs.2.5 lakh for regular customers and Rs.3 lakh for senior citizens.

6. FD Interest Rate Calculator

With our RD calculator, you can estimate the returns you can expect by investing your surplus savings in an RD account over a period you are comfortable with.

7. Frequently Asked Questions (FAQs)

Q. Does the same rules apply to both domestic and NRI customers?

A. Not all the rules that apply to domestic customers apply to NRI customers. There may be certain variations in the rules based on the type of customer. For example, the minimum tenure for domestic customers is six months. Whereas, it is one year for NRE deposits.

Q. Can I open an RD account from the official RBL Bank website?

A. The official RBL Bank website allows you to share your personal and contact details if you are interested in opening an RD account with the bank. The bank representative will get in touch with you to take the process forward. Instead, you can open the account directly by logging into the net banking or mobile banking portal.

Q. Do senior citizens get a higher interest rate?

A. Yes, domestic customers who are aged 60 years or above can get a 0.5% additional interest rate compared to general domestic customers. The same may not apply to NRI senior citizens.

Q. What happens if I miss paying my instalment?

A. If you miss paying instalments, a penal charge of Rs.50 or the prevalent policy will be levied.

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