RBL Bank is one of the India’s fastest growing private sector bank. Founded in 1943, they provide various personal, business and wholesale banking products and services. Fixed deposits are a popular investment product as they provide tax benefit under section 80C of the Income Tax Act. In this article we will discuss RBL Bank Fixed Deposit interest rates.
RBL Bank Fixed Deposit Interest Rates
The following are the RBL Bank fixed deposit interest rate for deposits of up to 3 crores for General and Senior Citizens:
|Tenure||Interest Rates for General Citizens||Interest Rates for Senior Citizens|
|7 days to 14 days||3.25%||3.75%|
|15 days to 45 days||4.00%||4.50%|
|46 days to 90 days||4.75%||5.25%|
|91 days to 180 days||5.25%||5.75%|
|181 days to 240 days||5.75%||6.25%|
|241 days to 364 days||5.75%||6.25%|
|12 months to less than 24 months||6.50%||7.00%|
|24 months to less than 36 months||6.50%||7.00%|
|36 months to 36 Months 1 Day||6.75%||7.25%|
|36 months 2 Days to less than 60 months||6.25%||6.75%|
|60 months to less than 120 months||6.25%||6.75%|
|120 months to 240 months||6.25%||6.75%|
|Tax Savings Fixed Deposit (60 months to less than 120 months)||6.25%||6.75%|
As we can can see from the above table, senior citizens enjoy 0.5% more interest than general citizens on RBL Bank fixed deposit.
Premature Withdrawals of RBL Bank Fixed Deposit
|Category of the deposits||Penalty on premature withdrawal of the deposit|
|Fixed deposit of senior citizens||NIL|
|Fixed deposit of general citizens||1%|
Tax Benefit on RBL Bank Fixed Deposit
Tax Deducted at Source under section 194A is deducted at the rate of 10% on the RBL Bank FD interest if the total interest income during the financial year exceeds INR 40,000. On the other hand, this limit is INR 50,000 for senior citizens.
To claim exemption from TDS, FD holders may declare that the tax on total income earned is zero by submitting Form 15H for senior citizens and Form 15G for other taxpayers.
Eligibility Criteria to open RBL Bank FD
The following are eligible to open a Fixed Deposit account with RBL Bank:
- Residential Individual
- NRI with NRE/NRO account
- Minors with parents/ guardians as co-signatories
- Charitable and educational institutes
- Hindu Undivided Family
- Specially-abled People
Documents required to open RBL Bank FD
Investors need to submit the following documents to open a FD Account with the RBL Bank:
- Identity Proof
- Residential Proof
- Telephone Bill
- Electricity Bill
- Income Proof
- Passport-sized Photograph
Yes, they can. The same interest rates as mentioned in the article above will be applicable however, minimum tenure for them will be 1 year.
Yes, you can. However, you will have to connect with your nearest RBL Bank branch for the same.
A maximum amount of INR 150,000 can be invested in 5-year Tax Saving FD scheme.