RBL Bank FD offers up to 6.95% interest rates – Should you invest?
Banks offering FD rates between 4.5% to 6%. Only a few banks are offering high interest rates. One among them is RBL Bank. This bank offers FD interest rates ranging between 6.5% to 6.95% for 1 to 20 years tenure. RBL Bank is scheduled commercial bank in India which offers fixed deposit schemes up to 20 years tenure. Should you invest in RBL Bank Fixed Deposits? While it offers up to 6.95% interest rates, is RBL Bank FD safe to invest?
About RBL Bank Limited
RBL Bank is one of the fastest growing private sector banks in India. The Bank offers specialized services under six business verticals, Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. It currently service over 8.44 million customers through a network of 392 branches, 1,221 business correspondent branches (of which 263 banking outlets) and 389 ATMs spread across 28 Indian states and Union Territories.
Features of RBL Bank Fixed Deposits
- RBL Bank offers fixed deposit for 7 days to 20 years tenure. Most of the banks offer up to 10 years FD only.
- The interest rates are ranging between 6.5% to 6.95% for 1 year to 20 year tenure FDs.
- Senior Citizens would get 0.5% extra interest. RBL Bank Senior Citizens rates are between 7% to 7.25% for 1 to 20 years tenure.
- One can open digital savings account and open FD online anywhere anytime.
- RBL Bank savings account interest rate is 6.75%. There is no minimum balance to to be maintained.
- For 3 years 1 day fixed deposit scheme, one can get 6.95% interest rate p.a. The annualised yield works out to be 7.13%. Senior Citizens would get 7.45% interest rate per annum.
- Monthly interest payout option is available. However the payment would be done at a discounted rate over the applicable rate.
- There is premature withdrawal penalty on FDs of 1% of FD rates. There is no penalty for premature withdrawal for senior citizens.
- For FDs with below 181 day tenure, interest would be calculated at maturity as simple interest.
- The bank would deduct necessary TDS on the FD interest. If you want to avoid taxes, you can submit Form 15G and 15H if it is applicable to you.
RBL FD Rates for < 2 Crores investment
Here are the latest interest rates.
RBL FD rates for Senior Citizens < 2 Crores investments
Here are the latest rates.
RBL FD Rates for 2 Crores to 3 Crores investment
Here are the interest rates for 2 to 3 Crores. Above 3 Crores, one has to contact the bank directly.
RBL FD rates for Senior Citizens 2 to 3 Crores investment
Here are the latest FD interest rates.
FAQs on RBL Bank Fixed Deposit Schemes
What documents are required to open RBL savings account?
You just need Aadhaar card and PAN card to open RBL savings account.
What are RBL Bank savings account interest rates?
This bank offers 6.75% p.a. savings account interest rates on SB account.
What are RBL Bank Tax Saving Interest Rates?
RBL Bank tax saving FD rate is at 6.5% p.a. for regular investors and 7% for senior citizens. One should note that tax saver FD has tenure of 5 years.
What are NRO/NRE FD rates in RBL Bank?
The interest rates indicated in above tables are same for NRO/NRE fixed deposits too.
Can I open RBL FD online?
Yes. If you have savings account, you can login to your internet banking account and open RBL FD online. If you do not have a savings account, you may first need to open savings account. For this you can visit RBL website here.
Where can I get RBL FD form?
You can login to your bank account, and open the FD online. However, if you are a new customer, you need to visit the RBL bank website and fill this form. They would contact you on opening a savings account and FD.
What are RBL FD interest Rates for NRE / NROs?
The FD interest rates for NRE/NROs are same as indicated above. There are no separate rates for them.
What is RBL Bank FD Rating?
ICRA rated RBL Bank FD rating for medium term as MAAA Stable and short term deposit as A1+ which indicates low credit risk.
Is RBL Bank approved by RBI?
RBL Bank is registered and approved by RBI. This bank runs based on the guidelines of RBI.
Is RBL bank safe for FD?
Many of us must have doubts about FDs in such banks. This bank comes under the purview of RBI (like any other scheduled commercial banks) and the fixed deposits are insured by the Deposit Insurance up to Rs 5 Lakhs. Means if something happens to such bank, deposit insurance would pay up to Rs 5 Lakhs of investors’ deposits (Savings + fixed deposits). Hence, one can safely invest up to Rs 5 Lakhs per person in such banks.
Should you invest in RBL Bank FDs?
RBL Bank offers high interest rates on fixed deposits compared to other public sector and private sector commercial banks. Investors yet to get confidence about small finance banks. Hence, they are looking for private sector banks which offer high interest rates. If something happens to this bank, deposit insurance would pay up to Rs 5 Lakhs of their FDs to investors. While you want to earn high interest, instead of taking a high risk, one can invest up to Rs 5 Lakhs in such bank fixed deposit schemes. Investing over and this limit can put your money into risk as we do not know how such banks would perform at medium to long term.
If you enjoyed this article, share it with your friends and colleagues through Facebook and Twitter.
- LIC Jeevan Utsav Plan No 871 – Features, Benefits and Review - December 2, 2023
- 10% Arka Fincap NCD Dec-2023 issue – Should you Invest? - December 1, 2023
- 10.5% IIFL Samasta NCD Dec-2023 issue details - November 30, 2023