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RBL Bank Savings Account

Savings bank account is the basic product extended by any bank. The intent of this account is to park the excess cash which may not be necessary on a day-to-day basis. However, the cash may be needed for any emergency or impromptu purchases in the near future. The savings bank account provides very nominal interest rate, high flexibility in terms of fund accessibility and withdrawal. It is the next best to cash in hand, often in finance parlance it is referred to as cash at bank. Most financial institutions restrict the number of withdrawals made from the savings bank account. There is a minimum balance requirement for savings bank account. Only salary accounts which have similar features of savings account are allowed to have nil balance and there may not be any restriction on the number of withdrawals. For most savings bank accounts, penalty may be levied if the account fails to have the minimum daily balance.

RBL Bank savings bank accounts come with basic privileges such as debit card to conduct cashless transactions, cheque book, internet banking login and password, mobile banking login and password. There may be add-on features to suit the needs of the customers. Most banks have a variety of savings bank account features which cater to a wide variety of clientele. RBL Bank offers custom made solutions which offer a variety of privileges and benefits to customers. Based on eligibility and minimum balance requirement, the customer can compare and choose the savings account deposit.

Advantages of RBL Bank Savings Accounts

Rbl Bank Savings Account
  • Excess cash in hand earns nominal interest by depositing in savings account
  • One of the most liquid investment apart from demand account and cash
  • Easy access to funds
  • Withdrawals and deposits are easy

Disadvantages of RBL Bank Savings Accounts

  • High liquidity leads to higher spend
  • Low interest rates as compared to other similar instruments such as treasure bills and certificate of deposit

Features and Benefits of RBL Bank Savings Account

RBL Bank savings accounts are designed to provide optimal safety and security when cash is stored in the savings account. There are different savings accounts for different needs. The bank has cutting edge technology which enables anytime, anywhere banking in the form of internet banking and mobile banking.

Types of RBL Bank Savings Accounts

The types of savings accounts in RBL Bank –

1. Prime Edge Savings Account

The various benefits extended under Prime Edge Savings Account are –

  • 10% - 20% discounts on hospitalization and preventive health care tests
  • Go for treatments with second opinion from vidal empanelled specialists
  • Avail services from a huge network of 6000 hospitals and 1500+ diagnostic centers
  • Enjoy complete medical assistance service that is especially for you and your immediate family members

Insurance benefits linked to Debit Card under Prime Edge Savings Account

InsuranceTitanium Master Card
Lost card Liability/CounterfeitRs.50,000
Cash in Transit Rs.50,000
Purchase ProtectionRs.10,000
Personal Accident – AirRs.2,50,000
Personal Accident – DeathRs.2,50,000

Claim is payable only if the card has been used for POS transactions at least once in the last 90 days.

Additional benefits offered by the Prime Edge Savings Account

  • Advantage of higher interest rates on Savings Account
  • Gain access to unlimited free transactions at any other bank's ATM
  • Account access 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 Internet Banking facility
  • Access to a wide range of Investment/Insurance products and services
  • Credit Card and loan products to eligible customers
  • Offers on Debit Card, Debit Card variants

2. Seniors First Savings Account

Eligibility for opening this type of account is after completion of 60 years. The health benefits offered alongside this account are as mentioned here –

  • Seek advice on which hospital to choose and how much it could cost
  • Get 10-20% discounts on hospitalization and preventive health care tests
  • Go for treatments with second opinion from vidal empanelled specialists
  • Avail services from a huge network of 6000 hospitals and 1500+ diagnostic centers
  • Enjoy complete medical assistance service that is especially for the account holder and immediate family members

Avail relationship pricing

  • Discounted brokerage charges at 0.25% on delivery instead of 0.50%
  • Free account opening-charge of Rs.750 waived off
  • Free dematerialization of physical shares

Additional benefits:

  • Higher Interest: Take advantage of higher interest rates on Savings Account
  • Earn higher interest rates with Gain4Sure Fixed Deposits, including tax saving deposits premature penalty of 1% waived off for senior citizens.
  • PIN Generation: Instant generation of Internet Banking and Debit Card PIN through single SMS
  • Essentials
  • Debit Card: A Titanium Debit Card 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

3. Prime Savings Account

Features and benefits

  • Take advantage of higher interest rates on Savings Account
  • Unlimited free transactions at RBL Bank's ATMs, 5 free transactions p.m. at Other Bank's ATMs
  • Best in class Fixed Deposit rates to help money grow
  • Wealth management solutions specific to requirements, offered by an experienced team of professionals
  • Simple & hassle-free banking using Internet, Mobile & ATM
  • Wide range of savings account variants to suit requirements

Insurance benefits linked to your Debit Card under Prime Savings Account

InsuranceTitanium Master Card
Lost card Liability/CounterfeitRs.50,000
Cash in Transit Rs.50,000
Purchase ProtectionRs.10,000
Personal Accident – AirRs.2,50,000
Personal Accident – DeathRs.2,50,000

Claim is payable only if the card has been used for POS transactions at least once in the last 89 days.

