RBL Recurring Deposit Interest Rates

RBL Bank Recurring Deposit

RBL Bank Recurring Deposit

A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it. An RD allows you to deposit a fixed amount on a regular basis with your bank, and it is similar to a Fixed Deposit (FD) in that you enjoy a higher rate of interest than a savings account for the same principal amount.

The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account.

Advantages to opening an RD account:

  • Interest Rate earned is generally equal to that of an FD
  • Safe and secure form of investment
  • Secure from fluctuations and volatility
  • Ideal for people who cannot deposit a large initial lump sum, but want to deposit small amounts on a regular basis
  • Can be opened with small minimum amount.
  • Lump sum received at maturity, including the interest
  • The rate of interest is higher as compared to an ordinary saving bank account
  • Flexible tenures to suit the budget of the individual
  • Recurring Deposit Interest rate is fixed so you are assured of a fixed return
  • Loan / overdraft facility available with some banks.

RBL Recurring Deposit

An RD in RBL Bank instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make these installments to a RBL Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.

Key Features of RBL Bank RD Account

  • Allows you to safely deposit small fixed amount of money on a regular basis rather than a bulky one-time payment at opening of the RD.
  • Choose a tenure and deposit amount you wish to invest every month and earn guaranteed return at applicable interest rate
  • Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
  • Flexible tenure – you can choose tenures which can range from a few months to several years depending on your financial goal
  • Attractive interest rates: Offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment.
  • Easy investment with attractive returns
  • Quick liquidity options and access to your funds when you need it with nominal penal charges.

Types of Recurring Deposits Offered by RBL Bank:

Regular Recurring Deposit:

  • Minimum Opening Balance for RBL Bank RD account: Rs. 100 and in multiples thereof
  • Preferential interest rate for senior citizens
  • TDS on Interest is applicable
  • Deposit period: Minimum 12 months to 240 months
  • Nomination facility available
  • Premature Closure of RD Allowed
  • Loan/ Overdraft against deposit is available
  • In the absence of PAN details, TDS at a higher rate of 20% will be applied on resident time deposits with interest income of Rs. 10,000 or above during the financial year.
  • Facility to book Recurring Deposit through Internet Banking
  • Penal charges of Rs. 50 applicable in case SI fails

RBL Recurring Deposit Interest Rates

RBL Bank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a RBL Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of RBL Bank RD interest rates including RBL Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in RBL, it is advisable to check with the bank directly.

RBL Bank recurring deposit interest rates 2015 – 2016

The current RD Interest rate ranges from 5% to 7% for normal Indian residents including minors and HUF. It is advisable to contact the bank directly for the revised and up to date interest rates as they fluctuate on a regular basis.

RBL Bank Senior Citizen RD Interest Rates

Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for normal customers. For the latest revised or updated interest rates, it is advisable to contact the bank directly.

RBL Bank Recurring Deposit Calculator:

You can make use of the RBL Bank online RD Calculator to compute the interest and the maturity earned on your invested amount. Using an RD Calculator is easy— you only need to enter the instalment amount you want to invest monthly, the duration, the date of deposit and the calculator will provide the maturity amount that you get at the time of maturity of the Recurring Deposit. Using an RD calculator helps you find out how much you need to save and how much you earn through a Recurring Deposit

You can try various amount and opt for the one that helps achieve your financial goal and suits your budget.

RBL Bank RD FAQs

What is the eligibility criteria to open an RD account with RBL?

Following are eligible to open an RD with RBL:

  • Individual (singly or jointly) with others.
  • Minor who have attained the age of 10 years and above in his/her own name (proof of age required)
  • Minors below the age of 10 years under guardianship of Natural/legal guardian.
  • Proprietorship/Partnership Firm, Commercial Organization, Company / Corporate Body
  • Hindu Undivided Family
  • Association, Club, Society, Trust or Religious/Charitable Educational Institutions,
  • Municipality or Panchayat, Government or Quasi-Government body.
  • Illiterate and blind persons can also open accounts.

What is the minimum deposit period?

The minimum deposit tenure is 6 months and can go up to as high as 240 months.

How do I apply for a regular recurring deposit?

You can open a Regular Recurring Deposit online if you are an existing customer. You can log in to your net banking account and open an RD from the convenience of your home.

If you are a new customer, you can start with opening a savings account, which can be linked with an RD account.

Alternately, you can visit your nearest branch and submit the Deposit Account form.

What is the documentation required to open an RD account?

You will require the following documents:

  • Filled-in application form
  • Passport size photograph
  • Proof of residence, PAN Card, ID Proof
  • Any other KYC documents as required by the bank