Discover the ease of RBL Bank’s recurring deposit options, which provide adjustable terms ranging from six months to twenty years. With competitive interest rates and specialized advantages for senior people, RBL RD encourages disciplined saving while giving lucrative rewards.
Enjoy the convenience of earning interest on your savings over time, making it an excellent investment option for those seeking financial stability and development.
RBL Bank offers RD interest rates of up to 7.50% p.a. for regular consumers and up to 8.50% p.a. for senior citizens.
RBL Bank RD Interest Rate
RBL Bank offers uniform interest rates for all its deposit schemes, ensuring consistency and transparency for customers. The following are the interest rates given by RBL Bank based on the customer’s specified tenure.
| Deposit Period | Domestic Interest Rates p.a. | Senior Citizen Interest Rates p.a. |
|---|---|---|
| 6 months to 7 months | 5.50% | 6.00% |
| 8 months to 11 months | 5.50% | 6.00% |
| 12 months to 14 months | 7.50% | 8.00% |
| 15 months to 17 months | 7.80% | 8.30% |
| 18 months to 23 months | 8.00% | 8.50% |
| 24 months to 35 months | 7.50% | 8.00% |
| 36 months to 60 months | 7.10% | 7.60% |
| 61 months to 120 months | 7.00% | 7.50% |
Note: The above-mentioned interest rates are subject to change at the bank’s discretion.
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RBL Bank RD Calculator
If you’re concerned about what the lump sum payment will be once your RD matures, use the RD Calculator, which is available online. You only need to submit a few basic facts about your RD account, such as the term and monthly deposit amount.
Deposited
Earned
Yearly RD Growth
RD Interest Calculation Formula
The maturity amount of your RD is governed by variables like duration, deposit amount, and interest rate. The formula for computing the interest on his account is the following:
M = R[(1+i)^n-1]/(1-(1+i)^(-1/3) )
Here,
M = Maturity Value
R = Monthly Installment
n = Number of quarters
i = Rate of interest
RD Interest Rates of Top Banks
| Bank Recurring Deposit | RD Interest Rates (p.a) General Public | RD Interest Rates (p.a) Senior Citizens |
|---|---|---|
| Axis Bank RD | 5.75% to 7.20% | 6.25% to 7.85% |
| Bandhan Bank RD | 4.50% to 7.85% | 5.25% to 8.35% |
| Union Bank of India RD | 5.75% to 6.50% | 6.25% to 7.00% |
| South Indian Bank RD | 5.00% to 7.40% | 5.50% to 7.90% |
| Indian Overseas Bank RD | 5.75% to 7.30% | 6.25% to 7.80% |
| Canara Bank RD | 6.15% to 7.25% | 6.65% to 7.75% |
| Punjab National Bank RD | 6.00% to 7.25% | 6.50% to 7.75% |
| SBI RD | 6.50% to 7.00% | 7.25% to 7.50% |
| HDFC RD | 4.50% to 7.25% | 5.00% to 7.75% |
| Indian Bank RD | 4.50% to 7.25% | 5.00% to 7.75% |
| Bank of Maharashtra RD | 5.50% to 6.25% | 6.00% to 6.75% |
| Bank of India RD | 4.50% to 6.00% | 5.00% to 6.50% |
| IDBI Bank RD | 6.25% to 7.00% | 6.75% to 7.50% |
| Saraswat Bank RD | 7.00% to 7.50% | 7.50% to 8.00% |
| ICICI RD | 4.75% to 7.20% | 5.25% to 7.75% |
| Bank of Baroda RD | 5.75% to 7.25% | 6.25% to 7.75% |
| DBS Bank RD | 6.00% to 7.50% | 6.50% to 8.00% |
| Karur Vysya Bank RD | 6.25% to 7.50% | 6.25% to 8.00% |
| Federal Bank RD | 5.75% to 7.50% | 6.25% to 8.00% |
| City Union Bank RD | 6.25% to 7.00% | 6.50% to 7.50% |
| Yes Bank RD | 6.10% to 7.75% | 6.60% to 8.25% |
| IndusInd Bank RD | 7.00% to 7.75% | 7.50% to 8.25% |
| Jammu and Kashmir Bank RD | 5.75% to 7.10% | 6.25% to 7.60% |
| Dhanalakshmi Bank RD | 6.50% to 7.25% | 6.50% to 7.75% |
| Karnataka Bank RD | 5.80% to 7.40% | 6.20% to 7.90% |
| TMB RD | 6.75% to 7.75% | 7.00% to 8.25% |
| Post Office RD | 6.50% | 6.50% |
Note: Rates mentioned are indicative and may vary slightly depending on the specific PNB branch and account type.
