RBL Bank Fixed Deposit

About RBL Bank Fixed Deposit

The foundation of RBL Bank dates back to as early as 1943. The bank underwent a management make-over in the year 2010 and has been growing at a commendable pace since then. Over the last few years the bank has been able to generate hundreds of crores of capital. RBL Bank specializes in the following five banking domains, namely

• Retail Banking
• Corporate Banking
• Agriculture and Development Banking
• Commercial Banking
• Financial Markets

RBL Bank has received various awards and accolades for its customer-centric business approach as well as technological advancements in the field of banking.

In the mid-sized bank segment, the bank has been rated as India’s best bank in terms of growth.

Can I open a Fixed Deposit with RBL Bank?

All resident individuals, companies, NRIs, partnership firms, trusts and foundations, HUFs, family trust, charitable trust, sole proprietorships, clubs, associations and societies are eligible to open a fixed deposit account with RBL Bank. The documentation required for each entity is slightly different.

What are the different Fixed Deposit schemes offered by RBL Bank?

An array of fixed deposit schemes is offered by RBL Bank. These deposits are tailored to cater to your various financial needs.

• Regular Fixed Deposits

An easy investment scheme to offer regular income at attractive rates of interest. Options of monthly and quarterly interest pay-outs. Deposit tenor ranges from 7 days to 10 years. Partial or full pre-mature withdrawal is allowed on these deposits. Overdraft facility is offered with these fixed deposits.

• Tax Savings Fixed Deposits

As the name suggests, these are deposits for tenors of more than 5 years. Avail these deposits to earn income tax rebates.

• Senior Citizen Fixed Deposits

Avail an additional 0.5% interest p.a. with the senior citizen fixed deposit scheme. This scheme is intended for individuals above 60 years of age. The deposit period ranges between 7days to 10 years. Nomination facility is available for these deposits.

• Flexi-Sure Fixed Deposits

Enjoy the power of liquidity with this deposit scheme which provides you a savings or current account linked deposit account. Whenever there is shortage of cash in your savings or current account, the deposit is partially broken to meet the lack while the remaining part continues to earn interest. Multiple deposits can be linked to a single account. Option of choosing deposit tenor.

What is the minimum amount that is required to open a Fixed Deposit with RBL Bank?

The minimum amount required to open a RBL Bank fixed deposit is dependent on the type of deposit that you want to go for.

What is the maximum amount acceptable for fixed deposit opening with RBL Bank?

The maximum amount that is acceptable for fixed deposit opening is Rs.5 Crore.

What are the minimum and maximum deposit periods applicable on Fixed Deposits of RBL Bank?

RBL Bank offers fixed deposits that can be availed for any period between 7 days and 10 years.

What is the exact process of Fixed Deposit account opening with RBL Bank?

Fixed Deposit accounts with RBL Bank can be opened by visiting any of the bank branches. An application form needs to be filled when you visit the bank branch.

What are the rates of interest offered by RBL Bank on its fixed deposit schemes?

Different deposit tenures fetch different rates of interest. Here is a table that lists down all the applicable FD rates. Deposits below Rs.1 Crore are offered a slightly lower rate than deposits above Rs.1 Crore.

Deposits with tenor between 7-45 days are pegged at 5.5% p.a. while those between 46-90 days enjoy a considerably higher interest rate of 7.57% p.a. A tenor between 91-180 days earns a return of 8.25% for the depositor whereas that of 181-240 days offers a slightly higher rate of 8.5% p.a. Deposits with a tenor of 1 year and above earn extremely attractive rates starting at 9.10% p.a. for a deposit of 1-3 years. A tenor between 3-4 years fetches a rate of interest of 9% p.a. while that above 4 years is pegged at 8.75% p.a.

NOTE: Senior citizens enjoy 0.50% higher rates across all categories of fixed deposits.

Are tax-saver Fixed Deposits part of the RBL Bank portfolio?

Yes, RBL Bank offers a separate deposit scheme called Tax Saver deposit with a locking period of 5 years or more. The interest on these deposits is subject to waived-off income tax under section 80C of the Income Tax Act.

Are RBL Bank’s Fixed Deposits taxable under the Income Tax Act?

Yes. RBL Bank Fixed Deposits are taxable and are essentially split up into two groups. First is those for which the deposit holder has furnished his/her PAN number and the other is for which the deposit holder has not furnished his/her PAN number. In case the interest on the FD is equal to or more than Rs.10000 in a year, income tax at 10% is deducted. However, if the interest received in a year is more than Rs.10000 and the PAN number has not been provided then a tax of 20% on the interest received is levied.

What are the key features of Fixed Deposits by RBL Bank?

Here are a few main features of RBL Bank fixed deposits are listed here:

• Additional 0.50% over and above the regular rate, for Senior Citizens
• Overdraft facility is offered with deposit schemes
• Loan against fixed deposit for 90% of fixed deposit amount
• Option to link your savings or current account with your FD account for liquidity

Can a loan be availed from RBL Bank against a Fixed Deposit?

Yes. Loans of up to 90% of the fixed deposit amount can be granted to the customer. This loan is applicable to those who have a running fixed deposit account with RBL Bank.

Are special rates offered to senior citizens on RBL Bank Fixed Deposits?

Yes. Special and higher rates that are around 0.50% higher than the regular rates are offered to senior citizens who hold a fixed deposit with RBL Bank.

Does RBL Bank offer credit card against a Fixed Deposit with the bank?

No. Currently, credit cards from RBL Bank are not available with deposit schemes.