RBL Bank Recurring Deposit 2025
RBL Bank provides recurring deposit schemes to its customers with attractive interest rates. One unique feature that makes it stand out is the tenure, which ranges from 6 months to 20 years. RBL provides senior citizens with the privilege of earning extra interest rates over the regular ones. RBL RD rate of interest goes up to 6.65% for general citizens and 7.15% for senior citizens.
RBL Bank was established as early as 1943. But it was only in 2010 that it received a drastic makeover when a new management team took over. All the products and services of the bank received upgrades to meet the requisites of a bank that can exist in the modern banking infrastructure without any qualms.
They have various fixed deposit schemes, but only one recurring deposit scheme as of November, 2016. Perhaps they have a singular scheme since it is highly flexible and the monthly deposit amount is left to the customer's choice. But this is not all, there are various features and benefits of this product that people need to be aware of.
Features and Benefits of RBL Bank's Recurring Deposit Scheme
The following are the main features and benefits of RBL Bank Recurring Deposit Scheme :
- For recurring term deposits that last for less than 181 days (tenure), the computation of the interest will be done when the scheme matures and by simple interest calculation.
- Based on the terms and conditions provided by RBL Bank for fixed deposit accounts, if an individual withdraws before the tenure is over, the calculation of the interest will be done using the rate applicable for the period when the deposited money was with the bank. But it will also attract a 1 percent penalty charge.
- The tenure for the RD has to be at least for 6 months and up to 40 months.
- You can apply for the Recurring Deposit scheme online.
- SI Failure for this particular recurring deposit is chargeable at Rs.50.
RBL Bank Recurring Deposit Interest Rates
The customer can choose the term as well as the amount they wish to invest each month and earn interest at the guaranteed applicable rate.
RBL Bank's Recurring Deposit Taxation
- TDS is applicable for the product, but is based on the the income tax regulations at the time.
- If the PAN details are not provided 20% higher TDS will be deducted for deposits which have an interest income of Rs.10,000 or more at the given financial year.
FAQs on RBL Bank Recurring Deposit
- How can one apply for a regular RBL Bank RD account?
Prospective customers have the option to apply for a recurring deposit at any RBL Bank branch. Additionally, they can choose the online application route through net banking, which is particularly convenient for existing customers.
- What is the minimum deposit required to initiate an RBL Bank RD account?
The minimum deposit amount required to open an RD account with RBL Bank is Rs. 500.
- What are the minimum and maximum durations for an RBL Bank RD account?
The RBL Bank RD account comes with a maximum tenure of 20 years and a minimum tenure of 6 months.
- Can one make a premature withdrawal of funds from the RBL Bank RD account?
No, RBL Bank does not permit premature withdrawal from the RD account. Withdrawal is only allowed upon maturity. However, in the event of a premature withdrawal, the bank applies a nominal interest charge as per its regulations.
- Is there a specified lock-in period for the RBL Bank RD account?
Yes, there is a minimum lock-in period of 3 months. If an account holder wishes to withdraw funds before this period elapses, the bank does not provide interest, and the principal amount is refunded to the source.
- Does RBL Bank offer a nomination facility for the RBL Recurring Deposit?
Certainly, RBL Bank extends the nomination facility to its customers for the RD account.
- Are the same regulations applicable to both domestic and NRI customers for RBL Bank RD accounts?
Not all rules that pertain to domestic customers are equally applicable to NRI customers. There may be certain variations in regulations based on the customer type. For instance, while the minimum tenure for domestic customers is six months, it extends to one year for NRE deposits.
- Is it possible to initiate the opening of an RD account through the official RBL Bank website?
The official RBL Bank website offers the option to provide your personal contact details for those interested in opening an RD account. A bank representative will subsequently contact you to progress with the application. Alternatively, one can directly open the account by accessing the net banking or mobile banking portal.
- Are senior citizens offered a higher interest rate at RBL Bank for RD accounts?
Indeed, domestic customers aged 60 years or above are eligible for an additional 0.5% interest rate compared to general domestic customers. However, this may not be applicable to senior citizen NRIs.
- What are the consequences of missing an instalment payment for an RD account at RBL Bank?
In the event of missing instalment payments, a penal charge of Rs. 50 or the prevailing policy will be imposed.
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