Latest RBL Bank FD Interest Rate April 2023
Ratnakar Bank Limited (RBL) FD rates range from 3.5% to 7.8% for the general public and 4% to 8.30% for senior citizens. The deposit period for the regular FD scheme spans from 7 days to 20 years. RBL Bank offers exclusive FD interest rates for senior citizens, super senior citizens, NRE and NRO accounts, allowing for customised investment solutions.
In addition to the standard FD option, RBL Bank offers a host of additional fixed deposit schemes, including RBL Flexi sure fixed deposit, tax-saving fixed deposit, smart deposit, and many others. These schemes cater to the specific needs of customers providing tailored investment options.
RBL Bank FD Interest Rates 2023 Highlights
| Interest Rate | 3.5% – 7.80% (general public) 4% – 8.30% (for senior citizens) |
| Tenure | 7 days – 20 years |
| Minimum Deposit | ₹5,000 (may vary across schemes) |
| Maximum Deposit | No Limit |
| Lock-in Period | NA (5 years for Tax Saver FD) |
How to Calculate RBL Bank FD Interest Rate?
RBL calculates the simple interest at maturity for FDs having tenure below 181 days, whereas the interest gets compounded for FDs having tenure above 181 days. So what is the difference between compound interest and simple interest?
RBL FD Interest Rate – Simple Interest Calculation
Simple interest only considers the principal amount, the agreed interest rate and tenure. Here is how the maturity amount is calculated at simple interest:
You will need the following formula to calculate the simple interest on your RBL FD account:
SI = (P x R x T)/100 where, SI = Simple Interest, P = Principal, R = Rate of Interest and T = Tenure.
Subsequently, the final amount will be:
A = SI + P, where A = the maturity amount
Let us understand the calculation with an example. Suppose you have invested ₹1,00,000 at 6% interest rate for 5 years. Please note that the example is totally hypothetical. RBL bank does not offer simple interest for tenure beyond 181 days.
Simple Interest = (1,00,000 x 5 x 6)/100 = ₹30,000
Amount after maturity = ₹1,00,000 + ₹30,000 = ₹1,30,000.
RBL Bank FD Interest Rate – Compound Interest Calculation
On the other hand, the compound interest method involves calculation of interest on the principal amount as well as the interest earned.
Let’s consider the same example to calculate compound interest. To find the maturity amount you will have to use the following formula:
A = P (1 + R / N) ^ (N * T)
Where,
A = Maturity amount
P = Principal amount
R = Rate of interest
N = Number of times the interest is compounded in a year
T = Number of years
By integrating these values in the formula mentioned above, we get:
A = 1,00,000(1+0.06/5)^(5 x 6)
A = ₹1,33,822.55
Therefore, Compound Interest = A – P = ₹1,33,822.55 – ₹1,00,000 = ₹33,822.55
As you can see the final amount is calculated considering both the principal amount and the interest on interest accumulated over the years. It is quite evident that the compound interest amount is more than the simple interest returns.
Factors that Affect Ratnakar Bank Fixed Deposit Rate
Here are some of the factors that can have an impact on RBL FD rates:
1. FD Tenure
Interest rates on FD deposits vary based on tenure. A long-term FD generally has a better interest rate than a short-term FD.
2. Economic Condition
The monetary and fiscal policy along with the prevailing economic conditions of India have a significant impact on the interest rates applicable to fixed deposits.
3. Age
Senior citizens are offered a higher interest rate ranging between 0.25% to 0.75% compared to the normal rate.
4. Auto Renewals
Investors can earn higher interest rates on FDs by opting for an auto-renewal facility provided there’s a hike in interest at the time of renewal.
Ratnakar Bank Limited FD Interest Rate for General Public
Ratnakar Bank Limited offers attractive interest rates on fixed deposits to the general public aged below 60 years. Here’s an updated list of current RBL FD interest rates 2023:
| Maturity Period | Interest on Deposits Below ₹2 Crore |
| 7 days – 14 days | 3.5% |
| 15 days – 45 days | 4% |
| 46 days – 90 days | 4.5% |
| 91 days – 180 days | 4.75% |
| 181 days – 240 days | 5.5% |
| 241 days – 364 days | 6.05% |
| 365 days – 452 days | 7% |
| 453 days – 459 days | 7.8% |
| 460 days – 724 days | 7.8% |
| 725 days | 7.80% |
| 726 days – 24 months | 7% |
| 24 months – less than 36 months | 7% |
| 36 months – 60 months 1 day | 7% |
| 60 months 2 days – 240 months | 6.25% |
| 60 months (Tax saving FD) | 7% |
Ratnakar Bank Limited FD Interest Rate for Senior Citizens
RBL offers attractive fixed deposit interest rates for senior citizens providing a safe and reliable investment option for those in their golden years. With competitive rates and flexible terms, RBL Bank fixed deposits offer a stable source of income for retirees and elderly investors.