Transactional Convenience :

  • Flexi banking with personalized payable-at-par cheque book
  • Complete monthly e-statement for all your accounts
  • Access your account from any of the RBL Bank branches across India
  • Quick & easy transfer of funds using NEFT/RTGS/ECS
  • You can now book fixed deposit through Internet Banking
  • Enhanced daily limits on your Debit card

4. Executive Salary Account

RBL Bank offers a salary account with exciting features and benefits for banking needs

Features and benefits –

  • Zero Balance Savings Account
  • Take advantage of higher interest rates on Savings Account
  • Free Debit Card with unlimited access to any other Bank’s ATMs
  • Enhanced limits on Debit Card (ATM limit on Classic Card of Rs. 50,000 & Rs. 1,00,000)
  • Instant generation of Internet Banking and Debit Card PIN through SMS
  • OTP (One Time Password) for all online transactions for additional safety
  • Safe Deposit Lockers
  • Wealth services by experienced team of professionals

Other benefits:

  • Free payable at par cheques – 1 cheque book per quarter
  • Transfer funds online for free to any bank across the country through NEFT / RTGS
  • Free demand draft
  • Higher fixed deposit rates to help money grow, including tax savings deposits
  • Simple and hassle-free banking using direct banking channels
  • Phone banking, mobile banking, SMS banking & alerts, E-Statement, internet banking, online bill payment services

5. Woman’s First Savings Account

Savings account designed specifically for modern woman to enhance the lifestyle by facilitating savings need. The account provides seamless banking experience and relish year-long offers and discounts on shopping, food, health, wellness and entertainment.

Features and benefits

  • Exclusive Woman’s First Debit Card
  • Unlimited yearlong discounts
  • Higher interest rate
  • Zero balance kid’s account
  • Financial value-adds – vouchers worth Rs. 2,500 on debit card activation; 10% discount on locker rent for the first year
  • Unlimited free cash withdrawals at all ATMs in India

6. Advantage Savings Account

  • Advantage Savings Account offers high-end features which provides a lifetime of hassle-free banking experience.
  • Freedom to choose account number
  • Higher interest rates on savings account
  • Access to platinum concierge services powered by master card

Free transaction limits and unified charge structure

  • Free unlimited access to all ATMs in India
  • Unlimited payable at par cheque book and demand drafts
  • Free fund transfers through NEFT and RTGS
  • Multi-city cheque collections and deposits
  • Unlimited cash transactions at the branches
  • Platinum master card debit card with enhanced limits – daily cash withdrawals limit of Rs. 1 Lakh; daily shopping limit of Rs. 2 Lakh; free platinum first master card debit card with enhanced limits
  • Other special privileges – relationship pricing – upto 15% off on safe deposit lockers; 25% discount on processing fee for loan against property; rewards and discounts on debit card

Insurance benefits linked to your Debit Card under Advantage Savings Account

InsurancePlatinum Master Card
Lost card Liability/CounterfeitRs.1,00,000
Cash in TransitRs.1,00,000
Purchase ProtectionRs.25,000
Personal Accident – AirRs.10,00,000
Personal Accident – DeathRs.5,00,000

Claim is payable only if the card has been used for POS transactions at least once in the last 89 days.

7. Digital Savings Account

You can open this savings account just with your Aadhaar Number and PAN Number. Following are the features and benefits of Digital Savings Account:

  • No Charges on Non-Maintenance of Balances
  • Instant & Paperless
  • Higher Interest Rates
  • Unlimited ATM Transactions
  • Anytime Banking

Interest rates on RBL Bank Savings Account

The interest rates applicable on savings deposit including NRE / NRO savings account are as mentioned below

Daily balanceRate of interest (% per annum)
Upto Rs. 1 Lakh5.5%
Above Rs. 1 Lakh upto Rs. 10 Lakh6%
Above Rs. 10 Lakh upto Rs. 5 Crore6.5%

For amount above Rs. 5 crores, the branch manager can be contacted who will customize the best interest rates.

RBL Bank Savings Account: FAQs

1. How to open RBL Bank savings account?

Step 1 – Fill the savings account eligibility form online, the form once submitted will be checked for eligibility of applicant and personalized savings account options

Step 2 – Applicant can compare the various savings account options available and choose the one that is most suitable

Step 3 – Concerned staff gets in touch with the customer for collection of documents to open the account as chosen by the customer

Step 4 – Receive account opening kit and make necessary deposits for maintenance of minimum balance

2. What are the typical interest rates offered by RBL Bank on their savings account deposits?

The highest interest rate offered by RBL Bank is 6.5% p.a. The lowest interest rate on savings account deposit is 5.5% p.a.

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