RBL Bank FD rates: As of May 1, 2024, RBL Bank will no longer provide fixed deposit (FD) interest rates for sums under Rs 2 crore. A variety of investors, including elderly and extremely senior persons, may profit from these reduced rates.
8.75% is the highest interest rate for very senior persons
RBL Bank offers the highest interest rate of 8% on fixed deposits maturing in 18 to 24 months, according to an ET article. Senior people receive an additional 0.50% for the same term, for a total rate of 8.50%. The rate for super senior people (those who are 80 years of age or above) is 8.75% plus an extra 0.75%.
Fixed rates for NRE and NRO deposits
Interest rates on Non-Resident External (NRE) fixed deposits at RBL Bank range from 7.50% to 8%. The rates on fixed deposits designated as Non-Resident Ordinary (NRO) vary from 3.5% to 8%. Please take note that NRE or NRO fixed deposits are not eligible for the senior citizen and super senior citizen bonus rates.
Fixed rates for NRE and NRO deposits
Interest rates on Non-Resident External (NRE) fixed deposits at RBL Bank range from 7.50% to 8%. The rates on fixed deposits designated as Non-Resident Ordinary (NRO) vary from 3.5% to 8%. Please take note that NRE or NRO fixed deposits are not eligible for the senior citizen and super senior citizen bonus rates.
Early withdrawal guidelines
The website of RBL Bank states that in the event that you take early withdrawals of your fixed deposit, either in full or in part, the bank will compute your interest based on the interest rate at the time the account was opened and the duration of the deposit. On the other hand, this rate will be penalized by 1%. The good news is that super senior and senior persons do not incur penalties for early withdrawal.