Follow the table below to find RBL bank FD rates for senior citizens:
| Maturity Period | Interest on Deposits Below ₹2 Crore |
| 7 days – 14 days | 4% |
| 15 days – 45 days | 4.5% |
| 46 days – 90 days | 5% |
| 91 days – 180 days | 5.25% |
| 181 days – 240 days | 6% |
| 241 days – 364 days | 6.55% |
| 365 days – 452 days | 7.5% |
| 453 days – 459 days | 8.3% |
| 460 days – 724 days | 8.3% |
| 725 days | 8.3% |
| 726 days – 24 months | 7.5% |
| 24 months – less than 36 months | 7.5% |
| 36 months – 60 months 1 day | 7.5% |
| 60 months 2 days – 240 months | 6.75% |
| 60 months (Tax saving) | 7.50% |
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Ratnakar Bank Limited FD Interest Rate for NRI
RBL offers competitive fixed deposit rates for Non-Residential Indians (NRIs) looking to invest their funds in India. These rates vary depending on the amount and tenure of the deposit, making it an attractive option for NRIs seeking secure and reliable investment opportunities.
RBL fixed deposit schemes for NRIs are as follows:
- NRO (Non-Resident Ordinary) FD
- NRO Tax Saver Fixed Deposit
- NRE (Non-Resident External) FD
- FCNR (Foreign Currency Non-Resident) FD
- RFC (Resident Foreign Currency) FD
1. Ratnakar Bank Limited NRO FD Interest Rate
The NRO or Non-Resident Ordinary account offers NRIs an expedient avenue to manage their income streams originating from India, encompassing pension, rent, dividend, or interest. Moreover, NRIs possess the liberty to initiate an RBL Bank NRO FD account, either in a solo capacity or collaboratively with other non-residents, for amplified financial flexibility and opportunities. The NRO FD interest rates offered by RBL are as follows:
| Maturity Period | Interest on Deposits Below ₹2 Crore |
| 7 days – 14 days | 3.5% |
| 15 days – 45 days | 4% |
| 46 days – 90 days | 4.5% |
| 91 days – 180 days | 4.75% |
| 181 days – 240 days | 5.5% |
| 241 days – 364 days | 6.05% |
| 365 days – 452 days | 7% |
| 453 days – 459 days | 7.8% |
| 460 days – 724 days | 7.8% |
| 725 days | 7.8% |
| 726 days – 24 months | 7% |
| 24 months – less than 36 months | 7% |
| 36 months – 60 months 1 day | 7% |
| 60 months 2 days – 240 months | 6.25% |
2. Ratnakar Bank Limited NRO Tax Saver FD Interest Rate
This is a secured fixed deposit scheme offered to NRIs who wish to deposit their funds for the long term (5 years) and avail tax exemption under Section 80C of the Income Tax Act. Deposits up to USD 1 million dollars can be repatriated per financial year per customer upon submission of relevant documents.
The interest rate for this tax saving scheme is as follows:
| Maturity Period | Interest on Deposits Below ₹2 Crore |
| 60 months (5 years) | 7% |
3. Ratnakar Bank Limited NRE FD Interest Rate
NRIs can use a Non Resident External (NRE) account to deposit their foreign income in India in popular currencies such as USD, GBP, EUR, AUD and more. RBL offers competitive FD interest rates for NRE accounts, making it easy to deposit and withdraw funds in Indian Rupees. Check out the table below for an overview of RBL NRE FD interest rates.
| Maturity Period | Interest on Deposits Below ₹2 Crore |
| 453 days – 459 days | 7.8% |
| 460 days – 724 days | 7.8% |
| 725 days | 7.8% |
| 726 days – 24 months | 7% |
| 24 months – less than 36 months | 7% |
| 36 months – 60 months 1 day | 7% |
| 60 months 2 days – 240 months | 6.25% |
4. Ratnakar Bank Limited FCNR Interest Rates
As a non-resident Indian (NRI), you now have the option to invest your funds in India through fixed deposit accounts denominated in popular foreign currencies such as USD, EUR, AUD, etc. This can be achieved through a Foreign Currency Non-Resident (FCNR) account, which allows you to securely hold foreign currency in India and escape the risks of currency fluctuations.
