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.
Here is a quick overview of the scheme’s key highlights:
Tenure | 6 Months to 10 Years |
Senior Citizen Interest Rates | 6.00% to 8.50% |
Public Interest Rates | 5.50% to 8.00% |
Highest Interest Rates for Public | 8.00% |
Highest Interest Rates for Senior Citizens | 8.50% |
Premature Withdrawal | 1% of deposit |
Minimum Deposit Amount | Rs. 1,000 |
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:
Tenure | Interest Rates for General (p.a)* | NRE Interest Rates (p.a)* | NRO Interest Rates (p.a)* |
6 months to 7 months | 5.50% | NA | 5.50% |
8 months to 11 months | 5.50% | NA | 5.50% |
12 months to 14 months | 7.50% | 7.50% | 7.50% |
15 months to 17 months | 7.80% | 7.80% | 7.80% |
18 months to 23 months | 8.00% | 8.00% | 8.00% |
24 months to 35 months | 7.50% | 7.50% | 7.50% |
36 months to 60 months | 7.10% | 7.10% | 7.10% |
61 months to 120 months | 7.00% | 7.00% | 7.00% |
*Interest rates are as of 8 June 2024. Please note that the interest rates are subject to change from time to time.
Below is the detailed table for RBL Bank senior citizen RD interest rates in 2024 for deposits below Rs. 3 crore:
Tenure | Senior Citizen Interest Rate (p.a.)* |
6 months to 7 months | 6.00% |
8 months to 11 months | 6.00% |
12 months to 14 months | 8.00% |
15 months to 17 months | 8.30% |
18 months to 23 months | 8.50% |
24 months to 35 months | 8.00% |
36 months to 60 months | 7.60% |
36 months to 120 months | 7.50% |
*Interest rates are as of 8 June 2024. Please note that the interest rates are subject to change from time to time.
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:
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.
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.
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.
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.
Here are the features of the RBL Bank RD accounts:
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:
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,
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.
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.
Before opening an RD account with RBL Bank, you will need to the following documents:
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
Online application
Closing your RBL Bank RD account can be done seamlessly by visiting the bank:
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:
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.