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RBL Bank Fixed Deposit Rate
What is a fixed deposit?
A fixed deposit is a popular financial investment instrument that is used by many people wherein, one can deposit a lump of money for a specific tenure and get an interest on the same. Fixed deposits are provided to individuals by many banks and Non-Banking Financial Companies (NBFCs). The deposit period on fixed deposits range from 7 days to 10 years or more in some cases. The money deposited for this duration gets an interest and is given back to the customer after the tenure has ended. It offers guaranteed returns.
You can deposit a specific amount at RBL Bank fixed deposit account for a tenure that generally ranges from 7 days to 20 years. The minimum amount that can be deposited in the RBL Bank fixed deposit account is Rs.100. The bank offers competitive interest rate on fixed deposits. The interest earned on the fixed deposit will attract the TDS if applicable.
Apart from the regular fixed deposit scheme, RBL Bank provides two different fixed deposit schemes catering to the needs of the customers. One can choose a fixed deposit scheme that is convenient based on personal needs. The two schemes are tax saving fixed deposits and flexi sure
About RBL Bank Fixed Deposit Rate
RBL Bank regular fixed deposit
RBL Bank fixed deposit scheme is aimed to help customers who rely on a regular fixed income with easy investment and good returns. The deposit period ranges from 7 days to 20 years. The customer can choose to receive the interest monthly, quarterly or keep it invested until the maturity. Nomination facility is available for the customer. Partial/pre-mature withdrawal is permitted with penalty charges. If the tenure is below 181 days, the interest is calculated as simple interest.
Tax saving fixed deposit
This fixed deposit scheme has dual benefits of tax exemption under Section 80C and also gives good interest returns. The minimum amount that can be deposited is Rs.100 and the maximum amount that can be deposited is Rs.1,50,000. The amount should be only in multiples of 100. The deposit period ranges from 5 years to 10 years. Nomination facility is available. Partial withdrawal/pre-mature withdrawal is not allowed. Interest rates for the tax saving TDS are applicable based on the prevailing interest rate. If it is a joint deposit, then the tax benefit is applicable only for the first holder of the deposit.
Flexi-sure fixed deposits
Under this scheme, the customer gets a good mix of the features of a saving bank account and a fixed deposit account as the fixed deposit is linked to the savings or current account. One has liquidity and can earn interest. Shortage of funds in the savings or current account is taken care off by partially breaking the linked fixed deposit. Multiple deposits can be linked to one’s account.
Interest Rate on RBL Bank Fixed Deposit
The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. RBL Bank Interest Rates typically ranges from 5% to 7.82% per annum.
The defining criteria for a fixed deposit is that the money cannot be withdrawn before maturity, unless on payment of a penalty. Once the deposit matures, the bank credits the original amount plus the interest earned to the bank account specified when the FD is opened.
RBL Bank Fixed Deposit rates
Following is an overview of RBL Bank Fixed Deposit Rates as of 25.10.2018
(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with RBL Bank directly.)
Interest rate on domestic, NRO, NRE & Flexi fixed deposits:
| Deposits less than 1 crore | Deposits of 1 crore to 3 crores | |||
|---|---|---|---|---|
| Period of deposit | Interest rates (% p.a.) | Effective Annualised yield | Interest rates (% p.a.) | Effective Annualised yield |
| 7 to 14 days | 5.00 | 5.00 | 5.00 | 5.00 |
| 15 to 45 days | 6.00 | 6.00 | 6.00 | 6.00 |
| 46 to 90 days | 7.00 | 7.00 | 7.00 | 7.00 |
| 91 to 180 days | 7.15 | 7.15 | 7.25 | 7.25 |
| 181 to 240 days | 7.25 | 7.36 | 7.25 | 7.36 |
| 241 to 364 days | 7.35 | 7.56 | 7.50 | 7.71 |
| 12 to 24 months | 8.00 | 8.24 | 8.00 | 8.24 |
| 24 to 36 months | 8.05 | 8.30 | 8.05 | 8.30 |
| 36 to 60 months | 7.60 | 7.82 | 7.60 | 7.82 |
| 60 to 120 months | 7.60 | 7.82 | 7.60 | 7.82 |
| 120 to 240 months | 7.20 | 7.40 | 6.95 | 7.13 |
| Tax saving FD (60 to 120 months) | 7.60 | 7.82 | ||
RBL Bank Fixed deposit for senior citizens
RBL Bank has a fixed deposit scheme for senior citizens wherein they can avail additional interest of 0.5% per annum for all the tenures available. Tenures on the fixed deposit range from 7 days to 20 years. They can choose to receive interest monthly, quarterly or keep it invested till the maturity. Nomination facility is available. Partial/pre-mature withdrawal of the term deposit is permitted.
Interest rate for senior Citizens Deposits:
| Deposits less than 1 crore | Deposits of 1 crore to 3 crores | |||
|---|---|---|---|---|
| Period of deposit | Interest rates (% p.a.) | Effective Annualised yield | Interest rates (% p.a.) | Effective Annualised yield |
| 7 to 14 days | 5.50 | 5.50 | 5.50 | 5.50 |
| 15 to 45 days | 6.50 | 6.50 | 6.50 | 6.50 |
| 46 to 90 days | 7.50 | 7.50 | 7.50 | 7.50 |
| 91 to 180 days | 7.65 | 7.65 | 7.75 | 7.75 |
| 181 to 240 days | 7.75 | 7.88 | 7.75 | 7.88 |
| 241 to 364 days | 7.85 | 8.08 | 8.00 | 8.24 |
| 12 to 24 months | 8.50 | 8.77 | 8.50 | 8.77 |
| 24 to 36 months | 8.55 | 8.83 | 8.55 | 8.83 |
| 36 to 60 months | 8.10 | 8.35 | 8.10 | 8.35 |
| 60 to 120 months | 8.10 | 8.35 | 8.10 | 8.35 |
| 120 to 240 months | 7.70 | 7.93 | 7.45 | 7.66 |
| Tax saving FD (60 to 120 months) | 8.10 | 8.35 | ||
How to Calculate RBL Bank Fixed Deposit Interest?
You can use online resources to calculate the interest accrued on your RBL Bank FD. There are several online sites that allow you to instantly calculate the interest earned. All you have to do is enter the FD amount, tenure and rate of interest and the calculator will do the hard number crunching and present you with a breakup of the interest earned and the maturity amount
You can enter as many combinations as you want, and the calculator will give you instant and accurate results.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
The following is the formula to calculate the interest earned in a Fixed Deposit account:
Calculate RBL Bank FD Rate
A = P x (1 + r/n)nt
I = A - P
Where
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
RBL Bank FD Premature Withdrawal Penalty
If premature full withdrawal of the fixed deposit is done, then the interest to be paid is at the rate that was applicable on the date that the deposit was placed and of the period for which the deposit is maintained with the bank or the rate that was offered for the original contracted maturity, whichever is lower, subject to a penalty of 1% on such rate. But there is no penalty for premature withdrawal of fixed deposits by senior citizens.
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