The table below provides an overview of RBL bank Fixed deposit rates for FCNR accounts:
| Maturity Period | USD | GBP | EUR | AUD | SGD | JPY | CAD | CHF |
| More than 1 year to less than 2 years | 5.70% | 4.00% | 3.00% | 3.50% | 1.20% | 0.05% | 2.75% | 0.05% |
| 2 years and above to less than 3 years | 5.50% | 4.20% | 2.20% | 3.50% | 1.25% | 0.05% | 2.50% | 0.05% |
| 3 years and above to less than 4 years | 4.40% | 4.00% | 2.00% | 2.85% | 1.30% | 0.06% | 2.25% | 0.05% |
| 4 years and above to less than 5 years | 4.45% | 3.00% | 2.00% | 2.75% | 1.35% | 0.06% | 2.00% | 0.05% |
| 5 years | 5.50% | 3.00% | 2.00% | 2.60% | 1.40% | 0.06% | 2.00% | 0.05% |
5. Ratnakar Bank Limited RFC Interest Rates
An RFC or Resident Foreign Currency account is a fixed deposit scheme that lets NRIs returning to India deposit their foreign earnings in foreign denominations. At the moment, RBL RFC fixed deposits can be opened in two currencies – USD and GBP, the interest rates of which are stated in the table below:
| Maturity Period | USD | GBP |
| More than 1 year to less than 2 years | 5.70% | 4.00% |
| 2 years and above to less than 3 years | 5.50% | 4.20% |
| 3 years and above to less than 4 years | 4.40% | 4.00% |
| 4 years and above to less than 5 years | 4.45% | 3.00% |
| 5 years | 5.50% | 3.00% |
RBL Bank VS Other Banks’ FD Interest Rate
Let’s see how RBL FD interest rates compare to other commercial banks’ rates for deposits under ₹2 crore. In this analysis, we’ll be referring to the rates for both the general public and senior citizens.
| Name of the Bank | Maturity Period | Interest Rate Range |
| RBL Bank | 7 days to 20 years | From 3.5% to 8.3% p.a |
| Bank of Baroda | 7 days to 10 years* | From 3% to 7.55% p.a |
| Bank of India | 7 days to 10 years | From 3% to 7.65% p.a |
| Canara Bank | 7 days to 10 years | From 4% to 7.98% p.a |
| Central Bank of India | 7 days to 10 years | From 4% to 7.25% p.a |
| Federal Bank | 7 days to 2223+ days | From 3% to 7.75% p.a |
| Indian Overseas Bank | 7 days to 10 years | From 4.30% to 7.75% p.a. |
| HDFC Bank | 7 days to 10 years | From 3% to 7.75% p.a |
| HSBC | 7 days to 5 years | From 2.85% to 8% p.a |
| DBS Bank | 7 days to 5 years and above | From 2.5% to 8% p.a. |
| ICICI Bank | 7 days to 10 years | From 3% to 7.6% p.a |
| Sundaram Finance | 12 months to 36 months | From 7.45% to 8.25% p.a. |
| Punjab and Sind Bank | 7 days to 10 years | From 2.80% to 7.60% p.a. |
| IDBI Bank | 7 days to 20 years** | From 3% to 7.25% p.a |
| IDFC FIRST Bank | 7 days to 10 years | From 3.5% to 8.25% p.a |
| Indian Bank | 7 days to 5 years | From 2.80% to 6.70% p.a |
| IndusInd Bank | 7 days to 10 years | From 3.5 to 8.25% p.a |
| Kotak Mahindra Bank | 7 days to 10 years | From 2.75% to 7.7% p.a |
| PNB | 7 days to 10 years | From 3.5% to 8.05% p.a |
| Axis Bank | 7 days to 10 years | From 3.5% to 8.01% p.a |
| SBI | 7 days to 10 years | From 3% to 7.5% p.a |
| Union Bank of India | 7 days to 10 years | From 3% to 7.8% p.a |
| YES Bank | 7 days to 10 years | From 3.25% to 8.25% p.a |
** For specific conditions like awards from judicial bodies, courts, etc.
This table is for educational purposes only. Navi neither endorses any of the products mentioned above nor takes responsibility for the data mentioned.
Features and Benefits of Ratnakar Bank Limited Fixed Deposit
Here are some features and benefits of investing in Ratnakar Bank Limited deposit schemes:
- RBL Bank fixed deposit schemes offer investment tenure of up to 20 years.
