RBL Bank Recurring Deposit accounts are easy to manage and can be a very safe investment. The interest rates for this product are the same, as they are for their fixed deposit rates. The interest rate earned generally annualized would be around 8 percent and is based on the term that you choose.
|Deposit Terms||Interest Rate - less than Rs.1 crore||Interest Rate - Rs. 1 Crore and Above up to Rs. 3 Crore|
|181 days to 240 days||7.00||6.90|
|241 days to 364 days||7.10||6.85|
|12 months to less than 24 months||7.20||6.85|
|24 months to less than 36 months||7.30||6.85|
|36 months to less than 60 months||7.20||6.85|
|60 months to less than 120 months||7.20||6.85|
|120 months to 240 months||7.20||6.85|
RBL Bank RD Interest Rates
The tenure for the RD has to be at least for 6 months and up to 40 months as the upper limit.
For recurring term deposits that last for less than 181 days, the computation of the interest will be done when the scheme matures and by simple interest. The rates at the time of the monthly payout will be considered for the term deposit interest payment discount. The customer can choose the Term as well as amount they wish to invest each month and earn earn the Guaranteed Return applicable interest rate at the given time.
Interest Rates for Senior Citizens
Senior citizens have an added 0.5% interest rate to be calculated, as a special benefit for the age group.
Taxation on Interest Rates
The regular TDS is applicable but other than that in-case the customer does not provide his or her PAN details 20% higher TDS will be deducted for deposits which have an interest income of Rs.10,000 or more at the given financial year.
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