In India, the most popular way to invest money is through a fixed deposit (FD). Fixed deposits are not market-driven, which makes them a safe investment instrument. The fluctuations in the financial market do not affect FDs, making them risk-free investment tools. By investing in a bank fixed deposit, you can go one step further in securing your investments from market risk.
Advantages of opening a Fixed Deposit Account with RBL Bank
The reasons why you should choose RBL bank fixed deposit are as follows:
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Attractive interest rates
The interest rate on RBL bank fixed deposit increases depending on the time of the fixed deposit. A customer can choose the most convenient fixed deposit scheme. The interest payout on fixed deposits can be monthly, quarterly, or after the investment tenure.
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Flexible tenure
Fixed deposits are made for a particular period. It depends on the investor on the time they want to choose as per the amount available to invest while considering the emergency funds. From 7 days to 20 years, one can decide the investment period based on convenience. Fixed deposits are now much more flexible, allowing investors to choose from various types.
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Online booking option
Applying for a bank fixed deposit has never been easier. From choosing an FD scheme to filling out an application, borrowers can complete all the steps through the online portal of RBL bank. Customers have an option to compare various fixed deposits online, making the whole process hassle-free.
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The additional interest rate for senior and super senior citizens
RBL bank offers a benefit on fixed deposits for senior citizens, i.e., people above 60 years and below 80 years of age and super senior citizens, i.e., people who are aged more than 80 years. An additional interest rate of 0.50% per annum is provided for senior citizens, and an additional interest of 0.75% per annum for super senior citizens. However, these rates do not apply to Non-Resident Fixed Deposits (NRE/NRO).
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Option to receive interest monthly or quarterly
The maturity amount of FD is received once the tenure ends. However, you can opt to receive interest on fixed deposits regularly (monthly or quarterly basis). RBL bank, with its array of fixed deposit schemes, allows customers to choose when the fixed deposit interest is credited.
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Helps save tax
Fixed deposits not only provide high returns but also help save tax. As per the Indian Income Tax Act, an individual is exempt from income tax on the investment made in tax-saving fixed deposits. The tax-saving fixed deposits should be made for a minimum of 5 years, and no premature withdrawals are allowed. Interest on FD is eligible for Tax Deduction at Source (TDS). So, when you calculate FD interest, know the tax implications.
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The credibility of the institutions
Choosing a credible bank to create a fixed deposit is important for the safety of your investment. RBL bank is one of the most preferred banks for fixed deposits and will ensure that your hard earned money is secure.
Interest Rates offered by RBL Bank
RBL bank offers attractive interest rates on fixed deposits. The rates vary based on the period of investment. Calculate FD interest before actually applying for one. In the table below, you can check the interest rates on regular FDs and Senior Citizen FDs. These rates are applicable for investments below ₹2 Crore.
| Period Of Deposits | Interest rates p.a. | Senior Citizen Interest Rates p.a. |
| 7 days to 14 days | 3.25% | 3.75% |
| 15 days to 45 days | 3.75% | 4.25% |
| 46 days to 90 days | 4.00% | 4.50% |
| 91 days to 180 days | 4.50% | 5.00% |
| 181 days to 240 days | 5.00% | 5.50% |
| 241 days to 364 days | 5.25% | 5.75% |
| 12 months to less than 15 months | 6.50% | 7.00% |
| 15 months | 7.00% | 7.50% |
| 15 months 1 day to less than 24 months | 7.00% | 7.50% |
| 24 months to less than 36 months | 7.25% | 7.75% |
| 36 months to less than 60 months | 7.00% | 7.50% |
| 60 months to 60 months 1 day | 6.75% | 7.25% |
| 60 months 2 days to less than 120 months | 6.55% | 7.05% |
| 120 months to 240 months | 5.75% | 6.25% |
| Tax Savings Fixed Deposit (60 months) | 6.55% | 7.05% |
It has to be noted that the fixed deposit interest rates are subject to change as per the bank policy without prior intimation.
Conclusion
RBL bank offers many benefits on FDs including overdraft on FD, tax benefits and more. Calculate FD interest before making an application to understand the returns from investment. Apply for fixed deposits from the comfort of your home. You can also contact RBL bank for further assistance.