For opening a fixed deposit with ease, and at attractive interest rates, RBL Fixed Deposit is a good move.
RBL FD Interest Rates for different Investment Periods
|Investment Period||FD Rates for regular deposits||FD rates for Senior Citizens|
|7 days to 14 days||5.00%||5.50%|
|15 days to 45 days||5.25%||5.75%|
|46 days to 90 days||6.75%||7.25%|
|91 days to 180 days||6.75%||7.25%|
|181 days to 240 days||6.85%||7.35%|
|241 days to 364 days||6.85%||7.35%|
|1 year to 1 year 364 days||7.10%||7.60%|
|2 years to 2 years 364 days||7.20%||7.70%|
|3 years to 4 years 364 days||7.10%||7.60%|
|5 years to 9 years 364 days||7.10%||7.60%|
|10 years to 20 years||7.10%||7.60%|
The above rates are applicable for deposits of below Rs. 1 crore.
RBL FD Interest Rates
RBL Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of RBL Bank have a higher interest rate compared to their saving deposits. Benefits of opening an FD account in RBL Bank are:
- Convenience of booking deposit through internet banking for RBL Bank account holders
- Nomination facility is available
- Easy investment with attractive returns
- Avail overdraft facility against your deposit
- Loan facility upto 90 percent is available on the deposit
FD in RBL– Premature Withdrawal
Premature closure of Term Deposit with RBL Bank is along with the lower interest rate of 1% than the contracted rate. The penal provisions for premature closure on RBL Bank FD are subject to change from time to time and may also vary with deposit schemes.
Loan against Fixed Deposit RBL
RBL Bank offers a loan up to 90% against its own deposit. Note that RBL Bank will not give you the loan against FD of any other bank. RBL Bank offers Loan against FD at the rate of 6% to 8.2%
Maximum loan tenure is restricted up to the maximum tenure of the FD.
Illustration – Mr. Rahul has opened a fixed deposit of Rs. 100,000 for 2 years in RBL Bank. The borrower later decided to take the loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws Rs. 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on Rs. 90,000 availed for 1 month only. The amount he repays after 1 month is Rs. 90,744. So, the interest charged on the loan taken is Rs. 744.
Documents required to open Fixed Deposit Account in RBL