RBL Bank FD Rates

RBL bank fixed deposit is a lucrative investment idea for customers with low to middle-income revenue. The presence of an array of FD schemes offered by Ratnakar Bank Limited makes the RBL bank FD rates attractive and competitive. The RBL FD rates range from 3.25% to as much as 7%. However, it should be noted that banks quote interest rates that apply to customers as per their profile and investment portfolio. Fixed deposits have become a niche investment tool for various residents in India and see this as an ideal long-term investment opportunity. RBL bank offers a myriad of tenures that can range from 7 days to as long as 20 years. Not only that, RBL FD comes with customer-friendly features and benefits.

In this blog, you will get acquainted with what the RBL bank fixed deposit interest rates are, and how they can exploit its various features to their advantage. 

RBL Bank FD Interest Rates Aug 2022

The table below showcases the prevailing RBL FD interest rates for August 2022.

Period of Deposit	FD Rates	Senior Citizens	NRE	NRO
7 days to 14 days	3.25%	3.75%	NA	3.25%
15 days to 45 days	3.75%	4.25%	NA	3.75%
46 days to 90 days	4.00%	4.50%	NA	4.00%
91 days to 180 days	4.50%	5.00%	NA	4.50%
181 days to 240 days	5.00%	5.50%	NA	5.00%
241 days to 364 days	5.25%	5.75%	NA	5.25%
12 months to less than 15 months	6.50%	7.00%	6.85%	6.50%
15 months	7.00%	7.50%	7.35%	7.00%
15 months to less than 24 months	6.50%	7.00%	6.85%	6.50%
24 months to less than 36 months	6.75%	7.25%	7.10%	6.75%
36 months to less than 60 months	6.55%	7.05%	6.90%	6.55%
60 months to 60 months 1 day	6.55%	7.05%	6.90%	6.55%
60 months to less than 120 months	5.75%	6.25%	5.75%	5.75%
120 months to 240 months	5.75%	6.25%	5.75%	5.75%
Tax Savings Fixed Deposit	6.55%	7.05%	NA	6.55%

RBL Bank FD Rates Highlights 

As an RBL Bank customer, you can enjoy the benefits of attractive FD interest rates starting from 3.25% with a deposit period of 7 days to 14 days. This rate peaks for a duration of 15 months at 7% per annum and starts receding henceforth. Senior Citizens get specialised interest rates for deposits in the RBL Bank Fixed Deposit scheme. Furthermore, the interest rates for non-resident Indians applicable through the NRE and NRO accounts are similar to the rate patterns offered for domestic applicants. The NRE accounts have a minimum deposit tenure requirement of 12 months with an interest rate starting from 6.85% which goes as high as 7.35% for a tenure of 15 months.

Types of RBL Bank Fix Deposit 

RBL Bank offers an array of FD schemes. These are as listed below.

Flexi Sure Fixed Deposit

RBL Bank offers Flexi Sure Fixed Deposit with a provision for quick liquidity. This type of FD is linked with the savings or current account of the depositor. Any shortfall in the account balance is compensated with the Flexi Sure FD balance. Users can enjoy higher returns on investment along with an easy withdrawal policy. Moreover, users can link multiple accounts to their Flexi Sure FD account. 

Regular Fixed Deposit

A regular fixed deposit account is a general RBL Bank FD account where investors can park their monetary capital and get attractive interest on their contribution. The investment procedure is easy and customers can enjoy assured returns. The tenure can be set anywhere from 7 days to 20 years as per the customer’s convenience. Customers also have the provision to choose their repayment frequency. 

Tax Savings Fixed Deposit

This RBL FD scheme offers an attractive interest rate in addition to the tax exemption mentioned under section 80C of the income tax act 1961. The FD scheme comes with a lock-in period of 5 years, extendable as per Bank policy. Tax benefits of up to 1,50,000 can be availed through this FD savings scheme. 

Senior Citizen Fixed Deposit

Any citizen who belongs to the age bracket of 60 to 80 years is eligible to avail of the RBL FD scheme with special interest rates. Senior Citizen Fixed Deposits come with an additional 0.5% hike in interest rates. 

Super Senior Citizen Fixed Deposit

For any citizen under the age of 80 years is eligible to avail of the RBL FD scheme with special interest rates. Super Senior Citizen Fixed Deposits come with an additional 0.75% hike in interest rates. 

Recurring Deposit

Recurring Deposits are a fixed deposit scheme where customers can invest a monthly recurring amount for a set tenure. Post-maturity depositors are eligible to receive their interest back with a chosen frequency. The only difference between a regular FD and RD is that in the former, investors usually contribute their monetary shares in lumpsum, and in the latter, they do so in a recurring manner. 

