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RBL Tax Saving FD
The Rbl Bank Tax saving tenure ranges from min to max 5 Year 1 Months 7 Days . The ROI ranges from 7.10% to 7.10 % for the general public. The lock-in period for this scheme is 5 Year
Rbl Bank Tax saving Scheme for amount ranging from ₹ 1,000 to ₹ 1.5 L
The rate of interest for deposited amount ranging from ₹ 1,000 to ₹ 1.5 L is as below
Tenure | Interest Rate for General Public (p.a.) | Interest Rates for Senior Citizens (p.a.) |
|---|---|---|
| Upto 5 Year 1 Months 7 Days | 7.10% p.a. | 7.60% p.a. |
Key features of Rbl Bank Tax saving Scheme
Summary of Rbl Bank Tax saving Scheme features :
| Mutual Fund Schemes | Tax saving |
| CRISIL Rating | AA-CRISIL Rating |
| Lock-in Days | 5 Year |
| Loan Against FD | NA |
| Pre-mature Withdrawal | -- |
| FD Nominee | -- |
| Tenure | Upto 5 Year 1 Months 7 Days |
| General Public | 7.10% to 7.10 % |
| Senior Citizen | 7.60% to 7.60 % |
| Amount | Rs.1,000 to Rs.1,50000 |
*Interest rates are subject to change at the discretion of the bank. These Interest rates are with effect from 10 November 2021.
Overview
RBL Bank offers the RBL Bank Tax Saving Fixed Deposit with interest rates starting at 6.55% per annum for the general public and 7.05% per annum for senior citizens. The tenure for this investment ranges from 7 days to 20 years. The bank offers other fixed deposit options for Non-Resident Indians, such as FCNR, NRE, and NRO fixed deposits. The bank also accepts FCNR deposits in USD, Euro, British Pound, Singapore Dollar, Australian Dollar, Canadian Dollar, Japanese Yen, and Swiss Franc. In this piece, we will take a look at the RBL Bank Tax Saving Fixed Deposit in detail.
What is an RBL Bank Tax-Saving FD Scheme?
An RBL Bank Tax Saving Fixed Deposit is a flexible investment scheme that combines the dual benefits of attractive interest rates and tax benefits as per Section 80C of the Income Tax Act. By using this scheme, an investor can save tax on investments ranging from Rs. 100 to Rs. 150,000. The investment can be held in the scheme for 5 years. Please note that the tax benefit is only applicable to the primary holder of the fixed deposit account. The interest earned from the investment is applicable for TDS deduction. One can easily invest in this scheme through mobile or internet banking facilities.
Eligibility Criteria for RBL Bank Tax Saving Fixed Deposit
The below-given individuals/entities are eligible to invest in the tax-saving Fixed Deposit scheme offered by RBL Bank:
- Individuals
- Hindu Undivided Family
Documents Required for RBL Bank Tax Saving Fixed Deposit
The investor is required to submit a set of documents while investing in any financial tool. Given below are the supporting documents that an applicant will be required to submit while investing in an RBL Bank Tax Saving Fixed Deposit:
- Duly signed and completed application form
- Two copies of the investor’s photograph
- Identity Proof Documents
- Address Proof Documents
- Copy of depositor’s PAN card
- Form 60 or Form 61
- Aadhaar Card details
Key Attractions of RBL Bank Tax Saving Fixed Deposit
Given below are some of the key points of the RBL tax-saving FD scheme that you should be aware of before making a final investment decision:
| Highest Slab Rate | 7.25% per annum for a deposit of 725 days |
| Minimum Tax Saving Investment Amount | Rs. 100 |
| Maximum Tax Saving Investment Amount | Rs. 150,000 |
| Minimum Investment Tenure | 7 days |
| Maximum Investment Tenure | 20 years |
| Preferential Interest Rates | An additional interest rate of 0.50% for senior citizens |
Features & Benefits of RBL Bank Tax Saving Fixed Deposit
Given below are some of the features and benefits of a tax saver fixed deposit account from RBL Bank:
- Attractive interest rates
- Investors can save tax on deposits ranging from Rs. 100 to Rs. 150,000
- A booking period of 5 years ensures that investors enjoy increased liquidity
- The bank offers the option of quarterly or monthly interest payout. You may also choose to receive a lump sum amount upon maturity of the deposit
- Premature or partial withdrawal of the deposit amount is allowed
- A nomination facility is available for the fixed deposit scheme
- The bank provides an overdraft facility for up to 90% of the investment amount
RBL Bank Tax Saving FD Online Application Method
Given below are the steps to make an online application for an RBL Bank Tax Saving FD investment scheme:
Step 1: Log in to your RBL online banking account using your username and password.
Step 2: On the home page, click on the ‘e-fixed deposit’ on the main menu.
Step 3: Next, select the ‘e-TDR/e-STDR under Income Tax Saving Scheme’ and click on the ‘Proceed’ button to continue.
Step 4: Enter the FD amount and choose the bank account used for debiting the investment amount on the due date. Click the ‘Senior Citizen’ option if it applies to you.
Step 5: A confirmation message regarding your investment will be displayed on the next screen.
Download RBL Bank Tax Saving FD Application Form
Interested applicants can apply for a tax saver FD by physically submitting the application form and supporting documents to the nearest RBL Bank branch. You can easily download a printable PDF version of the application form by logging into your internet banking or mobile banking account.
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Frequently Asked Questions (FAQs)
What is RBL Bank Tax Saving FD?
This is a fixed deposit investment scheme provided by RBL that combines the dual investment benefits of lucrative interest rates and tax saving per Section 80C of the Income Tax Act.
Is it good to invest in RBL Bank Tax Saving FD?
Yes, it is highly beneficial for an investor to start an RBL Bank tax saving scheme. The investor can take advantage of higher returns along with tax savings on deposits up to Rs. 150,000.
What is the minimum tenure for RBL Bank Tax Saving FD?
The RBL Bank Tax Saving Fixed Deposit Scheme has a minimum lock-in period of 5 years. It means that the investors are not eligible to redeem or sell the units of an FD before the maturity date.
What amount of TDS will be deductible for an RBL Bank tax-saving fixed deposit?
The interest earned from an investment in an RBL Bank tax saving FD is subject to TDS deduction. The tax deduction at source is as per prevailing guidelines.
What happens if I open a joint deposit with RBL?
In case you invest in a tax-saving FD with a co-applicant, the tax benefit, according to Section 80C of the Income Tax Act, applies to the primary holder of the deposit.
What happens if I do not have my PAN details during the application process?
If you fail to submit your PAN details while making an application for your fixed deposit, the interest will be subject to a higher TDS rate of 20%. It is applicable for resident time deposits where the interest earned is over the TDS threshold for the said fiscal year.
