RBL Bank RD Interest Rates 2024
Introduction:
RBL Bank offers its customers enticing recurring deposit schemes featuring attractive interest rates. One distinguishing feature is the flexibility of tenure, ranging from 6 months to 20 years.
Recurring deposits represent an excellent avenue for saving money, allowing individuals to accumulate interest on their savings over a specified period.
RBL extends additional benefits to senior citizens by offering higher interest rates compared to the standard rates. The RBL RD interest rates range up to 6.65% for general citizens and 7.15% for senior citizens.
RBL Bank offers its customers enticing recurring deposit schemes featuring attractive interest rates. One distinguishing feature is the flexibility of tenure, ranging from 6 months to 20 years.
Recurring deposits represent an excellent avenue for saving money, allowing individuals to accumulate interest on their savings over a specified period.
RBL extends additional benefits to senior citizens by offering higher interest rates compared to the standard rates. The RBL RD interest rates range up to 6.65% for general citizens and 7.15% for senior citizens.
Features of RBL Recurring Deposit
Features of RBL Bank RD Interest Rates 2024:
RBL Bank offers appealing interest rates, reaching up to 6.65% p.a. for general citizens and up to 7.15% p.a. for senior citizens.
Deposit tenures span from 6 months to 240 months (20 years).
Interest on RBL Bank RD is compounded annually.
RBL Bank provides a nomination facility, allowing the nominee to receive the final maturity amount.
TDS is deducted in accordance with the prevailing income tax regulations at the time of account opening.
An RBL Bank recurring deposit account can be initiated either through net banking for existing customers or by visiting the nearest branch.
The minimum deposit amount required to open an RBL Bank RD account is as low as Rs. 500.
RDs opened via online channels are limited to a maximum tenure of 10 years.
Penalties apply according to bank regulations if a customer misses a monthly payment on the due date.
Features of RBL Bank RD Interest Rates 2024:
RBL Bank offers appealing interest rates, reaching up to 6.65% p.a. for general citizens and up to 7.15% p.a. for senior citizens.
Deposit tenures span from 6 months to 240 months (20 years).
Interest on RBL Bank RD is compounded annually.
RBL Bank provides a nomination facility, allowing the nominee to receive the final maturity amount.
TDS is deducted in accordance with the prevailing income tax regulations at the time of account opening.
An RBL Bank recurring deposit account can be initiated either through net banking for existing customers or by visiting the nearest branch.
The minimum deposit amount required to open an RBL Bank RD account is as low as Rs. 500.
RDs opened via online channels are limited to a maximum tenure of 10 years.
Penalties apply according to bank regulations if a customer misses a monthly payment on the due date.
Recurring Deposit Interest Rates - 2024
Banks
Interest
Rates (PA)
Interest
Rates (PA)
Interest Rate
for Seniors (PA)
Interest Rate
for Seniors (PA)
Bandhan Bank RD Interest Rate
Bandhan Bank RD
Interest Rate
3.0% - 7.25%
3.5% - 7.75%
₹15,000
Kotak Mahindra Bank RD Interest Rate
Kotak Mahindra
Bank RD Interest Rate
Kotak Mahindra Bank RD
Interest Rate
4.0% - 7.25%
4.0% - 7.25%
4.0% - 7.75%
IDFC First Bank Rd Interest Rate
Central Bank
of India
3.5% - 7.0%
3.5% - 7.0%
4.0% - 7.5%
YES Bank RD Interest Rate
YES Bank RD
Interest Rate
7.45% - 7.75%
7.95% - 8.25%
RBL Bank RD Interest Rate
RBL Bank RD
Interest Rate
3.0% - 7.25%
3.0% - 7.25%
3.5% - 7.75%
Eligibility Criteria
The following individuals and entities are eligible to open an RD:
Residency:
Any individual residing within the country's jurisdiction can open an RD account. This includes citizens, permanent residents, and individuals residing in the country temporarily.
Minors:
Minors aged 10 and above are allowed to open an RD account with the consent and supervision of a guardian. This provision encourages financial literacy and savings habits among young individuals.
NRIs and PIOs:
Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) are permitted to open RD accounts. This allows individuals living abroad to invest in Indian financial instruments and benefit from the returns.
