RBL Bank Recurring Deposit (RD) Rates

RBL Bank offers a variety of Recurring Deposit (RD) schemes with competitive interest rates. The RBL Bank RD interest rates make it an attractive investment choice for those looking to save regularly.  RDs are an excellent way to cultivate disciplined savings while earning interest on the amounts deposited throughout the chosen tenure. 

Find out more about RBL Bank RD interest rates, eligibility, benefits and application process.

RBL Bank Recurring Deposit Scheme Highlights for 2024

Here is a quick overview of the scheme’s key highlights: 

RBL Bank RD Interest Rate 2024

With varying interest rates based on the tenure of the deposit, these schemes provide an excellent opportunity to grow your savings with ease. Below are the detailed RBL Bank RD interest rates 2024 for deposits below Rs. 3 crores: 

*Interest rates are as of 8 June 2024. Please note that the interest rates are subject to change from time to time.

RBL Bank Senior Citizen RD Interest Rate

Below is the detailed table for RBL Bank senior citizen RD interest rates in 2024 for deposits below Rs. 3 crore:

*Interest rates are as of 8 June 2024. Please note that the interest rates are subject to change from time to time.

Types of RBL Bank RD Accounts

Whether you are a resident Indian, a senior citizen, or an NRI, RBL has a tailored RD account for you. Here is a brief overview of the various types of RD accounts available:

1. Domestic Recurring Deposit Accounts

This account is available for resident individuals who wish to save periodically and earn competitive RD interest rates. Customers can choose from tenures ranging from 6 months to 10 years, and the minimum deposit amount is flexible, allowing individuals to save according to their financial capacity.

2. Senior Citizen Recurring Deposit Accounts

RBL Bank offers exclusive benefits to senior citizens with higher RD interest rates than regular RD accounts. Senior citizens can earn up to 0.50% more on recurring deposits, making it an excellent option for those looking to boost their retirement savings.

3. NRE Recurring Deposit Accounts

Non-Resident External (NRE) RD accounts are designed for Non-Resident Indians (NRIs) to save in Indian currency while earning competitive interest rates. The principal and interest earned are fully repatriable, allowing NRIs to benefit from both saving and remitting funds back to their country of residence.

4. NRO Recurring Deposit Accounts

Non-Resident Ordinary (NRO) RD accounts are tailored for NRIs who earn income in India through rent, dividends, or pension. These accounts allow NRIs to save on their earnings in India while benefiting from attractive interest rates. The interest earned is subject to Indian tax laws.

Features of RBL Bank RD Interest Rates 

Here are the features of the RBL Bank RD accounts:

• Attractive Interest Rates: RBL Bank RD interest rates are competitive, with the highest being 8.00% p.a. for general citizens and up to 8.50% p.a. for senior citizens.
• Flexible Tenure: You can choose a deposit tenure ranging from 6 months to 120 months (10 years), offering flexibility based on your financial goals.
• Quarterly Compounding: Interest earned on RBL Bank RD is compounded quarterly, providing the benefit of earning interest on both the principal and previously earned interest.
• Nomination Facility: You can appoint a nominee for your RD account, ensuring that the maturity amount can be easily collected by the nominee in your absence.
• TDS Deduction: RBL Bank deducts TDS as per prevailing income tax regulations at the time of account opening.
• Online and Offline Account Opening: RBL RD accounts can be opened through net banking if you are an existing customer or by visiting a nearby branch.
• Low Minimum Deposit: You can start an RBL RD account with a minimum deposit as low as Rs. 1,000, making it accessible to a wide range of customers.
• Penalty for Missed Payments: A penalty is applied as per bank norms if a monthly deposit is missed on the due date.

How to Calculate RBL Bank RD Interest Rate?

Understanding how interest is calculated on your RBL Bank RD is crucial for evaluating its benefits. The interest for RBL RDs is compounded quarterly, and thus, the compound interest method is used to calculate RD interest. The interest is compounded every quarter from the date of the initial deposit. 

Below is the formula used for RD interest calculations:

A = P x (1 + r/n) ^ (n x t)

Where:

• A = Maturity Value
• P = Deposit Amount
• r = Interest rate
• n = Number of times interest is compounded
• t = Tenure

Example: Rohan opens an RBL RD account with a monthly deposit of Rs. 5,000 for a tenure of 36 months at an interest rate of 7.10% p.a. 

