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  • What are the Types of Fixed Deposits in RBL Bank

    Published on September 6, 2022

    A Fixed Deposit (FD) is a safe investment that promises assured returns and safety of capital. It is an investment plan wherein you can deposit a lump sum for a fixed lock-in period and earn interest. There is no apparent risk of loss of principal amount with bank FDs. You will receive the invested amount with compound interest on the maturity date.

    The FD interest rate is factored into the invested capital and investment tenure. Once you fix your lump sum in an FD, you keep earning a fixed interest amount. FD returns remain unaffected by market movement or changes in the interest rate in the market. Banks offer loans against your FDs.

    You cannot withdraw the capital invested in an FD before maturity unless you do not mind paying the penalty for the premature withdrawal.

    The scope of FD schemes with banks has expanded tremendously in the present times. You can choose from different types of FDs offered by the RBL bank to accomplish your set goals concerning investments.

    What are the Types of Fixed Deposits with RBL Bank?

    RBL bank offers different Types of Fixed Deposits to serve consumers and helps to fulfil their diverse needs. Following are the four types of FDs with the RBL bank:

    Regular Fixed Deposits

    A regular FD comes with flexible FD tenure from 7 days to 20 years. RBL bank offers flexible interest payout options. The depositors can choose a monthly or quarterly payout or receive the compounded interest at the maturity date.

    • It is an easy investment to earn attractive and fixed returns.
      • Regular FDs come with a nomination facility.
      • The bank allows you to withdraw a regular FD partially/pre-maturely.
      • It offers an overdraft facility against a fixed deposit.
      • The tax at source (TDS) is applicable on regular FDs as per the prevalent income tax regulations.
      • You can make a regular deposit online for a tenure of 7 days to 20 years.

     

    Flexi Sure Fixed Deposits

    A Flexi fixed deposit comes with a liquidity option. The FD account is linked to your savings/current account with the bank.

    • An individual can link multiple deposits to the account. The tenure of FDs is also flexible here.
    • In the event of a shortfall in the savings or current account, the linked fixed deposit is broken to cover the deficit.

    Senior Citizen Fixed Deposits

    A fixed deposit with a better interest rate is offered to senior citizens who are 60 years or above.

    • It is an easy investment with attractive returns for senior citizens. Individuals with an RBL account can open an FD account conveniently through the internet or mobile banking.
    • It offers monthly or quarterly interest options to help investors meet their financial needs. They can choose to keep it invested till the maturity date also.
    • The FD tenure is seven days to 20 years.
    • A nomination facility is available.
    • A partial/premature withdrawal facility is available.

    Tax Saving Fixed Deposits

    A tax-saving fixed deposit comes with dual tax exemption benefits. You can avail of the income tax deduction provision under Section 80C by investing up to Rs.1.5 lakh in these FDs. You need to submit Form G/H for TDS exemption.

    The bank does not allow partial withdrawal/premature withdrawal. If you do so, the tax benefits will not be available.

    • The maximum FD tenure is five years.
    • If it is a joint deposit account, the primary depositor can avail of tax benefits.
    • A nomination facility is available.
    • A loan facility against tax-saving FDs is also not available.

    FD maturity calculator can help you compute the FD returns that you can use to calculate applicable taxes. To save your taxes, you can plan your FD investments from these fixed deposits accordingly.

    The RBL FD interest rates may go as high as 7%. Avail of the best-suited FD to secure your or your family’s future with assured returns.

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