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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.
About 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.
The types of savings accounts in RBL Bank –
1. Prime Edge Savings Account
The various benefits extended under Prime Edge Savings Account are –
Insurance benefits linked to Debit Card under Prime Edge Savings Account
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
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 –
Avail relationship pricing
3. Prime Savings Account
Features and benefits
Insurance benefits linked to your Debit Card under Prime Savings Account
Claim is payable only if the card has been used for POS transactions at least once in the last 89 days.
Transactional Convenience :
4. Executive Salary Account
RBL Bank offers a salary account with exciting features and benefits for banking needs
Features and benefits –
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
6. Advantage Savings Account
Free transaction limits and unified charge structure
Insurance benefits linked to your Debit Card under Advantage Savings Account
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:
Interest rates on RBL Bank Savings Account
The interest rates applicable on savings deposit including NRE / NRO savings account are as mentioned below
For amount above Rs. 5 crores, the branch manager can be contacted who will customize the best interest rates.
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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