Features and Benefits of RBL Bank FDs

RBL Fixed Deposits are a popular choice for investors with low to middle-income status owing to the assured return policy and lower risk. With an array of RBL FD schemes offered, users have the provision to select their preferred choice as per their financial needs. When you count on RBL fixed deposits, you unlock the following features and benefits:

• Simple and straightforward investment process 
• Assured returns with attractive RBL Bank FD interest rates
• Provision to choose investment tenure from 7 years to 20 years 
• With Tax saver FD, users get the option to claim tax benefits up to INR 1.5 Lakhs
• There are specialised rates for the senior and super senior citizens 
• There are no premature withdrawal charges for the senior citizen FDs
• Easy online booking facility through banking apps available
• A nomination facility is available with the FD accounts.
• Flexi Sure FD scheme offers multiple accounts linking facility
• Availability of overdraft facility up to 90% of the investment provides easy liquidity options  

Eligibility Criteria for RBL Bank FD

Customers interested in opening an RBL Bank Fixed Deposit account will be required to adhere to certain parameters. The eligibility criteria for opening an RBL Bank FD account are as follows:

• The applicant must be a citizen of India. In the case of Non-resident Indians, apply with an NRE or NRO account. 
• It is a prerequisite for the applicants to open an account with the RBL Bank. 
• The interested customers are necessarily required to have identification and residential proofs ready. 
• In the case of groups, applications can be accepted from HUFs, partnership firms, companies, and trusts. 

How is the Interest Rate Calculated on RBL Bank Fixed Deposit?

RBL Bank FD rates are set by the bank authorities while considering the prevailing market price and the rates set by other banks. This makes the RBL FD rates both competitive and attractive for the customers. Furthermore, the customers opting for the RBL FD scheme can make use of the online Fixed Deposit Calculator tool to know how much they can earn from the scheme. Speaking of the calculation of the RBL Bank FD Interest Rates, basic mathematical formulas are used. There are two ways to do this calculation. First is the simple interest calculation method. The other way is to calculate the compound interest.

For the simple interest calculation, one can use the following formula:

P x R x T / 100,

This translates to principal multiplied by the rate of interest multiplied by duration.

For the compound interest calculation, one can use the following formula. 

A = P (1 + r / n ) n t

This translates to an amount which is equivalent to the principal amount multiplied by the sum of 1 and the rate of interest upon the number of compounding periods. This figure is to be multiplied by the number of compounding periods and tenure. 

Tax on RBL Bank FD

The interest earned on the RBL Bank FD rates is taxable by law. The bank is liable to deduct the associated tax amount from the source. However, there are ways to claim tax benefits. Depositors can do so by converting the RBL Bank FD rates into a tax savings scheme. This way one can legally claim a tax benefit of up to INR 1,50,000, applicable under Section 80C of the Income Tax Act 1961. Know more about RBL Bank Tax saving FD.

RBL Bank FD Minimum/ Maximum Deposit Amount

Given the RBL bank FD rates ranging between 3.25% to 6.65%, customers will have to adhere to a certain minimum balance deposit. This initial balance is set as INR 1000. Further, customers have the provision to increase their investment as per their capacity. The scheme is not limited to Indian residents as non-resident customers can also invest in the RBL FD scheme dedicated to NRIs. The minimum deposit amount for NRI and NRO FD is INR 10,000 without any specific upper limit. 

Compare RBL Bank Fixed Deposit Returns With Top Banks

It is beneficial for the applicants to acquaint themselves with the prevailing market rates across some of the top banks. This comparison of FD rates offered by other banks with RBL Bank FD rates provides clarity on why you should count on RBL for investment. Customers can make use of an FD Calculator to compare the results based on the bank’s respective interest rates. The table given below showcases the comparison of RBL Bank interest rates with some top banks like SBI, HDFC, IDBI, Kotak, etc.

Name of Bank	General Citizens	Senior Citizens
State Bank of India FD	2.90% to 5.65%	3.40% to 6.45%
HDFC Bank FD	2.75% to 6.10%	3.25% to 6.60%
IDBI Bank FD	2.70% to 5.75%	3.20% to 6.50%
Kotak Mahindra Bank FD	2.50% to 5.90%	3.00% to 6.40%
Punjab National Bank FD	3.00% to 6.10%	3.50% to 6.60%
Canara Bank FD	2.90% to 6.00%	2.90% to 6.50%
Axis Bank FD	2.50% to 6.05%	2.50% to 6.80%
Bank of Baroda FD	3.00% to 5.50%	3.50% to 6.50%
IDFC First Bank FD	3.50% to 6.90%	4.00% to 7.40%

How to Open an RBL Bank FD Account

RBL Bank has a straightforward method for customers interested in opening an FD account. One can do so in several ways i.,e. online and offline. There is a provision to open an RBL bank FD account by visiting the official website, through mobile banking app, net banking, and by visiting the nearest branch. To simply open an RBL Bank FD account, users can follow the steps mentioned below.

• Go to the official website of RBL Bank. 
• From the main menu, select Fixed Deposit located under the personal banking option.
• Click on the read more option, and you will get redirected to the applicant login page.
• Select the FD type you are interested in. 
• Click on Apply Now
• Provide your details such as name, mobile number, email address, residential details, etc. for the registration. 
• Once the initial application process is completed, it will be reviewed by the Bank after which the bank executive will contact you regarding the same.