Using the formula, Rohan’s RD will grow to:

As per the formula, 

• P = Rs.1,80,000 (Rs.5,000 x 36) 
• r = 0.071 (7.10%) 
• n = 4

A = P x (1 + r/n) ^ (n x t) = 1,80,000 x (1 + 0.071/4) ^ (4 x 36)

A = Rs. 2,01,001

Rohan’s total earnings from the RBL RD account for 36 months and 1 day will amount to Rs. 2,01,001, and the interest earned is Rs. 21,001 if he deposits Rs. 5,000 per month for 36 months. 

You can conveniently calculate this within seconds using the RBL Bank RD Calculator. 

Eligibility for Opening RBL Bank RD Account

RBL Bank offers RD accounts to a wide range of individuals and organisations. Here is a breakdown of the eligibility criteria for different types of depositors.

• Indian residents can open an RD account, either individually or jointly.
• HUFs, partnership firms, and proprietorships can open RDs.
• Associations, clubs, and government organisations can also open RD accounts.
• Individuals with special needs or disabilities are also eligible to open RD accounts.

Documents Required for Opening RBL Bank RD Account

Before opening an RD account with RBL Bank, you will need to the following documents:

• Identity Proof: Passport, PAN card, voter ID, driving license, senior citizen ID, etc.
• Address Proof: Passport, utility bills (water, telephone or electricity bill), bank statements, post office certificates, etc.

How to Open an RBL Bank RD Account?

You can open an RBL Bank RD account either offline by visiting a branch or online through the bank’s net banking or mobile banking platforms. Here is a step-by-step guide to help you set up your RD account quickly and easily:

Offline application

1. Visit the RBL Bank branch with your savings account details.
2. Fill out the RD application form with details such as instalment amount, tenure, nominee, and mode of payment.
3. Submit the form and pay the first instalment.
4. Your RD account will be opened and processed.

Online application

1. Log in to RBL Bank net banking or mobile banking app.
2. Select ‘Open an RD Account’.
3. Enter details such as deposit amount, tenure, and nominee.
4. Agree to the terms and apply.
5. You will receive a confirmation, and the RD will be opened.

How to Close RBL Bank RD Account?

Closing your RBL Bank RD account can be done seamlessly by visiting the bank:

1. Visit the RBL Bank's branch in person. 
2. Obtain and fill out the RD account closing form.
3. Submit the form to the bank’s officials.
4. Your RD account closing form will be processed, and the account will be closed. 

Benefits of RBL Bank RD Account

RBL Bank recurring deposit accounts are ideal for disciplined savers looking to build a financial cushion over time. Let us explore the full range of benefits an RBL RD account offers: 

• Safe Investment: RBL Bank’s RD account is a secure, risk-free investment option for conservative savers.
• Flexible Deposit Options: Start small with monthly deposits, which are ideal for saving consistently over time.
• Wide Range of Tenures: You can choose the RD tenure of your choice, ranging from a few months to several years, based on your financial goals.
• Competitive Interest Rates: RBL Bank RD interest rates are higher than fixed deposit interest rates.
• Insulated from Market Risks: RD accounts are not affected by stock market fluctuations, ensuring your savings grow safely.
• Lump-Sum Pay-out on Maturity: Receive a lump sum of your savings and interest at the end of the tenure.
• Easy Transition to Fixed Deposits: Seamlessly convert your RD proceeds into an FD for continued growth.
• Nomination Facility: Nominate a person to claim your RD amount in case of any unforeseen event.

RBL Bank RD Premature Withdrawal Rules

While RBL Bank encourages customers to complete the full tenure of their Recurring Deposit (RD) to maximise returns, premature withdrawal of RD funds is allowed under specific conditions. However, this facility has a 1% penalty on the deposit amount. However, there is no penalty for premature withdrawal of RD funds by senior citizens. 

Opening an RBL Bank Recurring Deposit (RD) account is a reliable and simple method for saving money while earning interest. With flexible tenures, attractive RBL Bank RD interest rates and the added advantage of senior citizen benefits, opening an RD account with RBL Bank is a smart move toward securing your financial future. Recurring Deposits (RDs) are perfect for achieving both short-term and long-term financial goals and combining RDs can create a diversified savings strategy.