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Introduction
A Recurring Deposit (RD) account is an account where you deposit a fixed amount of money each month. These accounts - though similar to fixed deposits, have slight differences with regard to the terms and conditions. The difference lies in the fact that with fixed deposits, you invest a certain fixed amount at the time you open the account and no further deposits after that. With a recurring deposit on the other hand you can deposit your savings each month and it begins earning interest immediately.
About RBL Bank Recurring Deposit Rate
- RBL Bank Recurring Deposit Schemes
- Features of RBL Bank Recurring Deposits
- Benefits of RBL Bank Recurring Deposits
- RBL Bank Recurring Deposit Interest Rates
- RBL Bank Senior Citizen Recurring Deposit Interest Rates
- RBL Bank Recurring Deposit Calculator
- Who can open a Recurring Deposit account with RBL Bank?
- Advantages of opening a Recurring Deposit account
- Disadvantages of opening a Recurring Deposit account
- RBL Bank Recurring Deposits FAQs
RBL Bank Recurring Deposit Schemes
Investing in recurring deposits inculcates a habit of saving. It is an easy investment option and earns a reasonable interest return. RBL Bank recurring deposits can be opened by giving standing instructions to the bank to debit your savings account with a fixed amount and credit the same to your recurring deposit account. You can also use the ECS facility with your other bank accounts to deposit money each month in your recurring deposit account.
Features of RBL Bank Recurring Deposits
- Ease of deposit as a direct debit from your savings bank account
- Alternatively deposit the amount via Net banking
- Make a nomination in favor of your loved one
- Choose a term and fixed amount that suits you
- Guaranteed interest returns at rates applicable at the time of opening the account
- Tenure may be from 6 to 240 months
Benefits of RBL Bank Recurring Deposits
- RBL Bank recurring deposit account is the safest form of investment.
- It is also the easiest form of saving.
- It allows you to deposit your monthly savings directly into the account and begin earning interest.
- These accounts are ideal for those who wish to make small savings each month out of their regular income.
- Tenures from a few months to several years are available under these accounts.
- Recurring deposit accounts offer interest rates matching fixed deposit interest rates but with the facility of depositing smaller amounts periodically.
- Recurring deposit accounts are not impacted by stock market fluctuations.
- Interest is paid on maturity which means you get a lump sum amount at the end of the term.
- You can directly transfer the proceeds to a fixed deposit account.
- Nomination facility is available.
RBL Bank Recurring Deposit Interest Rates
Interest offered under an RBL Bank recurring deposit is similar to that offered under a fixed deposit account. The following table shows the rates applicable currently. Please bear in mind that interest rates are subject to change at any time. Please visit a bank branch or the bank website for more accurate information.
| Period of Deposit | Amount <= 1crore | Amount > 1crore |
|---|---|---|
| 7 days to 14 days | 5.00 | 5.00 |
| 15 days to 45 days | 6.00 | 6.00 |
| 46 days to 90 days | 7.00 | 7.00 |
| 91 days to 180 days | 7.15 | 7.25 |
| 181 days to 240 days | 7.25 | 7.25 |
| 241 days to 364 days | 7.35 | 7.50 |
| 12 months to less than 24 months | 8.00 | 8.00 |
| 24 months to less than 36 months | 8.05 | 8.05 |
| 36 months to less than 60 months | 7.60 | 7.60 |
| 60 months to less than 120 months | 7.60 | 7.60 |
| 120 months to 240 months | 7.20 | 6.95 |
RBL Bank Senior Citizen Recurring Deposit Interest Rates
Interest rates applicable to senior citizens are slightly higher than those applicable to other citizens. Here are the details -
| Period of Deposit | Amount <= 1crore | Amount > 1 crore |
|---|---|---|
| 7 days to 14 days | 5.50 | 5.50 |
| 15 days to 45 days | 6.50 | 6.50 |
| 46 days to 90 days | 7.50 | 7.50 |
| 91 days to 180 days | 7.65 | 7.75 |
| 181 days to 240 days | 7.88 | 7.88 |
| 241 days to 364 days | 8.08 | 8.24 |
| 12 months to less than 24 months | 8.77 | 8.77 |
| 24 months to less than 36 months | 8.83 | 8.83 |
| 36 months to less than 60 months | 8.35 | 8.35 |
| 60 months to less than 120 months | 8.35 | 8.35 |
| 120 months to 240 months | 7.93 | 7.66 |
RBL Bank Recurring Deposit Calculator
If you wish to know how much lump sum you will get by depositing a certain amount every month for a certain period, you can use the recurring deposit Calculator available on the bank website. Simply enter the amount and tenure of the deposit and the amount will be calculated for you. You can then take a call on how much you want to invest in recurring deposit depending on your future needs.
Who can open a Recurring Deposit account with RBL Bank?
Following is the eligibility criteria for opening a recurring deposit account with RBL Bank.
- Any Indian resident individual can open a recurring deposit account either singly or jointly with another individual.
- If the depositor is a minor below age 10 a guardian must be appointed to operate the account.
- Minors above age 10 can open an account in their name to be operated by an adult of contracting age.
- Proprietorship firms, partnership firms, and other organizations including HUF can open a recurring deposit account.
- Associations, clubs, and other non-commercial organizations are also eligible.
- Government bodies can also open such an account.
- Handicapped individuals, illiterate individuals, and other individuals with special needs can also open an account in their own name.
Advantages of opening a Recurring Deposit account
- Recurring deposit accounts are ideal for people who do not have large sums of money to invest but can save a little every month from their monthly income.
- You can open a recurring deposit account with as little as INR 500
- You will get a lump sum at maturity which you can use for making large payments such as school fees.
- Interest rates on recurring deposit accounts are comparable with fixed deposit rates which are quite high.
- You can opt for tenures from 7 days to several years depending on when you need the money.
- Rates applicable at the time of opening the account remain fixed throughout the tenure which means your returns are assured.
- You can get a loan on your recurring deposit account.
- You can liquidate the account before the term is up subject to some penalty.
Disadvantages of opening a Recurring Deposit account
- Penalty is applicable on premature withdrawal
- Returns are lower compared to other market related investments.
RBL Bank Recurring Deposits FAQs
1. What is the minimum amount required to open a recurring deposit with RBL Bank?
The minimum amount with which you can open a recurring deposit with RBL Bank is INR 500.
2. What is the minimum and maximum deposit period?
The minimum term is 6 months and the maximum is 10 years.
3. How do I apply for a regular recurring deposit?
You can apply in the following ways -
- Using net banking if you are an existing customer
- Visiting a bank branch and submitting the application form along with KYC documents if you are not an existing customer.
- Application form and list of required documents are available at all bank branches as well as website.
4. What is the documentation required to open a recurring deposit account?
You will need the following documents to open a recurring deposit account with RBL Bank -
- Application form
- Passport size photograph (2)
- Proof of residence - Aadhar card
- Introduction letter from an existing customer of RBL Bank (if requested)
- Other KYC documents as requested - eg. PAN card, passport, or driving licence.
5. Does the recurring deposit have a lock-in period?
Yes. RBL Bank recurring deposit has a lock-in period of 1 month after which you can close the account. However, premature closing attracts a penalty.
6. I want to close the recurring deposit account, but it has only been one month. What are the charges?
If you close your account within one month of opening, your principal will be returned without any interest.
Rbl Bank Recurring Deposit Rate - Customer Reviews
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