One of India’s rapidly expanding scheduled commercial banks, RBL Bank offers customized savings account schemes to meet the requirements of different individuals. RBL Bank currently has a network of over 183 branches and 351 ATMs. With RBL savings account, you will stand to enjoy exciting advantages like higher interest rates, insurance cover and discounts on locker facility.
RBL Bank Savings Account Interest Rate
The interest rates for savings accounts are calculated on a daily basis depending on the end of the day balance in the account. The interest will be credited on half yearly intervals. Interest rate on all savings account variants offered by RBL bank are as follows.
|Daily Balance||Interest Rate per annum|
|Above Rs.10 lakhs||7.1%|
|Above Rs.1 lakh||6.1%|
|Up to Rs.1 lakh||5.1%|
Types of RBL Bank Savings Account
RBL Bank offers four different types of savings account to cater to the needs of different customer requirements. Below are the savings account schemes offered by RBL Bank.
Designed to offer maximum benefits and a completely hassle-free banking experience, Advantage Savings Account offers an array of benefits that will delight the account holder.
- Customers are offered the flexibility to choose the account number.
- Account holders also get a complimentary accidental death cover worth Rs.5 lakhs with Advantage Savings account.
- Customers get a free platinum Visa debit card with high shopping and cash withdrawal limits.
- Up to 15% discount is provided for safe deposit lockers. Customers also get access to Platinum Concierge Services, as powered by Visa.
- For loan against property, Advantage Savings account holders are offered a 25% discount on processing fee.
Prime Edge savings account is designed uniquely to offer you maximum benefits when it comes to healthcare and hospital services. Not only that, you will be offered other exciting value added services and banking benefits that will give you an edge over others.
- Health benefits from Vidal Health that comes with this account will fetch you 10-20% discounts on preventive health care tests and hospitalization charges.
- Customers can also go for treatments after obtaining second opinion on treatments from Vidal empanelled specialists.
- Enjoy complete medical assistance and receive services from over 6000 hospitals and more than 1500 diagnostic centres.
- Account holders get benefits like enhanced limit for ordering demand drafts and higher withdrawal limits.
- Prime Edge Account holders are also offered other facilities like Internet banking facility, free bill payment and unlimited transactions at other bank ATMs.
A salary account that doubles up as a prime savings account, executive salary account will offer you a suite of customer-centric features.
- Executive Salary Account is a zero balance savings account - no pressures to maintain a minimum balance.
- Get advice on wealth management from an experienced team of professionals.
- With the free debit card, get unlimited access to other bank ATMs and also enhanced ATM withdrawal limits.
- Get free demand draft and payable at par cheques.
- Other advantages include phone and mobile banking, e-statements, online bill payment services and internet banking facilities.
A scheme that offer the best fixed deposit interest rates for a savings account, Prime Savings account also offers an array of variants to meet your needs.
- Prime Savings Account holders get wealth management solutions, specially offered by experts and professionals.
- Customers have the flexibility to access their savings account from any RBL bank branch across the country.
- Through internet banking, RBL Prime savings account holders can apply for fixed deposits.
- Prime Savings account customers are offered complete monthly e-statements for all accounts.
- Account holders can easily transfer funds using NEFT and RTGS facility through Net Banking.
RBL Seniors First Savings Account
RBL Seniors First Savings Account is designed to facilitate customers above the age of 60 years with the comfort of banking. You can open the account at any of the RBL branches and start enjoying the features and benefits of the scheme right away. Given below are some of the salient features of Seniors First Savings Account:
- The scheme offers up to 20% discount to customers on cataract surgery and it also covers the lens cost
- It offers 10% to 15% discount on dental care services including root canal and dentures
- Provides advisory services while choosing hospitals
- Discount on brokerage charges
- Account opening charges of Rs.750 waived off under the scheme
- Free demat services
Note that the debit card will be linked to healthcare benefits offered by Vidal Health Care
Additional benefits offered under RBL Seniors First Savings Account
- Account holders can earn higher interest rates worth 7.1% per annum on their deposits
- The Gains4Sure fixed deposit plans offers competitive rates of interest along with tax benefits
- Customers can generate their net banking and debit card PIN by simply sending an SMS
- Free internet and missed call services
- Enhanced security on all digital transactions
- Unlimited cash withdrawals at all ATMs in India, that too for free
RBL Woman’s First Savings Account
The Woman’s First Savings Account was launched to provide women a free access to ATM services throughout India. The key offerings under this savings account plan include higher interest rates on deposits and other value added services. Below is a listing of the main features of Woman’s First Savings Account:
- It offers a Woman’s First Debit Card that comes with vouchers worth Rs.2,500 upon activation
- Healthcare services at reduced rates
- Unlimited cash withdrawal in all ATMs across India
- Offers and discounts on certain brands
- You can also open a zero balance kid’s account
- Allows to rent a locker for low charges during the first year
RBL Savings Account Minimum Balance Required
The monthly average balance to be maintained for different variants of RBL savings account are as follows.
