RBL Bank Prime Edge Savings Account
The Prime Edge Savings Account offers competitive interest rates of up to 7.75% p.a., along with a suite of benefits designed to enhance your banking experience. With unlimited cash withdrawals and transactions at all RBL Bank ATMs, it’s the perfect account for those seeking flexibility and high returns.
Highlights
Bank | RBL |
Category | Prime Edge Savings Account |
Minimum Balance Requirement | Average Monthly Balance (AMB) – Rs. 10, 000 |
Interest Rate | 5.1% per annum |
Card Offered | ATM Debit Card (Domestic and International) |
Services Offered by RBL Bank Prime Edge Savings Account:
Internet Banking | Yes |
Mobile Banking | Yes |
Phone Banking | Yes |
Cheque Book | Yes, 40 leaves every quarter, free of cost. |
Features of RBL Bank Prime Edge Savings Account:
Features | Description |
Higher Interest Rates | Offering up to 7.75% p.a. |
Complimentary Insurance Cover | Up to Rs. 2.5 lakhs with the Premium Classic Debit Card. |
Unlimited Cash Withdrawals | From RBL Bank ATMs without any restrictions. |
Unlimited Transactions | At all RBL Bank ATMs. |
Premium Classic Debit Card | Enhanced features, including a higher spending limit. |
Online Banking Facilities | For seamless account management anytime, anywhere. |
Access to Investment and Insurance Products | Variety of options available. |
Qualification for Loan and Credit Card Services | Access to additional banking products. |
Increased Daily Limits | POS spend limit of Rs. 1 lakh and ATM withdrawals of Rs. 50,000. |
Annual Fee | Just Rs. 250 for the Classic Debit Card. |
Fees & Charges (Standard Charges) on RBL Prime Edge Savings Account:
RBL Prime Edge Savings Account Charges are as follows:
Service | Charges |
Average Monthly Balance (AMB) | Rs. 10,000 |
Cheque Book | 4 Cheque Books Free per quarter (40 Leaves) |
Local Cheque Collection | Free |
Outstation Clearing | Free (2 p.m. cut-off) |
Fund Transfer (Within RBL Bank) | Free |
RTGS, NEFT, Fund Transfers (Inward) | Free |
Demand Draft | Upto Rs. 10,000 - Rs. 50, Above Rs. 10,000 - Rs. 5 per 1000 (min Rs. 75, max Rs. 10,000) |
NEFT Outward through Branch | Charges: < Rs. 50,000 - Rs. 2; Rs. 50,000 to 1 Lac - Rs. 5; > Rs. 1 Lac - Rs. 10; Free for others |
RTGS Outward through Branch | Charges: Rs. 2 Lacs to 5 Lacs - Rs. 20; > Rs. 5 Lacs - Rs. 40; Free for others |
NEFT/RTGS Outward (Online) | Free |
IMPS Transaction | Up to Rs. 1 Lac: Rs. 5/Txn; Above 1 Lac: Rs. 15/Txn |
Cash Deposit | Free 5,00,000 p.m; Thereafter Rs. 3/1,000 (Min Rs. 100/txn) |
Cash Withdrawal | Free |
RBL Bank's ATMs - Cash Withdrawal | Free |
Other Bank's ATMs - Domestic | 5 free p.m (Financial + Non-financial); Financial: Rs. 21 per transaction; Non-Financial: Rs. 8.5 per transaction |
Balance Enquiry at RBL Bank's ATMs | Free |
Visa Platinum Debit Card Annual Charge | Rs. 500 p.a. (Collected in advance within first 30 days of Account opening) |
Replacement of Lost/Damaged Card | Rs. 200/Instance |
Account Closure Charge (if closed within 6 months) | Free |
Cheque Deposited & Returned – Financial Reason | Rs. 100 |
Standing Instruction Failure/Amendment | Free |
Duplicate Statement | Rs. 50 |
SMS Alert Services (Optional) | 25 paise per SMS or Rs. 100 per month (whichever is lower) |
Non-Maintenance Charge | If Balance maintained is >50% then 5% of balance shortfall; If balance maintained is <= 50% then 10% of balance shortfall. Maximum Rs. 500 per month |
Doorstep Banking | Cash delivery: Rs. 120 (1,000 – 2,00,000); Cash pick-up: Rs. 250 (1,000 – 2,00,000) |
Note: These Schedule of Charges for the RBL Prime Edge Savings Account are effective from 7 April 2024. The bank reserves the right to change charges with prior notice.
RBL Prime Edge Savings Account Interest Rates
The savings account interest rates vary based on the daily balance, with rates ranging from 3.50% for balances up to Rs.1 lakh to 7.75% for balances between Rs.75 crore and Rs.125 crore. These rates reflect the bank's approach to incentivising higher deposits while ensuring competitive returns for account holders.
