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RBL Bank FD Calculator

As one of the country’s leading private sector banks, RBL Bank is a good option for investment and banking. The bank has actually been in business since 1943, though it was earlier known as Ratnakar Bank. It was rebranded to its current name, RBL Bank. The bank is listed on both BSE and NSE. RBL Bank has a sizable footprint across Indian cities and union territories. Its website proudly states that it has over 400 branches and nearly 400 ATMs across 28 Indian states and union territories.

Features of RBL Bank Fixed Deposits 

Fixed deposits at RBL Bank are available for a minimum period of 7 days, which is doable even for an extremely short term investor. Alternatively, investors seeking long term deposits may even invest for even as long as 20 years. Interest rates vary from 3.25% for a 7 day deposit to 6.30% for some long term investments. For senior citizens the fixed deposit interest rates start at 3.75% and go all the way up to 6.80%.  

RBL Bank FD Rates 2021: 

The fixed deposit rates of RBL Bank have been updated as of September 2021 and we have brought you the updated rates below: 

Period of Deposit
Interest Rates p.a.
Gen. Senior Citizen
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 24 months 6.00% 6.50%
24 months to less than 36 months 6.00% 6.50%
36 months to less than 60 months 6.30% 6.80%
60 months 2 days to less than 120 months 5.75% 6.25%
120 months to 240 months. 5.75% 6.25%
Tax Savings FD (60 months) 6.30% 6.80%

To help you figure out what the interest amount in a given investment will be, stay tuned and read on as we will be telling you all about the RBL Bank FD calculator later in this article.

Benefits of RBL Bank FD. 

But before you jump to the RBL Bank FD calculator, wouldn’t you like to know what the benefits of RBL Bank FDs are, and the types of FDs available? Let’s start with the benefits.

  1. RBL Bank lets you book your fixed deposit easily – even online or via your smartphone, if you are an existing customer. 
  2. The bank offers attractive and competitive returns on your deposit. 
  3. The lock in period for FDs, as mentioned earlier, has a wide scope all the way from 7 days to 20 years
  4. RBL Bank also offers similar flexibility with regards to interest. The investor gets to choose whether they would like to   receive interest monthly, quarterly or keep it invested till maturity
  5. Life is uncertain and you definitely want to have control over your capital should fate cut your life short. As such, a nomination facility is available on your RBL Bank fixed deposit.
  6. In keeping same the same sentiment pertaining to life being unpredictable, RBL Bank has made provisions for partial/premature withdrawal of the fixed deposit
  7. Investors can also opt for an overdraft facility against their fixed deposit with RBL Bank.

 

Types of RBL Bank Fixed Deposits and Eligibility criteria

  • General Fixed Deposit: These are available to any citizen of India.
  • Senior Citizen’s Fixed Deposit: These fixed deposits are only available to investors above 60 years old.
  • Tax Saver Fixed Deposit: These can be accessed by any Indian citizen but as per government norms, the lock in period is 5 years.
  • NRE and NRO Deposit: You have to have the relevant citizenship status to avail these fixed deposits.
  • Flexi Sure Fixed Deposit: This type of fixed deposit is linked to the investor’s savings or current account. As you may know such accounts have minimum balance requirements. Any deficit in your bank account is eliminated by extracting the exact amount from your linked flexi-sure fixed deposit. These are open to all Indian Citizens.
  • FCNR: RBL Bank also offers Fixed Deposit options for Non Resident Indians seeking foreign currency based investments. The bank accepts investments in Swiss Francs, US, Canadian, Singapore, Hong Kong and Australian dollars, Great British pounds, Euro and Japanese Yen. An Foreign Currency Non Resident (FCNR) account is required for these investments.
  • Recurring Deposit: The investor adds a fixed amount to the investment on a monthly basis through the term of the fixed deposit. This investment earns interest that compounded on a quarterly basis.

 

How to calculate FD Rates

As promised, we are now going to tell you all about the RBL Bank FD Calculator. 

The RBL Bank FD Calculator can give you the interest amount that you stand to gain by your investment in a few seconds. All you need to do is visit the RBL website and fill in a short online form on the RBL Bank FD Calculator tab. 

You can access the RBL Bank FD Calculator here: https://www.rblbank.com/RblCalculator/ 

You can use the RBL Bank FD calculator completely free of charge. 

Factors affecting FD Rates

In case you are wondering how you can get a higher rate of interest, let’s look at some of the factors that have a bearing on interest rates:

  • Age – At RBL Bank and indeed at any bank, you will notice that the interest rates extended to senior citizens are substantially higher than their general interest rates. For example if a 1 year investment on a regular domestic deposit begets 6%, the RBL Bank FD Rate for Senior Citizens deposit for the same tenure will be 6.50%. 
  • Tenure – How long can you afford to out your investment capital away for?  The longer, the better. For example a 3 month deposit gets the RBL Bank general investor 3.25% interest whereas a 3 year investment earns the same investor 6% to 6.30% interest. 
  • Investment capital – It is a common misconception that the amount of the deposit impacts the interest rate (though with some banks, this may be true). The rates for RBL Bank deposits discussed in this article pertain to investments under Rs 3 crore. As such it is safe to say that the amount of the investment has minimal to negligible impact on your interest rate. 

 

FAQs:

What is the difference between term deposits and fixed deposits

The phrases Term deposits and Fixed deposits refer very much to the same kind of investment. The terms are synonymous with one another.

Can I invest jointly with my senior citizen grandmother to avail a higher rate of interest?

The interest rate is calculated based on the age of the primary investor. You only get a senior citizen interest rate if the FD is in the name of a senior citizen.

I would like to deposit and invest a portion my foreign exchange earnings in India. How can I do this?

You can do so via an FCNR account and an FCNR Fixed deposit. RBL Bank accepts a wide variety of currencies including Swiss Francs, US, Canadian, Singapore, Hong Kong and Australian dollars, Great British pounds, Euro and Japanese Yen.

Is there any safe SIP type option that gives safety of FD but encourages monthly savings?

Yes, you can opt for a recurring deposit that allows you to deposit a fixed amount on a monthly basis.

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