RBL Bank provides appealing recurring deposit schemes with competitive interest rates and flexible tenures ranging from 6 months to 20 years. Recurring deposits are a superb way to save money, allowing individuals to earn interest on their savings over a fixed period.

RBL offers enhanced interest rates for senior citizens, with rates reaching up to 6.65% for general customers and 7.15% for seniors.

Eligibility Criteria

• Residency: Any individual living in the country, including citizens, permanent residents, or temporary residents, can open an RD account.
• Minors: Minors aged 10 and above can open an account with a guardian's consent, promoting financial awareness.
• NRIs and PIOs: Non-resident Indians and Persons of Indian Origin can also open RDs, enabling global investments in Indian instruments.
• Organizations: Eligible entities include companies, partnerships, sole proprietorships, and Hindu Undivided Families (HUFs).
• Trusts: Trusts established for charitable, religious, or other purposes can open an RD, ensuring secure investment growth.
• Companies: Corporate entities can use RD accounts strategically for treasury management.
• Partner Firms: Partnership firms can collectively save and invest in their financial future with RDs.

Documents Required

To open an RD, the following documents are needed:

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

• Secure Investment: An RD option with annual compounding.
• Variable Options: Online accounts with a maximum tenure of 10 years.

HDFC Bank RD Premature Withdrawal Facility

RBL generally restricts early withdrawal from RDs, with exceptions under certain conditions. A penalty might be applicable, aligning with bank policies. Late monthly deposits incur penalties as per bank rules.

Tax Exemptions on RBL RD

TDS is deducted following income tax laws from the start. Without PAN details and exceeding Rs. 10,000 in a fiscal year, TDS is at a 20% higher rate.

How to Open a Recurring Deposit Account in RBL?

RBL Bank offers RDs with attractive rates and the convenience of terms from 6 months to 20 years. Apply via mobile or net banking.

How to Calculate the Maturity Amount on RBL Bank RD?

The interest on RBL's RD is compounded quarterly. Use the formula: A=P×(1+NR)(Nt), where A is Maturity Amount, P is Deposit amount, N is number of compounding times, R is Interest Rate, and t is tenure.

Example: Mr. C in Amritsar deposits Rs. 1000/month for 4 years at 7.2% interest rate, accruing Rs. 5498 interest, totaling Rs. 55716 at maturity.