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.
The interest rates provided in the table below are applicable for deposits less than Rs.3 crore.
|Deposit Tenure||Interest Rate for Regular Customers (% p.a.)*||Interest Rate for Senior Citizens (% p.a.)*|
|181 days to 240 days||5.00||5.50|
|241 days to 364 days||5.25||5.75|
|1 year to 1 year 364 days||6.00||6.50|
|2 years to 2 years 364 days||6.00||6.50|
|3 years to 4 years 364 days||6.30||6.80|
*Interest rates are subject to change from time to time.
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.
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.
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.
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.
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.
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.
If you miss paying instalments, a penal charge of Rs.50 or the prevalent policy will be levied.
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