Organizations:
Various types of organizations, including companies, partnerships, sole proprietorships, and Hindu Undivided Families (HUFs), are eligible to open RD accounts. This enables businesses and entities to save and invest surplus funds for future financial goals.
Trusts:
Trusts, which are legal entities created for charitable, religious, or other purposes, are also eligible to open RD accounts. This provides trusts with a secure investment option to grow their funds.
Companies:
Corporate entities, including public and private companies, can open RD accounts as part of their treasury management strategies. RDs offer a stable and low-risk investment option for companies to park surplus funds and earn returns.
Partner Firms:
Partnership firms, which consist of two or more individuals who agree to share profits and losses, can also open RD accounts. This allows partners to collectively invest and save for their future financial needs.
The following individuals and entities are eligible to open an RD:
Residency:
Any individual residing within the country's jurisdiction can open an RD account. This includes citizens, permanent residents, and individuals residing in the country temporarily.
Minors:
Minors aged 10 and above are allowed to open an RD account with the consent and supervision of a guardian. This provision encourages financial literacy and savings habits among young individuals.
NRIs and PIOs:
Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) are permitted to open RD accounts. This allows individuals living abroad to invest in Indian financial instruments and benefit from the returns.
Organizations:
Various types of organizations, including companies, partnerships, sole proprietorships, and Hindu Undivided Families (HUFs), are eligible to open RD accounts. This enables businesses and entities to save and invest surplus funds for future financial goals.
Trusts:
Trusts, which are legal entities created for charitable, religious, or other purposes, are also eligible to open RD accounts. This provides trusts with a secure investment option to grow their funds.
Companies:
Corporate entities, including public and private companies, can open RD accounts as part of their treasury management strategies. RDs offer a stable and low-risk investment option for companies to park surplus funds and earn returns.
Partner Firms:
Partnership firms, which consist of two or more individuals who agree to share profits and losses, can also open RD accounts. This allows partners to collectively invest and save for their future financial needs.
The following individuals and entities are eligible to open an RD:
Residency:
Any individual residing within the country's jurisdiction can open an RD account. This includes citizens, permanent residents, and individuals residing in the country temporarily.
Minors:
Minors aged 10 and above are allowed to open an RD account with the consent and supervision of a guardian. This provision encourages financial literacy and savings habits among young individuals.
NRIs and PIOs:
Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) are permitted to open RD accounts. This allows individuals living abroad to invest in Indian financial instruments and benefit from the returns.
Organizations:
Various types of organizations, including companies, partnerships, sole proprietorships, and Hindu Undivided Families (HUFs), are eligible to open RD accounts. This enables businesses and entities to save and invest surplus funds for future financial goals.
Trusts:
Trusts, which are legal entities created for charitable, religious, or other purposes, are also eligible to open RD accounts. This provides trusts with a secure investment option to grow their funds.
Companies:
Corporate entities, including public and private companies, can open RD accounts as part of their treasury management strategies. RDs offer a stable and low-risk investment option for companies to park surplus funds and earn returns.
Partner Firms:
Partnership firms, which consist of two or more individuals who agree to share profits and losses, can also open RD accounts. This allows partners to collectively invest and save for their future financial needs.
Documents Required
Proof of Identity:
Passport
PAN card
Voter ID card
Driving License
Government ID card
Photo ration card
Senior citizen ID card
Address Proof:
Passport
Telephone bill
Electricity bill
Bank statement with cheque
Certificate/ID card issued by the post office
Proof of Identity:
Passport
PAN card
Voter ID card
Driving License
Government ID card
Photo ration card
Senior citizen ID card
Address Proof:
Passport
Telephone bill
Electricity bill
Bank statement with cheque
Certificate/ID card issued by the post office
Proof of Identity:
Passport
PAN card
Voter ID card
Driving License
Government ID card
Photo ration card
Senior citizen ID card
Address Proof:
Passport
Telephone bill
Electricity bill
Bank statement with cheque
Certificate/ID card issued by the post office
Types of RBL Recurring Deposit Schemes
hoose the RD account that suits your needs:
Secure Investment: RD with annual compounding.
