Save tax with RBL Bank

Tax planning done?
Smart financial planning begins with your Credit Score!

Check your
FREE Credit Score

Check your
FREE Credit Score

Saving tax is one of the most important aspects of financial planning. Tax-saving instruments on offer differ in terms of returns, liquidity, flexibility and safety. There are various kinds of tax-saving instruments such as education loans, public provident fund (PPF), housing loans, ULIPs and National Savings Certificate (NSC) among others.

Save Tax with RBL Bank:

RBL Bank offers various kinds of products on offer which provide tax benefits under various sections such as 80C, 80E and 80TTA.

Under Section 80C:

RBL Bank offers tax saver fixed deposits and home loans which offer tax benefits under Section 80C of the Income Tax Act, 1961.

RBL Bank Tax Saver Fixed Deposits:

RBL Bank offers tax saver fixed deposits which enjoy exemption as per Section 80C. RBL tax saver deposits offer attractive returns as well. The minimum tenure is 5 years while the maximum is 10 years. The minimum amount of deposit is Rs.100 while the maximum is Rs.1.5 lakh. RBL Bank does not allow any partial or premature withdrawals on its tax saver fixed deposits. The tax benefits in case of joint accounts will be available to the first holder of the fixed deposit.

• Home Loans:

RBL Bank offers home loans which entail simple documentation and faster processing.

• RBL Bank Easy Home Loan:

You can avail of tax benefits for the principal repayment on home loans. The minimum net income for salaried and self-employed individuals is Rs.1.2 lakh and Rs.1.5 lakh respectively. Loan is offered for up to Rs.10 crores for a maximum period of 25 years. The interest rate offered ranges between 10.65% to 11.90%. The minimum and maximum age for receiving the loan is 24 years and 60 years respectively for salaried individuals (maximum age is 65 years for self-employed individuals).

• Life Insurance:

RBL Bank acts as a corporate agent of HDFC offering various life insurance policies including pure term plans and endowment plans among others. You can avail of tax benefits on your premium payment and maturity benefits under Section 80C, Section 10(10D) respectively. You can claim a deduction of up to Rs.1.50 lakh on premium which is 10% (maximum) of your sum assured. You can claim tax rebate on the premium paid on all your insurance policies (regular and single premium).

Under Section 80E:

RBL Bank offers education loans for funding your higher studies either in India or abroad.

• Education Loans:

RBL Bank offers Rs.10 lakhs and Rs.20 lakhs as education loan for studies in India and abroad respectively encompassing all expenses related to tuition fees and living expenses. No collateral is required for a loan up to Rs.4 lakhs. The minimum income to be eligible is Rs.1.5 lakh p.a. The co-applicant can either be salaried or self-employed.

Under Section 80D:

RBL Bank offers health insurance policies on which you can claim deduction on the premium paid. A maximum deduction of Rs.25,000 can be availed on the premium paid. Senior citizens can claim a deduction of Rs 30,000 (maximum).

• Health Companion: Offers cover for hospitalisation expenses for a maximum of Rs. 50 lakhs. This policy offers a discount of 20% on premium. There are no sub-limits on specific diseases under this policy

• Health Assurance: This policy offers multiple benefits of hospital cash, critical illness and accident benefit. You can choose from four different sum assured options as well

• Heartbeat: This is a family floater health policy which offers cover for hospitalisation for Rs.50 lakhs. This offers a direct facility for making claims sans third parties

Under Section 80TTA:

RBL Bank offers various kinds of savings bank accounts which offer tax benefits. The interest on saving accounts can be claimed as deduction (Rs.10,000) under Section 80TTA of the IT, Act 1961.

• Savings Account: The interest rate offered is 7.1% for a balance above Rs.10 lakhs.

• Prime Edge Savings Account:

The minimum monthly balance required is Rs.10,000. You can avail of discounts of 10 to 20% on hospitalization expenses and health tests.

• Advantage Savings Account:

The minimum monthly balance required is Rs.25,000. Offers accidental death cover of Rs.5 lakhs.

• Prime Savings Account:

The minimum balance required is Rs.5000. You can also avail of wealth management solutions as part of this account

• Executive Salary Account:

This is a zero balance account in that there are no minimum balance requirements under this category.

You can avail of various tax-saving financial instruments from RBL Bank either by visiting your nearest branch.