RBL Bank Recurring Deposit Interest Rates
Tamana was working in a multinational company. She wanted to save her money but did not invest in any conventional accounts or fixed deposits. Rohit, one of his colleagues, told her about the RBL Bank Recurring Deposits and the rbl rd interest rates and how senior citizens get higher interest rates. After hearing Rohit, Tamana opened her grandmother’s account because senior citizens get a lot of benefits from recurring deposits. The bank told her that the minimum lock-in period is three months, so if the account user wants to withdraw the funds before that time, the bank will not pay interest and reimburse the principal amount to the source.
RBL Bank Recurring Deposit Interest Rates
Customers of RBL Bank can take advantage of great interest rates on Recurring Deposits schemes. The tenure, which can range from 6 months to 20 years, is one distinguishing trait. Recurring deposits are also the finest ways to save money since they pay interest on the money you save over time. The RBL RD rate of interest rises to 6.65 percent for general residents, while for senior citizens, it rises to 7.15 percent. RBL offers older citizens the opportunity to earn higher interest rates than the general public.
RBL RD Interest Rates
Following are the best rd interest rates of the year:
| Tenure | RBL RD Interest Rates for General Citizens | RD Rates for Senior Citizens |
| 180 days | 5.25% | 5.75% |
| 181 days – 240 days | 6.65% | 7.15% |
| 241 days – 364 days | 6.65% | 7.15% |
| 1 year – 1 year 364 days | 7.20% | 7.70% |
| 2 years – 2 years 364 days | 7.25% | 7.25% |
| 3 years 2 days – 4 years 364 days | 7.50% | 8.00% |
| 5 years – 9 years 364 days | 7.00% | 7.50% |
| 10 years – 20 years | 7.15% | 7.65% |
| 3 years – 3 years 1 day | 6.65% | 7.15% |
Features of RBL Bank RD Interest Rates 2021
- If you are already a customer of RBL Bank, you can open a recurring deposit account through online banking, or you can go to any of the bank’s branches.
- The minimum deposit amount to start an RDB bank RD account is Rs. 500, and RDs opened through internet channels have a maximum duration of 10 years.
- TDS is deducted under income tax rules and regulations at the time of account opening.
- The interest on RBL Bank’s RD is compounded every year.
- Banking regulations impose the penalty if a customer fails to make a monthly payment by the due date.
- RBL offers a nomination service if a customer fails to make a monthly payment by the due date, and the nominee can also collect the complete maturity amount.
- RBL bank offers competitive rbl rd interest rates, with the highest being 6.65 percent per annum for ordinary people and 7.15 percent per annum for senior citizens.
How to Calculate RBL Bank RD Interest?
RBL Bank deposits earn interest on a quarterly compounding basis. This means that if you start an RD account with RBL Bank on May 1st, the interest will compound on August 1st, November 1st, February 1st, and May 1st. This cycle continues until you choose the end of the mature period. The following is the formula for rbl bank rd calculator:
M = R x {(1 + n) x n – 1} / 1- (1 + i) (-1/3)
Where:
Maturity value= M
the amount of the deposit= D
Maturity period (in quarters)= N
Interest rate divided by (4×100)= I
Who is eligible to open an RBL Bank recurring deposit account?
- If the applicant is under the age of ten, they should register a Recurring Deposits account under their parents’ supervision.
- Such accounts are also available to groups, companies, and other non-profit organizations.
- A recurring deposit account can be opened by sole proprietorships, institutions, partnership firms, and other organizations, including HUF.
- Any Indian citizen can open an RBL bank Recurring Deposits account in their name or jointly with another person.
RBL Bank Recurring Deposits Advantages
- The safest kind of investment is an RBL Bank recurring deposit account.
- Recurring deposit accounts pay interest at the same rate as fixed deposit accounts, but they allow you to deposit lesser sums regularly.
- It is possible to nominate someone.
- Stock market swings do not affect recurring deposit accounts.
- You can deposit your monthly savings directly into the account and start collecting interest right now.
- These accounts have tenancies ranging from a few months to several years.
- Interest is paid on completion, which means that you will receive a lump-sum payment at the end of the term.
- It’s also the simplest way to save.
Conclusion
RBL Bank recurring deposit schemes allow investors to earn significant rbl rd interest rates on even little but consistent monthly deposits, making them accessible to everybody. Interest rates differ depending on the investment’s maturity time, so understanding how much you’ll gain at maturity will help you choose the investment period that will optimize your savings.
FAQs:
Will there be a penalty or fine if you stop your Recurring Deposits or wish to terminate them before it reaches maturity?
Yes, there is a penalty for suspending or discontinuing RD payments before the maturity period has ended. This will differ from one bank to the next.
How can I make an application for a recurring deposit?
You can apply in one of the following ways:
All bank branches, and even the webpage, provide an application form and a list of required documents.
If you are an existing customer, you can use net banking.
If you are not an existing customer, you must visit a bank branch and submit an application form along with KYC documentation.