Variable Options: Online accounts with a maximum tenure of 10 years.
hoose the RD account that suits your needs:
Secure Investment: RD with annual compounding.
Variable Options: Online accounts with a maximum tenure of 10 years.
HDFC Bank RD Premature Withdrawal Facility
Typically, RBL does not permit premature withdrawal of recurring deposit funds, but exceptions may apply under specific conditions; nevertheless, RBL Bank reserves the right to impose a penalty in accordance with their prevailing regulations.
If account holders fail to make timely monthly deposits, a penalty is imposed on the overdue amount as per the bank's policy, subject to the deposit date falling after the grace period concludes.
Typically, RBL does not permit premature withdrawal of recurring deposit funds, but exceptions may apply under specific conditions; nevertheless, RBL Bank reserves the right to impose a penalty in accordance with their prevailing regulations.
If account holders fail to make timely monthly deposits, a penalty is imposed on the overdue amount as per the bank's policy, subject to the deposit date falling after the grace period concludes.
Tax Exemptions on RBL RD
TDS is subtracted in accordance with the income tax regulations established at the account's inception. However, should the interest earned from the deposit in a fiscal year surpass Rs. 10,000 without PAN details provided, the TDS will be deducted at an elevated rate of 20%.
TDS is subtracted in accordance with the income tax regulations established at the account's inception. However, should the interest earned from the deposit in a fiscal year surpass Rs. 10,000 without PAN details provided, the TDS will be deducted at an elevated rate of 20%.
How to Open a Recurring Deposit Account in RBL?
RBL Bank offers a Recurring Deposit (RD) account with attractive interest rates, providing flexibility for terms ranging from six months to twenty years. You can conveniently apply for an RD account through mobile or net banking.
RBL Bank offers a Recurring Deposit (RD) account with attractive interest rates, providing flexibility for terms ranging from six months to twenty years. You can conveniently apply for an RD account through mobile or net banking.
How to Calculate the Maturity Amount on RBL Bank RD?
The interest on RBL's Recurring Deposit is compounded quarterly.
The formula for calculating the maturity value is as follows:
𝐴=𝑃×(1+𝑅𝑁)(𝑁𝑡)A=P×(1+ NR ) (Nt)
Here,
𝐴-A represents the Maturity Amount.
𝑃-P represents the Recurring Deposit amount deposited monthly.
𝑁-N represents the number of times the interest is compounded.
𝑅-R represents the Rate of Interest.
𝑡-t represents the tenure.
For instance, let's consider Mr. C, residing in Amritsar, who opens an RD account with RBL Bank with a monthly deposit of Rs. 1000 for 4 years. Assuming an applicable interest rate of 7.2%, the total interest amount accrued at the end of the maturity period would be Rs. 5498, resulting in a total maturity amount of Rs. 55716.
The interest on RBL's Recurring Deposit is compounded quarterly.
The formula for calculating the maturity value is as follows:
𝐴=𝑃×(1+𝑅𝑁)(𝑁𝑡)A=P×(1+ NR ) (Nt)
Here,
𝐴-A represents the Maturity Amount.
𝑃-P represents the Recurring Deposit amount deposited monthly.
𝑁-N represents the number of times the interest is compounded.
𝑅-R represents the Rate of Interest.
𝑡-t represents the tenure.
For instance, let's consider Mr. C, residing in Amritsar, who opens an RD account with RBL Bank with a monthly deposit of Rs. 1000 for 4 years. Assuming an applicable interest rate of 7.2%, the total interest amount accrued at the end of the maturity period would be Rs. 5498, resulting in a total maturity amount of Rs. 55716.
1.) How can I close my RD account?
You can close your RD account either by visiting your bank branch, using net banking, or through the bank's mobile application.
2.) Where will the closure proceeds be deposited?
The closure proceeds will be credited to the same savings bank account from which the recurring deposit payments were deducted.
3.) Is it necessary to visit the bank branch to close the RD account?
No, you can also close your RD account using net banking or the bank's mobile application.
4.) Can I close my RD account online?
Yes, you can close your RD account online through net banking or the bank's mobile application.
5.) Will I receive the closure proceeds immediately?
The closure proceeds will be deposited into your savings account, usually within a few business days after the closure request is processed.
Author
Harish Malhi
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