RBL Bank Savings Account
A savings account is the most common form of an interest-bearing deposit account which is held with a bank and provides a nominal interest rate. A savings account is often the first bank account for many people.
With a savings account, you can gain quick and easy access to your safely-stored funds, as it’s the most liquid of investments. The most common use for a savings account is to save money for specific or daily expenses or use it as an emergency fund.
Benefits of having a savings account:
Having a savings accounts is handy when it comes to tracking your expenses. You can keep an eye on the number of withdrawals and deposits made. There is no requirement for a large initial deposit, although the amounts differ from bank to bank. Also, there are various fees associated with a savings account unless you maintain a certain balance each month. The minimum balance required, interest rate and fees and charges vary from bank to bank. If you are not sure that you will be able to maintain the pre-requisite balance each month, then it would be better to go for a zero-balance account. However, this would mean missing out on many of the bank’s facilities, as zero balance account come with strictly limited features.
Limitations of a savings account
There are some downsides to a savings account as well. The interest on a savings account is far lower when compared to that of a Fixed Deposit account. Though they are liquid investments and easily accessible in times of need, they offer low returns in comparison to other forms of savings.
Even with the downside, having a savings account is a must for all—those who are salaried, pursuing their education, businessmen, laborers, senior citizens, housewives etc. In short, people form every walk of life.
RBL Bank Savings Account
An RBL Bank savings account provides a host of banking benefits including reward points for various transactions, trading and portfolio solutions, flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with an RBL Savings Account.
Features and Benefit of RBL Savings Account
There are various benefits to having a savings account with RBL Bank. Following is an overview.
- Safety and security when you store your cash in a savings account
- Different savings account for different needs.
- Access your account with ease via Net Banking and Mobile Banking facilities
Types of RBL Bank Savings Accounts
Below are a few of the different savings accounts available. For the full list of savings accounts options, check the bank website or visit the nearest branch.
Advantage Savings Account
- Free Unlimited Access to all ATMs in India
- Free Payable at Par Cheque Book and Demand Drafts
- Free NEFT & RTGS
- Free Outstation Cheque Collections
- Free Cash Transaction at the Branches
- No incremental transaction charge.
Prime Edge Savings Account
- Insurance benefits linked to your Debit Card under Prime Edge Savings Account
- Get 10-20% discounts on hospitalisation and preventive health care tests
- Go for treatments with second opinion from Vidal empaneled specialists
- Avail services from a huge network of 6000 hospitals and 1500+ diagnostic centers
- Gain access to unlimited free transactions at any other bank's ATM
- You can access your account through any of the RBL Bank branches across India
- Get payable at par cheque book
- Make use of free and higher limits for ordering demand drafts and pay-orders
- Enhanced cash deposit & withdrawal limits
- Free Bill payment and Tax payment facility through our Internet Banking Facility
Seniors First Savings Account
- Debit Card: A Classic Debit Card (T&C apply) with exciting features and benefits
- Free Payable at Par Cheque Book every quarter
- Free passbook facility for individual account holders
- Any Time Banking: Unlimited free cash withdrawals at all ATMs in India
- Free Utility Bill Payment: Bill Pay is a simple, convenient and secure way of managing utility bill payments such as electricity, telephone, LIC premium and more
- Enjoy the benefits of online banking: Access your account, anytime, anywhere in the world through our secure Internet Banking facility free of charge
- Missed Call Service: Dial 18004190610 from your registered mobile no. and get your Savings and/ or Current Account Balance
Prime Savings Account
- Unlimited free transactions at any other bank's ATM (T&C Apply)
- Best in class Fixed Deposit rates to help your money grow.
- Wealth management solutions specific to your requirements, offered by an experienced team of professionals.
- Simple & hassle-free banking using Internet, Mobile & ATM.
- Wide range of savings account variants to suit your requirements.
Woman's First Savings Account
- Exclusive Woman’s First Debit Card with vouchers worth Rs. 2500, on activation of the card
- Unlimited Yearlong Discounts
- Higher Savings Interest rate
- Zero Balance Kid’s Account
- Health benefits and medical concierge services are available at discounted rates
- Unlimited free cash withdrawals at all ATMs in India
RBL Savings Account Minimum Balance
The minimum balance required in RBL savings account differs with each kind of account. It is advisable to contact the bank directly for details.
RBL Savings Account Interest Rate
RBL savings account comes with interest rates of up to 7.50% p.a., depending on the daily balance, and the amount in your account. Do keep in mind that the rates are subject to change at the sole discretion of the bank.
RBL Bank Savings Account Charges
Different RBL Bank savings accounts have a different schedule of charges. It is better to contact RBL Bank directly for the most up to date charges.
How to open an RBL Bank Savings Account
RBL Bank savings account opening is easy and hassle-free. You can choose to open an account in the following ways:
- Fill your basic details and leave your phone number; a bank representative will get back to you.
- Visit your nearest RBL Bank branch with your KYC documents and talk to a RBL representative about your saving needs and accordingly open an account.
RBL Bank Savings Account FAQS
What is the best interest rate on an RBL Bank saving account?
The interest rates can go up to as high as 7.50% depending on the daily balance. For the latest interest rates, it is better to contact the nearest RBL Bank branch.
Who is eligible to open a basic savings account with RBL?
An individual residing in India, HUF, minors (with the declaration of the parent / guardian) are eligible to open an RBL bank savings account.