|Account Variant||Minimum Average Monthly Balance|
|Seniors First Savings Account||Rs.5000||Rs.5000||Rs.5000|
|Prime Savings Account||Rs.5000||Rs.2500||Rs.1000|
|Prime Edge Savings Account||Rs.10,000||Rs.10,000||Rs.10,000|
|Advantage Savings Account||Rs.25,000||Rs.25,000||Rs.25,000|
|Executive Salary Savings Account||No MAB requirements||No MAB requirements||No MAB requirements|
|Executive Plus Salary Savings Account||NA||NA||NA|
|Basic Savings Account||Nil||Nil||Nil|
|Classic Savings Account||Rs.2500||Rs.1000||Rs.500|
RBL Bank Savings Account Charges
|Account types||Demand Draft Charges||Type of debit card offered||RTGS and NEFT charges (free if done through Banking)||Outstation Clearing|
|Seniors First Savings Account||Rs.50 at RBL and non RBL locations - 1 free per month||RBL Classic/ RBL Platinum debit card||RTGS - Rs.25 - 1 free per month, NEFT - Rs.25 max. - 5 free per month||NA|
|Prime Savings Account||Rs.50 at RBL and non RBL locations - 1 free per month||RBL Classic debit card||RTGS - Rs.25 - 1 free per month, NEFT - Rs.25 max. - 5 free per month||NA|
|Prime Edge Savings Account||Rs.50 at RBL and non RBL locations - 10 free per month||RBL Classic debit card||Free||Rs.50 per transaction - 2 Free at RBL bank branches|
|Advantage Savings Account||Rs.50 at RBL and non RBL locations - 5 free per month||RBL Platinum debit card||Free||Rs.50 - 2 free transaction at RBL bank branches|
|Executive Salary Savings Account||Rs.50 at RBL and non RBL locations - 1 free per month||RBL Classic debit card||RTGS - Rs.25 - 1 free per month, NEFT - Rs.25 max. - 5 free per month||NA|
|Executive Plus Salary Savings Account||Rs.50 at RBL and non RBL locations - 5 free per month||RBL Platinum debit card||Free||Rs.50 - 2 free transaction at RBL bank branches|
|Basic Savings Account||NA||RBL Classic debit card||Free||NA|
|Classic Savings Account||NA||RBL Classic debit card||NA||-|
Common Fees and Charges for all RBL Savings Account
|Duplicate Passbook issuance||Rs.50|
|Replacement of lost card||Rs.50|
|Cheque deposited & returned due to financial reasons||Rs.100 per instance|
|Standing instruction failure and amendment||Rs.50 per instance|
|Demand draft charges||Rs.50|
|Outstation cheque clearing at branch and non-branch locations||Rs.50 per instrument|
|Paid Cheque Report||Rs.50|
|Demand draft cancellation/duplicate issuance/revalidation||Rs.50 per instance|
|Issuance of old cheque copy||Rs.50|
Eligibility for RBL Bank Savings Account
- To apply for a RBL Bank savings account, the applicant must be above 18 years of age and must be a resident Indian.
- The eligibility for Executive Plus Account is net salary of Rs.50,000 per month.
- For the income criteria for other savings account and for comprehensive information on eligibility criteria, contact RBL bank.
Documentation for RBL Bank Savings Account
An applicant must submit the following documents when applying for a RBL Bank Savings account.
- Two passport size photographs and completely filled application form.
- Valid address and ID proof which includes documents like passport, PAN card, Voter ID, driving license and Aadhaar card.
- Hindu Undivided Families must submit declaration from the karta, PAN card, form 60, prescribed HUF letter signed by all holders.
- Salaried employees might be asked to submit bonafide authorization letter from the employer and salary slips.
RBL Bank Savings Account FAQs
1. Q. What are the types of savings account offered by RBL Bank?
RBL Bank offers a wide variety of savings account for different types of customers. Some of the savings account types include basic savings account, executive and executive plus salary accounts, classic savings account, Senior First savings account for senior citizens etc.
2. Q. Will I incur any charges for SMS alert services?
SMS alerts is an optional service that is offered at a charge of Rs.15 per quarter depending on the type of savings account.
3. Q. Will I incur any charges if I perform a NEFT/RTGS transaction through RBL Net Banking portal?
No, you can perform NEFT/RTGS transactions at no extra cost using the Internet Banking service offered by RBL to all its customers.
4. Q. Hold a RBL Basic Savings Account. What is my transaction limit?
All Basic Savings account holders are offered a RBL classic debit card. The ATM withdrawal limit per day is Rs.50,000 and the purchase limit (at PoS) is Rs.1 lakh.
5. Q. For RBL Prime Savings Account variants, how much is the non-maintenance charges?
If the balance maintained is greater than 50% of required minimum balance, 5% of balance shortfall will be charged as non-maintenance charges. If the balance maintained is less than or equal to 50% of required minimum balance, 10% of balance shortfall will be charged as non-maintenance charges. In any case, the non-maintenance charges will not exceed Rs.500 per month.
- be charged as non-maintenance charges. In any case, the non-maintenance charges will not exceed Rs.500 per month.
News About RBL Bank Savings Account
RBL BANK’S Net Profit up by 34% in Q2
RBL Bank saw a growth in its net profit by almost a third in the second quarter of 2016 after its IPO, the bank saw a net profit growth to Rs. 89.89 crore from Rs. 66.93 crore in the previous quarter. The net interest for the quarter was Rs 302.94 crore, a 59.50% increase from the previous quarter. The quarter also saw the Net Interest Margin improve by 3.41% and the Cost to Income ratio drop to 53.59% from 60.01%. The bank will focus on leveraging technology to improve customer interaction, increase Current and Savings accounts deposits and keep credit costs at optimum levels. RBL Bank completed its IPO of R. 832.5 crore through equity shares which it registered with the NSE and BSE, it also picked up a 9.9% stake in the equity capital of Utkarsh Micro Finance during the second quarter.
21st October 2016