Product Details
Bank Name
RBL Bank
Eligibility
Residency: This scheme is available for resident Indians only. Non-Resident Indians (NRIs) with NRE/NRO accounts are not eligible.
Minimum Age: There is no minimum age requirement to open an RBL Tax Savings FD.
Interest Rate
up to 7.60% p.a.
Tenure
Minimum and maximum booking periods is 5 years.
Fixed Deposit Type
tax saving
TAX SAVINGS FIXED DEPOSITS
Tax Benefits
tax exemption under section 80C
Credit Ratings
Fixed Deposits Programme ICRA AA- (Stable) , Short term fixed deposit programme ICRA A1+
Interest Payment Frequency
On Maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Cumulative
Features
Attractive interest rates on Tax savings FD Save tax on fixed deposit with an amount between Rs. 100 to Rs. 1,50,000 in multiples of Rs. 100 Booking period –minimum & maximum 5 years Interest rates for tax saving fd TDS are applicable as per the prevailing interest rate Nomination facility is available Partial withdrawal / Pre-mature withdrawal is not allowed TDS will be applicable as per existing guidelines In the case of joint deposits, the tax benefit under 80C will be available only to the first holder of the deposit
Minimum Investment Amount
Rs. 100 to Rs. 1,50,000 in multiples of Rs. 100
Features & Benefits
Pros
Tax Benefits
Attractive Interest Rates
Secured Investment
Cons
Premature Withdrawal Penalty
Pros & Cons
Account Opening Procedure
How to Open?
Visit an RBL Bank Branch: This is the traditional method.
Locate your nearest RBL Bank branch. You can find a branch locator on the bank's website: https://www.rblbank.com/locate-us
Carry the required documents:Identity proof (Aadhaar card, PAN card is mandatory for tax benefits)
Address proof (utility bill, bank statement)
Recent passport-sized photograph
Meet a bank representative and express your interest in opening a Tax Savings Fixed Deposit.
Fill out the application form provided by the bank.
Discuss any questions you may have with the bank representative.
Once everything is finalized, submit the form, documents, and your initial deposit amount. You will receive a Fixed Deposit Receipt (FDR) as confirmation.
Application Procedure
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