The RBL Tax Saving Fixed Deposit Scheme offers deposits the opportunity to earn an attractive rate of interest on lump-sum amounts. The scheme comes with a lock-in period of 5 years.
General depositors can get 6.40% p.a. as interest whereas senior citizens can get 6.90% p.a. You can deposit a minimum of Rs.100 and a maximum of Rs.1.5 lakh with this scheme. The lock-in period is 5 years before which you cannot withdraw funds from your FD account. Note that the interest rates are subject to change as per the discretion of the bank.
On pre-mature withdrawal of the deposit, interest will be calculated at the rate applicable for the period for which deposit has actually remained with the bank or the contracted rate whichever is lower, subject to a penalty of 1%.
It's recommended to calculate your RBL FD interest rate beforehand so that you know how much returns you will receive in the future. In order to do that, you can use any online fixed deposit calculator. The easy-to-use online tool lets you calculate the maturity amount in no time. All you need to do is enter the relevant details, including the deposit term, investment amount, and the rate of interest.
|Eligibility to Open a Fixed Deposit||
|Benefits of a RBL Tax Saving Fixed Deposit||
Yes, nomination facility is available.
TDS will be applicable as per existing guidelines.
In the case of joint deposits, the tax benefit under 80C will be available only to the first holder of the deposit.
In the absence of PAN details, the TDS will be at a higher rate (20%) and this will be applied on resident time deposits where interest income is above TDS threshold during the financial year.
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