The Ratnakar Bank Limited (RBL) is one of the leading banks in the private sector. This bank was established on 14 June 1943. Since then, it has made a huge impact on the banking sector. Fixed deposits are one of the key investment facilities offered by this bank. The RBL FD Rates lie between 3.50% p.a. to 7.80% p.a. for deposits of less than Rs. 2 crores.
This rate of interest is applicable to a varied tenure policy. The maturity time period can be anywhere between 7 days and 20 years. Additional perks are given to Senior Citizens. They are offered an increased rate of interest by 0.50%. To ensure the accurate calculation of the principal amount, the bank offers an RBL FD calculator. This feature allows the depositor to make the correct choice and stay updated with any changes in the interest rates.
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Features of RBL Bank Fixed Deposit
RBL Bank aims to benefit its clients in the best ways it can. It offers a flexible tenure policy ranging from 7 days to 20 years. It is quite an easy process to open an RBL Bank FD account with minimal documentation requirements. This procedure can also be done online from the comfort of your home. With an easy investment procedure, attractive interests are also guaranteed.
Premature or partial withdrawal of funds is allowed according to the bank’s policy. This facility is not offered by many banks, hence giving it an upper hand in the market. One can choose the mode of interest repayment on either a monthly or quarterly basis. However, the interest returns and profits differ from scheme to scheme. To gain maximum benefits, one can keep the money invested till its maturity.
Regular Fixed Deposits
- The tenure can range from 7 days to 20 years. If the booking and deposition are done through online mode, then the maximum tenure can be of 10 years only.
- Nomination facilities can be availed by the depositor to ensure the safety of the investment. Minimal documentation is a prerequisite to making use of this availability.
- For a tenure of less than 180 days, simple interest will be calculated and not compound interest.
- In most cases, the interest rates can be availed on a monthly or quarterly basis. However, there is a huge difference in the policies for both.
- The deposits made under this scheme are subjected to a deduction of up to Rs. 1.5 Lakhs under Section 80C in each financial year.
- The tenure of this deposit has to be a minimum of 5 years.
- Under this scheme, premature or partial withdrawal of funds is not allowed.
- For a tenure of less than 180 days, simple interest will be calculated with the RBL Bank FD calculator and not compound interest.
- This fixed deposit can be made through online or offline mode.
- Only resident senior citizens that are above the age of 60 years can apply for this scheme.
- No penalty is charged if the depositor decides to partially or totally withdraw the funds before the maturity period.
- For a tenure of less than 180 days, simple interest will be calculated and not compound interest.
- This Fixed Deposit can be made via online or offline modes.
Benefits of RBL Bank Fixed Deposit Interest Calculator
The RBL Bank FD interest rates can be easily and accurately calculated using the RBL Bank FD calculator. This is available on the official website of the RBL Bank for the user’s benefit. The depositor can easily get to know about the interest amount that is bound to get credited. This can be calculated according to the Maturity period of the FD.
The break-up amount of each quarter or per annum can also be calculated easily with its help. It also allows the depositor to compare the various schemes provided by the bank. This facility allows the client to make an informed and profitable decision about the investment.
To use the RBL FD calculator, one must go to the official website and select the type of Fixed Deposit that the depositor wants to invest under. Enter the details like deposit amount, tenure and interest rates.
How is RBL Bank FD Interest Rate Calculated?
RBL Bank FD interest rate can be calculated using the RBL FD calculator easily. The comfortable interface is suitable for all investors, and the results are accurate. The amount depends on the principal investment, rate of interest offered, and tenure.
- Principal investment: This is the original deposition amount invested by the depositor. The higher the deposit, the more the profitable interest rate.
- Tenure: The RBL Bank offers strict protocol where the FD Tenure can be determined. Short-term investments severely restrict the ability to get profitable returns.
- Interest rates: Without a doubt, the interest rate is the most important determining factor for the amount. One should search for high-interest rates in order to maximise gains within a short span of time.
- Compounding interest frequency: This refers to the quarter of annual addition of interest rates which influences the returns slightly. Higher gains can be expected when there are increased compounding instances.
What are RBL Bank FD Interest Rates?
Tenure | Normal Citizen FD Rates | Senior Citizen FD Rates |
7 days – 14 days | 3.5% | 4% |
15 days – 1 month 14 days | 4% | 4.5% |
1 month 15 days – 2 months 28 days | 4.5% | 5% |
2 months 29 days – 5 months 27 days | 4.75% | 5.25% |
5 months 28 days – 7 months 25 days | 5.5% | 6% |
7 month 26 days – 11 months 28 days | 6.05% | 6.55% |
11 months 29 days – 1 year 2 months 24 days | 7% | 7.50% |
1 year 2 months 25 days – 1 year 11 months 24 days | 7.8% | 8.3% |
1 year 11 months 25 days – 2 year 11 months 28 days | 7.5% | 8% |
2 years 11 months 29 days – 4 year 11 months 29 days | 7.1% | 7.6% |
5 years – 19 years 11 months 25 days | 7% | 7.5% |
RBL Bank FD Calculator : FAQs
What is the RBL FD minimum deposit amount?
INR 5,000 is the minimum requirement for deposition in RBL Bank FD Schemes. However, there is no such barrier of a maximum amount when it comes to deposition.
What is the highest interest rate offered by the RBL Bank on fixed deposits?
The highest RBL Bank FD Rates for general citizens is 7.8% p.a. and 8.3% p.a. for Senior Citizens.
Does RBL Bank provide a loan facility against Fixed Deposits?
The Bank provides about 90% of the total amount of the FD amount as a loan with a proper interest and tenure policy.
Can one reduce the tenure of the fixed deposit midway between the term?
No, one cannot reduce the tenure midway between the term going against the agreement. However, in case of financial emergencies, one can definitely withdraw the funds partially or totally, bearing the consequences of the same.