A Recurring deposit account with RBL Bank can be opened without any hassle. The bank offers you a variety of options when it comes to deposit tenures. The rate of interest offered on the deposit tenures are also attractive. General public are offered interest in the range of 7.05 to 8% p.a. for opening an RD account with the bank. Senior citizens are offered up to 8.50% p.a. for doing so.
A recurring deposit with RBL Bank can be opened for a minimum tenure of 6 months. The maximum tenure is 20 years. The tenures and interest rates offered by RBL bank when it comes to recurring deposits are listed in the table below:
|Deposit Tenure||Interest rate for General Public (p.a.)||Interest rate for Senior Citizens (p.a.)|
|181 days to 240 days||7.05%||7.55%|
|241 days to less than a year||7.25%||7.75%|
|1 year to less than 2 years||7.90%||8.40%|
|2 years to less than 3 years||8%||8.50%|
|3 years to less than 5 years||7.60%||8.10%|
|5 years to less than 10 years||7.60%||8.10%|
|10 years to 20 years||7.20%||7.70%|
Note: The interest mentioned above are for deposits less than Rs.2 crore
RBL Bank RD Interest Rates
The bank offer general citizens interest of 8% p.a. for investing in a tenure that ranges from 2 years to less than 3 years. The second highest returns of 7.90% p.a. are offered for investing in the tenure that ranges from 1 year to less than 2 years.
Interest Rates for Senior Citizens
Individuals who are above the age of 60 years are eligible to avail an additional interest of 0.50% p.a. on all RD tenures. They are offered the highest interest of 8.50% p.a. for investing in a tenure that is between 2 years and less than 3 years.
Taxation on Interest Rates
TDS is deducted as per the Income Tax regulations. However, if the interest earned from the deposit during the financial year is more than Rs.10,000 and the PAN details are not provided, TDS will be deducted at a high rate of 20%.