RBL Bank Fixed Deposit Rate

0 Reviews

Write Review

RBL Bank Fixed Deposit Rate

RBL Bank Fixed Deposit Rate - FD Rate in India

A Fixed Deposit (FD) is one of the most popular way of investing money. Conservative investors prefer investing in an FD account as it is a safe form of investment that gives assured returns.

A fixed deposit account is a term deposit account, in which you can deposit money for a fixed period of time. The downside of an FD account is that you won’t be allowed to withdraw that money except at maturity. The bank gives you an interest at a specified rate, for the time period the money is deposited with the bank. Money can be deposited in an FD account for a time period that typically ranges from 7 days to as long as 10 years. You can choose the tenure for as per your convenience, according to your investment plans.

Once the term deposit matures, the bank transfers the principal amount along with the interest earned to the account specified by you at the time of FD account opening. Banks also give you the option of periodic interest payouts – monthly, quarterly, half-yearly and annually.

While you are not allowed to withdraw from an FD account, banks do offer liquidity options and flexible lock-in periods. Typically, the bank allows you to withdraw from an FD account—prematurely or partially—if you need funds urgently. This generally means losing out on some of the interest payout depending on the time left for the FD to mature. Banks typically charge a penalty for prematurely breaking a deposit account.

Opening a fixed deposit is one of the simplest ways of earning interest if you have some idle money. FDs are a low-risk instruments of saving that yield a higher interest amount than a regular savings account. Fixed Deposits are considered to be safe investments and free from fluctuations and volatility. If you have extra money that you wish to invest, opening a fixed deposit account is the simplest way to go, as it is quick and easy with minimal documentation.

Apart from banks, NBFCs and corporates too offer fixed deposits.

RBL Bank Deposit Rates

The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. The general rule of thumb is, the longer the term of deposit, the higher the rate of interest, though a bank may also offer a lower rate of interest for a longer tenure if the rates are expected to fall in the future. RBL Bank Interest Rates typically range from 5% - 9% per annum.

RBL Bank FD rates

Following is an overview of RBL Bank Term Deposit Rates and RBL Bank Short-Term Fixed Deposit Interest Rates.

RBL Bank Interest Rates on Fixed Deposits 2015 – 2016:

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with RBL Bank directly.)

 Interest Rates on Deposits less than Rs.1 crore

Period of Deposit Interest Rates (%) Effective Annualized Yield (%)
7 days to 14 days 5.25 5.25
15 days to 45 days 5.25 5.25
46 days to 90 days 7.00 7.00
91 days to 180 days 7.25 7.25
181 days to 240 days 7.40 7.52
241 days to 364 days 7.75 7.98
12 months to less than 24 months 8.00 8.24
24 months to less than 36 months 8.25 8.51
36 months to less than 60 months 8.00 8.24
60 months to less than 120 months 8.00 8.24
120 months to 240 months 8.00 8.24

Interest Rates for Deposits of Rs. 1 crore and above and less than Rs. 3 crore

Period of Deposit Interest Rates (%) Effective Annualized Yield (%)
7 days to 14 days 6.00 6.00
15 days to 45 days 6.00 6.00
46 days to 90 days 7.00 7.00
91 days to 180 days 7.15 7.15
181 days to 240 days 7.35 7.47
241 days to 364 days 7.65 7.87
12 months to less than 24 months 7.75 7.98
24 months to less than 36 months 7.75 7.98
36 months to less than 60 months 7.75 7.98
60 months to less than 120 months 7.75 7.98
120 months to 240 months 7.75 7.98

Interest Rates for Deposits of Rs. 3 crores and above up to Rs.5 crore

Period of Deposit Interest Rates (%) Effective Annualized Yield (%)
7 days to 14 days 6.00 6.00
15 days to 45 days 6.00 6.00
46 days to 90 days 6.80 6.80
91 days to 180 days 7.00 7.00
181 days to 240 days 7.35 7.47
241 days to 364 days 7.60 7.82
12 months to less than 24 months 7.65 7.87
24 months to less than 36 months 7.65 7.87
36 months to less than 60 months 7.50 7.71
60 months to less than 120 months 7.50 7.71
120 months to 240 months 7.50 7.71

RBL Bank FD Interest Rates for Senior Citizens

RBL Bank offers special Senior Citizen FD Rates which is generally marginally higher than the rates applicable on a regular FD. It provides seniors with that extra buffer in their golden years. Senior citizens are entitled to get an extra 0.50% interest rate across all maturities.

How to Calculate RBL Bank Fixed Deposit Interest

You can calculate the maturity amount and the interest earned online using the RBL Bank FD calculator. Using the bank calculator can come in handy while determining how much you want to invest. While using the RBL Bank FD calculator, all you need to do is to enter the following details:

  • Segment – Normal / Senior Citizen
  • The deposit amount
  • Type of FD account
  • Rate of Interest
  • Deposit Tenure
  • Date of Deposit

The calculator does the rest and presents you with a breakup of the interest payable and the maturity amount.

You can use the online calculator as many times as you want, using various combinations. This will help you arrive at your final deposit amount and help decide how much you want to invest and for what period.

Alternatively, there are several online websites that have easy-to-use FD calculators that allow you to instantly calculate the interest earned. You can also calculate the interest earned and the maturity value on the principal amount using the following formula.

Calculate RBL Bank FD Rate

A = P x (1 + r/n)nt

I = A - P

Where

A = Maturity Value

P = Principal Amount

r = Rate of Interest

t = Number of Years

n = Compounded Interest Frequency

I = Interest Earned

RBL Bank FD Premature Withdrawal Penalty

While investing in an FD account, take into consideration potential situations where you might be in urgent need of money. Once you deposit an amount into the FD, you cannot withdraw from it, unlike with a savings account. However, you will be allowed to break the deposit upon payment of a penalty. RBL Bank typically charges a nominal penalty for premature withdrawal which is communicated to you at the time of application of FD Deposit. There is no penalty for premature withdrawal from a senior citizen FD account.

RBL Bank FD – FAQS

For how long can I book an FD with RBL Bank?

Deposits can be made for period that ranges from 7 days to 20 years.

What is the interest payout option?

You can choose to receive interest monthly, quarterly or keep it invested till maturity.

Is tax deducted for FD deposits?

Yes, if the interest accrued reaches a particular slab in the financial year, then TDS is deducted.

Customer Reviews