RBL Bank offers its customers enticing recurring deposit schemes featuring attractive interest rates. One distinguishing feature is the flexibility of tenure, ranging from 6 months to 20 years.

Recurring deposits represent an excellent avenue for saving money, allowing individuals to accumulate interest on their savings over a specified period.

RBL extends additional benefits to senior citizens by offering higher interest rates compared to the standard rates. The RBL RD interest rates range up to 6.65% for general citizens and 7.15% for senior citizens.

Eligibility Criteria

The following individuals and entities are eligible to open an RD:

• Residency:

Any individual residing within the country's jurisdiction can open an RD account. This includes citizens, permanent residents, and individuals residing in the country temporarily.

• Minors:

Minors aged 10 and above are allowed to open an RD account with the consent and supervision of a guardian. This provision encourages financial literacy and savings habits among young individuals.

• NRIs and PIOs:

Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) are permitted to open RD accounts. This allows individuals living abroad to invest in Indian financial instruments and benefit from the returns.

• Organizations:

Various types of organizations, including companies, partnerships, sole proprietorships, and Hindu Undivided Families (HUFs), are eligible to open RD accounts. This enables businesses and entities to save and invest surplus funds for future financial goals.

• Trusts:

Trusts, which are legal entities created for charitable, religious, or other purposes, are also eligible to open RD accounts. This provides trusts with a secure investment option to grow their funds.

• Companies:

Corporate entities, including public and private companies, can open RD accounts as part of their treasury management strategies. RDs offer a stable and low-risk investment option for companies to park surplus funds and earn returns.

• Partner Firms:

Partnership firms, which consist of two or more individuals who agree to share profits and losses, can also open RD accounts. This allows partners to collectively invest and save for their future financial needs.

Documents Required

Proof of Identity:

• Passport

• PAN card

• Voter ID card

• Driving License

• Government ID card

• Photo ration card

• Senior citizen ID card

Address Proof:

• Passport

• Telephone bill

• Electricity bill

• Bank statement with cheque

• Certificate/ID card issued by the post office

Types of RBL Recurring Deposit Schemes

hoose the RD account that suits your needs:

• Secure Investment: RD with annual compounding.

• Variable Options: Online accounts with a maximum tenure of 10 years.

HDFC Bank RD Premature Withdrawal Facility

Typically, RBL does not permit premature withdrawal of recurring deposit funds, but exceptions may apply under specific conditions; nevertheless, RBL Bank reserves the right to impose a penalty in accordance with their prevailing regulations.

If account holders fail to make timely monthly deposits, a penalty is imposed on the overdue amount as per the bank's policy, subject to the deposit date falling after the grace period concludes.

Tax Exemptions on RBL RD

TDS is subtracted in accordance with the income tax regulations established at the account's inception. However, should the interest earned from the deposit in a fiscal year surpass Rs. 10,000 without PAN details provided, the TDS will be deducted at an elevated rate of 20%.

How to Open a Recurring Deposit Account in RBL?

RBL Bank offers a Recurring Deposit (RD) account with attractive interest rates, providing flexibility for terms ranging from six months to twenty years. You can conveniently apply for an RD account through mobile or net banking.

How to Calculate the Maturity Amount on RBL Bank RD?

The interest on RBL's Recurring Deposit is compounded quarterly.

The formula for calculating the maturity value is as follows:

𝐴=𝑃×(1+𝑅𝑁)(𝑁𝑡)A=P×(1+ NR​ ) (Nt)

Here,

𝐴-A represents the Maturity Amount.

𝑃-P represents the Recurring Deposit amount deposited monthly.

𝑁-N represents the number of times the interest is compounded.

𝑅-R represents the Rate of Interest.

𝑡-t represents the tenure.

For instance, let's consider Mr. C, residing in Amritsar, who opens an RD account with RBL Bank with a monthly deposit of Rs. 1000 for 4 years. Assuming an applicable interest rate of 7.2%, the total interest amount accrued at the end of the maturity period would be Rs. 5498, resulting in a total maturity amount of Rs. 55716.