For the deposit amount of Rs 10,000/- and above, RBL Bank offers fixed deposit schemes at attractive returns and that too for flexible tenures. The tenures are categorized as short, medium and long term tenures.
RBL Bank’s short-term fixed deposit scheme comes under the tenure ranging from one week to the maximum of 364 days. The period of further divided into five time slabs where varying interest rates can be availed.
For the holding period of 7-45 days, the rate of interest is calculated at 5.5% per annum, and it gets a 2% hike to become 7.5% per annum for the holding period of 46 days to three months. Moving on, for the holding period of 3-6 months, the rate of interest offered by the bank is levied at 8% per annum. Moreover, for the holding period of 6-8 months, the rate of interest is calculated at 8.25% per annum, and it is further increased by 0.5% to 8.5% per annum for the holding period of eight months to 364 days.
One year is the minimum tenure offered by the bank under the bank’s medium and long-term fixed deposit scheme where the returns are levied starting from 8.85% per annum for the holding period of up to two years. For the holding period of 2-3 years, the rate of interest is calculated at 9.10% per annum. But, it gets eventually decreased by 0.10% to 9% per annum for the holding period of five years.
For the senior citizens of the country, RBL Bank offers 0.5% extra on the rates as mentioned above of interest of different tenures. Hence, the interest rate on the FDs for the senior citizens ranges from 6% to 9.60% per annum, although the senior citizens are not eligible for Non-Resident Ordinary (NRO) Savings Account.
Those looking to invest in some profitable products can avail the benefit of RBL Bank’s fixed deposit schemes which offers safe and fixed returns on their investments.