- RBL account holders can opt for nomination facilities on their fixed deposits. This ensures that the amount is rightfully transferred to the legal heir or the specified nominee in case of an unfortunate event.
- Account holders can apply for fixed deposits either via Internet banking or RBL’s mobile banking app, MoBank.
- Senior citizens and super senior citizens get to avail additional 0.5% and 0.75% interest respectively on top of the standard interest rate for the general public.
- If you withdraw from your fixed deposit account before the maturity date, you will receive the interest rate that was applicable on the date you opened the account. Moreover, you will have to pay a 1% penalty on that rate.
- There is no penalty for senior citizens or super senior citizens if they withdraw from their fixed deposit account before the maturity date.
- Minimum NRE deposit tenure is 1 year. Furthermore, no interest will be payable in case an NRI depositor withdraws the money prematurely.
- FCNR (B) deposits cannot be partially withdrawn. Furthermore, senior non-residents cannot avail the domestic senior citizen rates.
- RBL account holders can claim loans against their FD or overdraft facility. However, these loans are subject to certain conditions.
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Different Types of Ratnakar Bank Limited FD Schemes
RBL Bank provides various fixed deposit options which differ on the basis of purpose, interest rate and tenure. The different types of RBL bank FD schemes are as follows:
- RBL Regular Fixed Deposit
- RBL Flexi Sure Fixed Deposit
- RBL Tax Saving Fixed Deposit
- RBL Senior Citizen Fixed Deposit
- RBL Super Senior Citizen Fixed Deposit
- RBL Smart Deposit
- RBL NRE Fixed Deposit
- RBL NRO Fixed Deposit
- RBL FCNR Fixed Deposit
- RBL RFC Fixed Deposit
- RBL NRO Tax Saver Fixed Deposit
*Please note that the interest rates mentioned below include the rates offered to senior citizens.
1. RBL Regular Fixed Deposit
- Minimum FD Amount: ₹5,000
- Maximum FD Amount: No upper limit
- Interest Rate: 3.5% to 8.30%
- Tenure: 7 days to 20 years
- Eligibility criteria: Indian resident
2. RBL Flexi Sure Fixed Deposit
- Minimum FD Amount: ₹5,000
- Maximum FD Amount: No upper limit
- Interest Rate: 3.5% to 7.80%
- Tenure: 7 days to 20 years
- Eligibility criteria: Indian resident
3. Tax Saving Fixed Deposit
- Minimum FD Amount: ₹100
- Maximum FD Amount: ₹1.5 lakh
- Interest Rate: 7%
- Tenure: 5 years lock-in period
- Eligibility criteria: Indian resident
4. RBL Senior Citizen Fixed Deposit
- Minimum FD Amount: ₹5,000
- Maximum FD Amount: No upper limit
- Interest Rate: 4% to 8.3%
- Tenure: 7 days to 20 years
- Eligibility criteria: Any Indian citizen above 60 years of age
5. RBL Super Senior Citizen Fixed Deposit
- Minimum FD Amount: ₹5,000
- Maximum FD Amount: No upper limit
- Interest Rate: 4.25% to 8.55%
- Tenure: 7 days to 20 years
- Eligibility criteria: Any Indian resident above the age of 80 years
6. RBL Smart Deposit
- Minimum FD Amount: ₹1,000
- Maximum FD Amount: ₹5,00,000
- Interest Rate: 5.50% to 8.30%
- Tenure: 6 months to 5 years
- Eligibility criteria: Any Indian resident
7. RBL NRE Fixed Deposit Scheme
- Minimum FD Amount:
- Maximum FD Amount:
- Interest Rate: 6.25% to 7.8%
- Tenure: 1 year to 20 years
- Eligibility criteria: Any Non-Resident Indian or Person of Indian Origin
8. RBL NRO Fixed Deposit Scheme
- Minimum FD Amount:
- Maximum FD Amount:
- Interest Rate: 3.5% to 7.8%
- Tenure: 7 days to 20 years
- Eligibility criteria: Any Non-Residential Indian, or Person of Indian origin
9. RBL FCNR Deposit Scheme
- Minimum FD Amount:
- Maximum FD Amount:
- Interest Rate: 4.40% to 5.70% (USD)
- Tenure: 7 days to 20 years
- Eligibility criteria: Any Non-Residential Indian, or Person of Indian origin
10. RBL RFC Deposit Scheme
- Minimum FD Amount:
- Maximum FD Amount:
- Interest Rate: 4.40% to 5.70% (USD)
- Tenure: 7 days to 20 years
- Eligibility criteria: Any Non-Residential Indian, or Person of Indian origin
11. RBL NRO Tax Saver FD Scheme
- Minimum FD Amount:
- Maximum FD Amount:
- Interest Rate: 7%
- Tenure: 5 years lock-in period
- Eligibility criteria: Any Non-Residential Indian or Person of Indian origin
How to Invest in Ratnakar Bank Limited Fixed Deposits?
