RBL Recurring Deposit Interest Rates
RBL Bank provides recurring deposit schemes to its customers with attractive interest rates. One unique feature that makes it stand out is the tenure, which ranges from 6 months to 20 years. RBL provides senior citizens with the privilege of earning extra interest rates over the regular ones. RBL RD rate of interest goes up to 6.65% for general citizens and 7.15% for senior citizens.
RBL Bank offers the Recurring Deposit (RD) account at attractive interest rates. The tenure of the account ranges between 6 months and 20 years. You can apply for an RD account via net banking and mobile banking.
The RD account comes with nomination facilities as well as easy payment options.
RBL Bank RD Interest Rates for Deposits Less Than Rs. 2 Crore
Deposit Duration | Rates per annum for general citizen | Rates per annum for senior citizen | Rates per annum for NRE | Rates per annum for NRO |
Six months to seven months | 5.50% | 6.00% | NA | 5.50% |
eight months to 11 months | 5.50% | 6.00% | NA | 5.50% |
12 months to 14 months | 7.50% | 8.00% | 7.50% | 7.50% |
15 months to 17 months | 7.80% | 8.30% | 7.80% | 7.80% |
18 months to 23 months | 8.00% | 8.50% | 8.00% | 8.00% |
24 months to 35 months | 7.50% | 8.00% | 7.50% | 7.50% |
36 months to 60 months | 7.10% | 7.60% | 7.10% | 7.10% |
61 months to 120 months | 7.00% | 7.50% | 7.00% | 7.00% |
*Note: The interest mentioned above are for deposits less than Rs.2 crore and interest rates are w.e.f. 1 May 2024 .
RBL Bank Recurring Deposit Interest Rates
The bank offers general citizens interest of 8.00% p.a. for investing in a tenure that ranges from 18 months to 23 months. The second highest returns of 7.50% p.a. are offered for investing in the tenure that ranges from 2 years to less than 3 years.
Interest Rates for Senior Citizens
Individuals who are above the age of 60 years are eligible to avail an additional interest of 0.50% p.a. on all RD tenures. They are offered the highest interest of 8.50% p.a. for investing in tenure from 18 months to 23 months.
Taxation of RD Interest Rates
TDS is deducted as per the Income Tax regulations. However, if the interest earned from the deposit during the financial year is more than Rs.10,000 and the PAN details are not provided, TDS will be deducted at a high rate of 20%.
RD Article Pages
- Recurring Deposit Vs. Chit Fund
- Miss to Pay the Recurring Deposit Due
- Difference Between Recurring Deposit and SIP
- Open RD Account through HDFC NetBanking
- RD Account in SBI
- Advantages of Recurring Deposit
- Flexi RD
- SBI Flexi RD Schemes
- Monthly Recurring Deposit
- Indian Bank Recurring Deposit
- Union Bank Recurring Deposit
- UCO Bank Recurring Deposit
FAQs on RBL Bank Recurring Deposit
- What is the maximum tenure of an RD account booked online?
In case you have applied for an RD account online, the maximum tenure is 10 years.
- What are the different ways by which I can book an RD account online?
The different ways by which you can book an RD account online are mentioned below: Mobile banking, Net banking.
- Is TDS applicable on an RD account?
Yes, TDS will be applicable as per the income tax regulations.
- Is it possible to book an RD account online?
Yes, you can book an RD account online.
- Can I add nominees to the account?
Yes, you can add nominees to the account.
- How do I apply for a standard RBL RD account?
RBL Bank customers can apply for a recurring deposit at any of its branches. They can also apply online through net banking (for existing customers) for added convenience.
- Does RBL Bank permit early withdrawal of the RD amount?
No, RBL does not allow premature withdrawals from the RD account; the sum can only be removed at maturity. However, if you withdraw the funds before maturity, the bank will charge a small interest on the RBL RD amount in accordance with the rules.
- Is there a lock-in period for the RBL Bank RD account?
Yes, the minimum lock-in period is three months, and if the account user withdraws the funds before that time, the bank pays no interest and refunds the principal amount to the source.
- Is the nomination option accessible for RBL Recurring Deposit?
Yes, RBL bank offers its customers a nomination feature for their RD accounts.
- What is the minimum and maximum tenure of an RBL Bank RD account?
The smallest term is six months, while the highest tenure is twenty years.
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