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Save money while enjoying a higher interest rate with RBL Bank Recurring Deposits. RBL Bank Recurring Deposit Interest Rates differ for resident and NRI customers. RBL Bank Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) account is an account where you deposit a fixed amount of money each month. These accounts - though similar to fixed deposits, have slight differences with regard to the terms and conditions. The difference lies in the fact that with fixed deposits, you invest a certain fixed amount at the time you open the account and no further deposits after that. With a recurring deposit on the other hand you can deposit your savings each month and it begins earning interest immediately.
About RBL Bank Recurring Deposit Rate
Investing in recurring deposits inculcates a habit of saving. It is an easy investment option and earns a reasonable interest return. RBL Bank recurring deposits can be opened by giving standing instructions to the bank to debit your savings account with a fixed amount and credit the same to your recurring deposit account. You can also use the ECS facility with your other bank accounts to deposit money each month in your recurring deposit account.
Interest offered under an RBL Bank recurring deposit is similar to that offered under a fixed deposit account. The following table shows the rates applicable currently. Please bear in mind that interest rates are subject to change at any time. Please visit a bank branch or the bank website for more accurate information.
Interest rates applicable to senior citizens are slightly higher than those applicable to other citizens. Here are the details -
If you wish to know how much lump sum you will get by depositing a certain amount every month for a certain period, you can use the recurring deposit Calculator available on the bank website. Simply enter the amount and tenure of the deposit and the amount will be calculated for you. You can then take a call on how much you want to invest in recurring deposit depending on your future needs.
Following is the eligibility criteria for opening a recurring deposit account with RBL Bank.
1. What is the minimum amount required to open a recurring deposit with RBL Bank?
The minimum amount with which you can open a recurring deposit with RBL Bank is INR 500.
2. What is the minimum and maximum deposit period?
The minimum term is 6 months and the maximum is 10 years.
3. How do I apply for a regular recurring deposit?
You can apply in the following ways -
4. What is the documentation required to open a recurring deposit account?
You will need the following documents to open a recurring deposit account with RBL Bank -
5. Does the recurring deposit have a lock-in period?
Yes. RBL Bank recurring deposit has a lock-in period of 1 month after which you can close the account. However, premature closing attracts a penalty.
6. I want to close the recurring deposit account, but it has only been one month. What are the charges?
If you close your account within one month of opening, your principal will be returned without any interest.
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