Indians have a habit of saving and are always looking for a safe investment instrument with the security of capital invested. RBL bank fixed deposits (FDs) are one of those safe investments. For generations, bank FDs have been the most preferred option for investors with a low-risk profile. They can invest in tax-saving FDs, senior citizen FDs or just regular ones with RBL bank to enjoy tenure flexibility.
Features of RBL Fixed Deposits
- Safety: RBL bank deposits are safe and secure, as they are backed by the government. Investors need not worry about the bank’s situation or market conditions.
- Guaranteed and Frequent Pay-outs: RBL Bank FDs offer assured returns to the depositors. They allow depositors to opt for monthly or quarterly interest payouts. Currently, the Bank offers FDs @7% p.a., which is higher than a savings account. The interest rate is subject to change.
- Eligibility Criteria: Individuals, partnership firms, trusts, HUFs, and public and private companies are eligible to invest in their FD schemes. A joint deposit account can be opened with a minor also. It will be a joint account with an adult individual.
- Minimum Deposit: Depositors can invest a small amount in an FD account. RBL FDs investment amount can be as low as Rs.100 and go further in multiples of 100.
- Deposit Term: RBL fixed deposits are flexible in tenure. Investors can set their financial goals and choose a tenure between 7 days and 20 years for a regular FD.
- Premature Withdrawal: The bank FDs come with the facility of premature withdrawal. It is a beneficial facility that can help investors in any emergency.
- Investment Mode: RBL bank allows investors to open an FD account by visiting their bank or online.
- Loan Facility: RBL FD schemes are eligible for a loan. These reliable investment options can help investors in need of finances through the loan amount. They need not close the FD account prematurely to get the funds. RBL Bank FDs allow depositors to borrow funds against the FD. The loan amount can be up to 90%-95% of the FD amount.
Also Read: Personal Loan for Salaried Employees: A Quick Guide
Which Deposits the RBL Bank Offers
- Tax-saving FD
RBL offers a tax-saving deposit scheme. Investors can avail of a deduction of up to Rs.1.5 lakh under Section 80C, Income Tax Act. These FDs are available for a lock-in period of 5 years. Like other types of FDs, returns on a tax-saving FD are assured, but investors can not withdraw the funds from these FDs before maturity. If they make any premature or partial withdrawal from their tax saver FD, they can not avail the tax benefits. These FDs are not eligible to get a loan from financial institutions.
- Senior Citizens FDs
RBL Bank offers fixed deposits facilitating senior citizens with maximum returns. These are easy investments with attractive returns. The bank provides nomination facilities on their FDs. It is convenient to apply for a fixed deposit through the internet or mobile banking for RBL account holders. Senior citizens can choose the interest payment frequency as per their financial needs. Resident Indians above 60 years can open a senior citizen FD.
- Flexi Fixed Deposits
The bank offers a Flexi fixed deposit linked with the depositor’s savings or current account. If there is a shortfall in the minimum balance in the depositor’s savings or current account, the bank will fund it through their deposit account by breaking it partially. The remaining amount in the FD continues to earn interest at the same rate applicable to their FD. These FDs also come with flexible tenure. Investors can link multiple deposit accounts to their Flexi deposit accounts.
- Recurring Deposits
A Recurring Deposit (RD) with RBL is perfect for individuals looking to invest small amounts every month to accumulate funds over time. A nomination facility is available for RDs. Investors can open an RD account for six months to 20 years. Interested people can use the RBL RD calculator to know how much they should invest to reach their desired amount to accomplish their goals.
One must determine their financial goals and use the online FD calculator to get an idea of the amount and tenure before approaching RBL bank. Additionally, the bank representatives are always available to answer any queries and provide the utmost support.