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RBL Bank is a private sector bank in India, formerly named Ratnakar Bank. Established in 1943, the bank’s headquarters are located in Mumbai. Currently, RBL operates more than 350 branches in the country with around 400 ATMs. The institution employs more than 5,800 people across the country.

Apart from the standard financial services offered by banks, RBL Bank also allows its customers to expand their wealth using fixed deposit schemes. With several options catering to different sections of the society, a RBL Bank FD is a better savings option than typical bank savings schemes.

RBL Fixed Deposit Rates

For interest tenures ranging between 7 days and 365 days, investors can earn interest at rates ranging from 5.00% to 7.50% per annum. Senior citizens are liable to receive an additional 0.50% interest, extending their interest-earning to between 5.50% and 8.00% per annum.

RBL Bank FD allows long-term investments as well. For these plans, the tenure is between 5 years and 20 years. In such cases, regular investors earn interest at 7.20% per annum, while senior citizens earn returns of 7.70% per year.

TenureNon-senior citizen and NRO FD (%)Senior Citizen FD (%)
7-15 days5.00%5.50%
15-46 days6.00%6.50%
3-8 months7.25%7.75%
8-12 months7.50%8.00%
1-2 years8.00%8.50%
10-20 years7.20%7.70%

Types of RBL Fixed Deposit Schemes

  • RBL Bank Flexi-Sure Fixed Deposit Scheme – In this scheme, the FD account is connected with the investor’s savings account. This leads to enhanced liquidity. Furthermore, any shortage in the savings account is compensated by making a withdrawal from the FD earnings. The plan offers tenure flexibility.
  • RBL Bank Tax Saving Fixed Deposit – This RBL Bank fixed deposit scheme is perfect for tax saving purpose. The minimum investment in the plan is Rs. 100, while the upper limit is Rs. 1.5 Lakh. This deposit comes with a tenure of 5 years.
  •  RBL Bank Senior Citizen Scheme – Investors must be older than 60 years at the time of depositing funds into this scheme. The booking period can extend between 7 days and 10 years. Interest pay-out occurs either monthly or quarterly, based on the investor’s preference.
  • RBL Bank Regular Fixed Deposit – The most basic form of FD from RBL Bank, this scheme is ideal for both short-term and long-term investors. The maturity period for this plan can range between 7 days and 10 years. The partial or complete premature withdrawal facility is available on this scheme.

Benefits of Choosing RBL FD

Investors can take advantage of the following benefits when opening a RBL FD.

  • Allows hassle-free booking deposit through internet banking facilities.
  • Simple investment with guaranteed returns.
  • Overdraft facility is available for FDs.
  • Investors can avail loans of 90% against fixed deposits from RBL Bank.
  • Investors can nominate the spouse and children as beneficiaries of the said investment.

Eligibility Criteria for RBL Fixed Deposit

The individuals and groups mentioned below are eligible for operating RBL FD accounts.

  • Hindu undivided family members
  • Trust
  • Partnership
  • Public limited company
  • Private limited company
  • Indian residents

NRIs can also invest in such RBL Bank instruments, provided they use either an NRE or an NRO account.

Documents Required for RBL FD

To initiate investments through RBL Bank fixed deposit schemes, the individual must furnish the following documents.

  • Proof of identity (Any One)
  • Aadhaar card
  • PAN card
  • Voter ID
  • Driving license
  • Passport
  • Ration card with photograph
  • Citizen ID for investors aged above 60 years
  • Proof of address (Any One)
  • Passport
  • Aadhaar card
  • Driving license
  • Electricity bill
  • Telephone bill
  • Post Office issued certificate

Premature Withdrawal Terms and Conditions

If investors decide to close existing FD investments before maturity, such a decision is known as premature withdrawal. Such premature removal of the investment results in an interest reduction of 1%, as compared to the stipulated rate.

Special Forms to Fill

Individuals having an interest income of up to Rs. 40,000 are eligible for TDS waivers (the limit is Rs. 50,000 for senior citizens). To avail, this tax rebate, form 15G (15H for senior citizens) have to be submitted with the RBL bank.

Loan against RBL Fixed Deposit

RBL Bank fixed deposit investors are eligible to avail loans against their investments. They can opt for loans worth up to 90% of the FD value. For instance, if the FD is valued at Rs. 2 Lakh, the maximum loan against the same would Rs. 1.8 Lakh. RBL charges interest at rates between 6% and 8.5% on such credit.

FAQs

  • What is the maximum investment tenure for RBL Bank FD?

Investors looking for long-term commitments can invest in RBL FDs for up to 20 years.

  •  What is the minimum investment amount for RBL FDs?

At present, the minimum investment amount is Rs. 1,000.

  • How can investors deposit additional sums in their FD accounts?

FD investors cannot add funds after the investment tenure starts. Instead, another FD account can be opened with the surplus funds with the same or different bank.

  • Can investors change the tenure of the FD plan midway?

No. After the initiation of a fixed deposit investment, customers cannot change the maturity period. Still, they can cancel the current investment and open a second FD with the preferred tenure.

  • What is the highest interest rate on FDs available to non-senior citizen RBL Bank investors?

Investors below the age of 60 years can earn up to 8.50% interest on their fixed deposit investments.

  • Can investors invest in RBL Bank fixed deposit schemes without PAN card?

Yes. Investment is possible without PAN details. Also, individuals will fail to avail tax rebates without the PAN.

  • What documents are necessary to initiate an FD account with RBL Bank?

KYC documents are mandatory for investing in RBL’s fixed deposit. Furnishing documents, such as PAN card, Aadhaar card, driving license, Passport, etc. are required for investments.

  • Can investors open RBL FD accounts online?

Yes. Investors can apply for RBL Bank FD online. However, they need to complete the final steps offline by submitting the required documents with the corresponding bank representative.

  • What is the minimum FD tenure for RBL Bank?

The shortest tenure for FD investment for RBL Bank customers is 7 days.

  • Who are eligible to invest in RBL FDs?

Residents, NRIs, members of HUF, minors and firms are eligible for investment in these schemes.

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