Follow the step-by-step guide below to open an RBL FD account online or offline:
1. Online Application Process
Here is how you can apply for an FD account online:
Step 1: You can open an FD account online via either RBL mobile banking app or Internet banking services. However, if you do not hold an existing account with RBL, you will have to register for their banking services and complete KYC compliances.
Step 2: After completing the KYC procedure, log in to MoBank or their online portal by entering your login credentials accurately.
Step 3: Once you are on the dashboard, navigate to the account opening option. Thereafter, click or tap on the fixed deposit option under it.
Step 4: Clicking the option would redirect you to an online application. Specify the FD amount and investment tenure. You may also add a nominee for your fixed deposit.
Step 5: Enter all other information as specified and required. Click on the submit button only after properly going through the article and confirming the information.
2. Offline Application Process
Here is how you can apply for an FD account at RBL via the offline mode:
Step 1: Visit the nearest RBL bank branch.
Step 2: Thereafter, request for the FD application form and fill it out with all the required information. You may also have to attach certain documents that will act as your identity and address proof.
Step 3: Make sure to verify the application before submission.
Documents Required to Open Ratnakar Bank Limited FD
You will need the following documents to open an FD account with Ratnakar Bank Limited:
- Identity Proof: Passport, PAN card, Voter ID card, Government ID card, Senior citizen ID card, Driving licence, Ration card.
- Address Proof: Passport, certificate issued by Post office, Electricity bill, Telephone bill, bank statement with cheque.
- Copies of passport-sized photographs.
Eligibility to Open Ratnakar Bank Limit FD
RBL Bank FD schemes have flexible eligibility criteria that are easy to meet for both the general public and senior citizens. The following entities are eligible to open FD accounts:
- Individuals (Indians or NRIs)
- Hindu Undivided Families
- Trusts or charitable funds
- Proprietorship Firms
- Limited Companies
- Partnership Firms
Taxation on RBL FD Deposit Scheme
- Income generated from interest earned on FDs is considered “income from other sources” and is hence part of your overall income. It is subject to taxation as per the applicable tax slab rate.
- If the interest income earned during a financial year is below ₹40,000, it is completely tax-exempt. For senior citizens, the limit has been extended to ₹50,000. Once your interest income crosses this threshold, you are liable to pay Tax Deducted at Source (TDS) of 10% levied by the bank. If you haven’t linked your PAN card to the FD account, TDS payable is 20%.
- You can avail tax deduction of up to ₹1.5 lakh on the interest earned from your tax-saving fixed deposits.
- If you are exempt from paying taxes as per IT rules, you are required to submit form 15G or 15H (for senior citizens) to instruct the bank not to deduct TDS.
Loan against RBL FD Deposit Scheme
RBL FD account holders can now claim overdrafts or loans against their fixed deposits instantly. Furthermore, you do not need to pay any processing charge to request a loan against your FD. With RBL’s MoBank app, availing such services has become even more convenient. Account holders no longer need to visit branches and go through vigorous paperwork.
Final Word
Ratnakar Bank Limited offers a secure and reliable platform for your financial needs. With a variety of fixed deposit schemes to choose from, you can select one that fits your eligibility and financial requirements. Please note that a 1% penal interest rate will be levied in case of premature withdrawal of domestic term deposits.
While fixed deposits provide assured returns, these are not significant considering high inflation rates. Instead, you can explore various Navi Mutual Fund schemes to diversify your investment portfolio.
FAQs
No, you can only withdraw from tax-saving fixed deposits after the completion of the 5 years lock-in period.
RBL fixed deposit schemes provide monthly or quarterly payout options to depositors. You can also choose to reinvest the earned interest amount at the end of the FD tenure.
No, for joint deposits, only the first and primary holder of the account can claim tax deductions under Section 80C.
Smart deposit top-up shall be a minimum of ₹50, and a maximum of ₹10,000 per day. However, the weekly top-up should not exceed ₹25,000.
At RBL, senior citizens can avail overdraft facilities of up to 90% of the fixed deposit’s principal amount. You will still continue to earn interest on your fixed deposit.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