Did you know that, besides opening RD in banks, you cna also open an RD accou nt in Post Office. To check RD returns from post office, use a Post Office RD calculator for quick financial calculations.
Features of RBL Bank RD
RBL Bank offers attractive interest rates, with the highest rate being 6.65% p.a. for general people and 7.15% p.a. for senior citizens.
- The deposit tenure spans between 6 months to 240 months (20 years).
- RBL Bank’s RD interest is compounded annually.
- RBL offers nomination options and allows nominees to collect the final maturity amount. TDS is deducted based on income tax rules and regulations when opening an account.
- An RBL Bank recurring deposit account can be started either through net banking if you are already a member of the bank or by attending any nearest branch.
- The minimum deposit amount for opening an RDB bank RD account is Rs. 500
- Opening an RDB bank RD account requires a minimum deposit of Rs. 500.
- RDs opened using internet platforms are restricted to a maximum duration of 10 years.
- The penalty will apply as per the bank’s standards. If a consumer misses a monthly payment by the due date.
Benefits of Investing in Recurring Deposits
- High return on investments: Our recurring deposit strategy provides an easy method to invest while earning attractive returns on your savings.
- Convenient payment options: You can easily finance your recurring deposit by creating recurring payments from your savings account, assuring uncomplicated and timely donations.
- Nomination service available: Ensure the safety of your investment by assigning a beneficiary to receive rewards in case of unexpected events.
- Flexible booking periods: Choose from a variety of booking durations ranging from 6 months to 20 years, allowing you to personalize your investment to your financial goals.
- Online Reservation: Reserve your recurring deposit easily with our online platforms, including Net Banking and Mobile Banking, for a smooth and easy transaction.
How to Open RD Account
RBL has come up with an easy way to open an RD account which 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. There are no additional steps needed to open the account.
Eligibility to Open an RD Account
- Any Indian resident can open a recurring deposit account, either individually or jointly with another person.
- If the depositor is a minor under the age of 10, a guardian must be appointed to operate the account.
- Minors above the age of ten can open an account in their name, which will be controlled by an adult which can be their parents or any guardian.
- A recurring deposit account can be opened by sole proprietorships, partnerships, and other organizations, including Hindu Undivided Family (HUFs)
- Associations, clubs, and other non-commercial organizations are all eligible.
- Government entities can also open such accounts.
- Individuals with disabilities, illiteracy, and other special requirements can open accounts in their own names.
Documents Needed to Open an RD Account
For individual accounts, the required documents are:
- Passport
- PAN card
- Voter ID card
- Driving licence
- Government ID card
- Photo ration card
- Senior citizen ID card
As address proof, you can submit :
- Passport
- Electricity bill
- Telephone bill
- Bank statement with cheque
- ID issued by the post office or certificate
Premature Withdrawal of RBL Bank RD Account
RBL Bank typically prohibits premature withdrawal of recurring deposit amounts, but it is possible in specific circumstances; nonetheless, RBL Bank may charge a penalty in accordance with their current policies. Account holders who make late monthly deposits are subject to a penalty based on the bank’s policy, provided the due date is after the extension of period has expired.
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