RBL RD accounts can be managed efficiently and they are considered to be a very safe investment. The interest rate applicable on Recurring Deposit for RBL Bank is the same as the interest rate applicable on the fixed deposit. The interest rate is earned on an annual basis and the interest rate earned on these deposits is 8% on an average and it is dependent on the tenure and amount of money deposited.
|Deposit Terms||Interest Rate - less than Rs.1 crore||Interest Rate - Rs. 1 Crore and Above up to Rs. 3 Crore|
|181 days to 240 days||7.00||6.90|
|241 days to 364 days||7.10||6.85|
|12 months to less than 24 months||7.20||6.85|
|24 months to less than 36 months||7.30||6.85|
|36 months to less than 60 months||7.20||6.85|
|60 months to less than 120 months||7.20||6.85|
|120 months to 240 months||7.20||6.85|
The minimum tenure of the RD is 6 months and the maximum tenure for opening an RD account is 40 months.
For RD accounts with deposit term of less than 181 days, the interest is computed when the RD scheme matures and the calculation is based on simple interest. The customers can choose any term and the customer chose the amount that they wish to invest every month to receive the Guaranteed Return applicable on the RD scheme.
An additional interest rate of 0.5% is applicable on RD accounts of senior citizens which provides exclusive benefits to the age group.
On regular account, the nominal TDS is applicable but if a customer doesn't provide their PAN details, 20% higher TDS is deducted for deposits with interest amounting to more than 10,000 rupees for a particular financial year.