The RBL FD rates are attractive to the general public and senior citizens. Investors find interest rates suitable for their financial goals. The bank offers an interest rate of 3.50-7.80% per annum to the general public. The bank has special interest rates for senior citizens. The RBL bank FD rates for senior citizens is 4% to 8.30% per annum.
Moreover, the RBL bank tax saving fixed deposits offer an interest rate of 7.10% per annum. For senior citizens, the RBL FD rate is 7.60% per annum.
For non-residential Indians, the RBL bank offers an interesting range of fixed deposit products like NRO, NRE, and FCNR fixed deposits. The transactions are carried out flexibly in the bank.
|Highest slab rate||7.80%|
|For 1 year||7.00%|
|For 2 years||7.50%|
|For 3 years||7.10%|
|For 4 years||7.10%|
|For 5 years||7.10%|
The above-mentioned interest rates were released by the RBL bank in July 2023.
There are various types of fixed deposits offered by the RBL bank. Some of them are regular fixed deposits, tax savings fixed deposits, senior citizens fixed deposits, NRE fixed deposits, FCNR fixed deposits, and many more.
So, the eligibility criteria vary for each type of fixed deposit. Every depositor with valid identity proof and other documents is eligible to apply for a fixed deposit in RBL bank. For regular fixed deposits, the person should be a resident of the country. He/she should also have a proper source of income. Investors with a minimum age of 18 are eligible to earn interest on fixed deposits.
To open an RBL bank fixed deposit account, an Individual needs to provide some essential documents. This is done to verify the identity of the person. The interested investor needs to provide valid proof of identity and address to the bank.
- Aadhar Card
- Driving License
- Voter’s ID card
- Permanent Account Number (PAN)
Along with this, the RBL bank may also ask for some other documents. In that case, the investor should make sure that he has all the required documents before applying for a fixed deposit. However, various banks have different document requirements based on their policies.
The table below shows the interest rates per annum for Fixed Deposits < Rs. 2 crores as of June 2023:
|Tenure||Regular citizens (Interest rates % per annum)||Senior citizens (Interest rates % per annum)|
|7 to 14 days||3.50||4.00|
|15 to 45 days||4.00||4.50|
|46 to 90 days||4.50||5.00|
|91 to 180 days||4.75||5.25|
|181 to 240 days||5.50||6.00|
|241 to 364 days||6.05||6.55|
|12 months to less than 15 months||7.00||7.50|
|15 months to less than 24 months||7.80||8.30|
|24 months to less than 36 months||7.50||8.00|
|36 months to 60 months 1 day||7.10||7.60|
|60 months 2 days to 240 months||7.00||7.50|
Below given table is the RBL Bank’s FCNR (B) Term Deposit Interest Rates:
|1 year and above but less than 2 years||5.70%||4.00%||3.00%||3.50%||4.05%||0.05%||2.75%||0.95%|
|2 year and above but less than 3 years||5.50%||4.20%||2.20%||3.50%||3.75%||0.05%||2.50%||0.95%|
|3 year and above but less than 4 years||4.40%||4.00%||2.00%||2.85%||1.30%||0.06%||2.25%||0.25%|
|4 year and above but less than 5 years||4.45%||3.00%||2.00%||2.75%||1.35%||0.06%||2.00%||0.05%|
How to avail of a loan against your FD?
The RBL bank provides the facility of availing a loan on fixed deposits. The interest rates of loans against fixed deposits are generally lower. The RBL credit card against FD also comes with a low-interest rate.
Fixed deposits come with the option of premature withdrawal of funds. The funds can be withdrawn easily by a depositor with a penalty of only 1%. Based on the period of the FD before withdrawal, the interest rates will be calculated accordingly. The depositor will then receive the amount by following the procedure needed. This comes under regular fixed deposits.
For NRE and FCNR fixed deposits, the depositor will not receive any interest rate if the deposit is withdrawn within 1 year. For NRO fixed deposits also, the depositor will not receive any interest rate if the FD is withdrawn within 7 days. However, there are no extra charges levied on premature withdrawal of funds for senior citizens. An RBL FD calculator is used to calculate the interest rates of deposits.
Any person can be appointed by the depositor as a nominee for a fixed deposit. Close family members, friends, and legal heirs can be appointed as nominees. The nominee must be a citizen of the country and have valid identity proof. It is always beneficial to appoint family members and legal heirs as nominees.
RBL Bank FD Rates FAQs: –
Residents of the country with a proper source of income are eligible to open a fixed deposit with RBL Bank.
Yes, the minimum tenure of fixed deposits is 7 days, and the maximum is 20 years.
Yes, senior citizens enjoy higher interest rates on fixed deposits as compared to the general public. There are also various types of fixed deposits for senior citizens to avail of special benefits.
Yes, you can calculate the interest rate on your own by using an online FD calculator. The FD calculator is easy to use and gives accurate results.
The minimum amount of fixed deposit is Rs. 5000. The higher the invested amount, the higher will be the interest rates. There are various types of interest rates based on the type of fixed deposit.
Yes, investing in a fixed deposit can be one of the safest ways of investment. You can earn high-interest returns on an FD, and at the same time keep your money safe.