Daily Balance | Rate of Interest (p.a.) |
Upto Rs.1 lakh | 3.50% |
Above Rs.1 lakh up to Rs.10 lakh* | 5.50% |
Above Rs.10 lakh up to Rs.25 lakh* | 6.00% |
Above Rs.25 lakh up to Rs.2 Crore* | 7.50% |
Above Rs.2 Crore up to Rs.3 Crore* | 7.50% |
Above Rs.3 Crore up to Rs.7.5 Crore* | 6.50% |
Above Rs.7.5 Crore up to Rs.25 Crore* | 6.25% |
Above Rs.25 Crore up to Rs.50 Crore* | 6.25% |
Above Rs.50 Crore up to Rs.75 Crore* | 5.25% |
Above Rs.75 Crore up to Rs.100 Crore* | 7.75% |
Above Rs.100 Crore up to Rs.125 Crore* | 7.75% |
Above Rs.125 Crore up to Rs.200 Crore* | 6.00% |
Above Rs.200 Crore up to Rs.400 Crore* | 4.00% |
Above Rs.400 Crore* | 6.75% |
*Interest rates are applicable on daily balances in excess of Rs.1 lakh. These rates are effective from 1 October 2024
Note: With effect from 1 April 2016, the periodicity of interest payment on Savings Bank Accounts has been changed to quarterly. Interest calculated on a daily product basis will be paid at quarterly intervals on June 30, September 30, December 31, and March 31 each year.
Online Process for Opening an RBL Prime Edge Savings Account
You can now conveniently open most RBL Prime edge savings accounts through the internet. Follow these steps:
Step 1: Go to the RBL Bank website and look for the Prime Edge savings account section.
Step 2: Select the ‘Apply Now’ button available under the savings account options.
Step 3: You will be taken to a new page; on the right side, find and click ‘Open a savings account.’
Step 4: Enter your Aadhaar and PAN card information for verification purposes.
Step 5: Choose the variant of the savings account you wish to open.
Step 6: Complete the application with your updated personal details.
Step 7: Once the bank verifies your information, your account will be activated.
To expedite the process, ensure that all your KYC documents are scanned and ready for submission.
Offline Process for Opening an RBL Prime Edge Savings Account
If you prefer to open an RBL Prime Edge savings account in person, follow these guidelines:
Step 1: Visit the closest RBL Bank branch and fill out the Prime Edge savings account application form provided.
Step 2: Hand in the completed application form along with the required documents and a cash deposit slip or demand draft to the bank staff.
Step 3: After your documents are verified, your account will be opened.
Step 4: Once your account is successfully opened, you will receive a welcome kit of your RBL Prime Edge savings account, which includes all the important information needed to manage your account.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs
- Is there a minimum balance requirement for this account?
Yes, there may be a minimum balance requirement that you need to maintain to avoid any charges. The specific amount can vary based on the bank's schedule of charges, so it's advisable to check the latest terms or consult with a bank representative.
- What types of transactions are unlimited with the RBL Prime Edge Savings Account?
The RBL Prime Edge Savings Account allows for unlimited cash withdrawals and unlimited transactions at all RBL Bank ATMs. This feature provides you with added convenience, ensuring you have easy access to your funds whenever you need them.
- What insurance benefits are offered with RBL Prime Edge Savings Account?
The account comes with a complimentary insurance cover of up to Rs. 2.5 lakhs. This insurance coverage offers peace of mind, protecting you and your family against unforeseen circumstances.
- What is the annual fee for the debit card associated with this account?
The annual fee for the Classic Debit Card linked to the RBL Prime Edge Savings Account is just Rs. 250. This affordable fee provides access to a range of benefits and services associated with the card.
- Are there any online banking facilities available for RBL Prime Edge Savings Account?
Yes, you can access online banking services for your RBL Prime Edge Savings Account, allowing you to manage your account, make transfers, and view transactions conveniently from anywhere at any time.
- Is it possible to change my RBL Bank savings account to a different type?
Yes, you can upgrade or change your RBL Bank savings account to suit your requirements. For assistance with this process, you can reach out to your relationship manager, contact customer service, or visit the closest RBL Bank branch.
- Can I invest in mutual funds or other investment products through this account?
Yes, holding a RBL Prime Edge Savings Account gives you access to various investment and insurance products, including mutual funds, helping you diversify your portfolio and make informed financial decisions.
- What is the daily withdrawal limit for the Classic debit card?
The daily ATM withdrawal limit for the Classic Debit Card is Rs. 50,000, while the Point of Sale (POS) spending limit is Rs. 1 lakh. These limits offer flexibility for both daily purchases and larger transactions.
- Is the interest on this savings account calculated daily?
Yes, the interest is calculated on a daily product basis, which means your interest is accrued daily based on the account balance. This interest is then paid quarterly, maximising your earnings over time.
- Can I link this account to a credit card?
Yes, by holding a RBL Prime Edge Savings Account, you become eligible for loan and credit card services, allowing you to manage your finances effectively and take advantage of additional credit options.
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