RBL Bank Advantage Savings Account

RBL Bank Advantage Savings Account
Average Monthly Balance Rs. 25,000
Interest Rate 4.75% to 6.50%
Debit Card Platinum Master Card Debit

RBL Bank Advantage Savings Account is an added benefit account. It offers you higher interest rates and preferential treatment. You can choose your account number, get maximum withdrawal and transaction limits over a regular savings bank (SB) account (acc.). Also, you can enjoy platinum concierge services, including internet banking, bill payment, NEFT, RTGS, free cheque book, Platinum Master Card, and more.

In this post, we will discuss RBL Bank Advantage Savings Account features, eligibility criteria, interest rate, fees and charges, and frequently asked questions.

Features of RBL Bank Advantage Savings Account

Here are some of the features of this SB account:

  • You have the facility to choose your account number.
  • You can earn interest as high as 6.50% on the deposited sum.
  • You will receive a Platinum Master Card Debit Card that gives access to concierge services.
  • The Debit Card comes with enhanced limits.
  • The daily cash withdrawal limit is up to Rs. 1 lakh.
  • The shopping limit for the day is Rs. 2 lakhs.
  • Get free cash transactions and outstation cheque collections at the branches.
  • NEFT and RTGS services are free on this account.
  • Enjoy online and mobile banking.
  • Free demand drafts and payable at par cheque book.
  • Free access to all the ATMs in the country.

RBL Bank Advantage Saving Account Interest Rate

Here are the details about rate of interest:

  • Interest is calculated on a daily balance basis. For the deposit amount in an account of more than Rs. 5 crores, check with the bank for the applicable rate.
  • For balances more than Rs. 3 crores and up to Rs. 5 crores, the rate of interest is 6.50% per annum.
  • The rate is 6.50% for a balance over Rs. 10 lakhs and up to Rs. 3 crores.
  • The interest rate is 6.00% for a balance over Rs. 1 lakh and up to Rs. 10 lakhs.
  • The rate is 4.75% for a balance up to Rs. 1 lakh.
  • These rates apply on a lump-sum balance over Rs. 1 lakh according to the mentioned slabs.
  • The interest rate is 4.75% on the initial Rs. 1 lakh balance.

RBL Bank Advantage Savings Account Fees and Charges

Here is information about the applicable charges:

Particulars Fees and Charges
Average Monthly Balance (AMB) Rs. 25,000
Non-Maintenance of AMB
  • Maximum Rs. 500 per month
  • 5% of the balance shortfall when the AMB maintained is 50% of the minimum limit
  • 10% of the balance shortfall when the AMB is lower than 50% of the minimum limit
Demand Drafts 10 free per month
Cheque Book Every quarter, you will receive 5 cheque books with 100 leaves free
Local Cheque Collection, RTGS, NEFT, Fund Transfers Inward, Fund Transfer within Bank Free
Outstation Clearing Free for the first 3 instances
NEFT/RTGS – Outward, Cash Withdrawal, RBL Bank's ATMs Cash Withdrawal Free
Cash Withdrawal at Other Bank’s ATMs Domestic (Financial) 10 transactions free per month
Balance Enquiry at Other Bank's ATMs Domestic (Non-Financial) 10 instances per month for free
Visa Platinum Debit Card/Master Platinum Debit Card Free
RBL Bank's ATMs Balance Enquiry Free
Cheque Issued and Returned - Technical Reason , Duplicate Statement, Online Tax Payment Free
SMS Alert Services (Optional), Stop Payment Individual or Range, Bill Payment Free

Frequently Asked Questions about RBL Advantage Savings Account

Here are the FAQs:

Here are the benefits:

  • You can avail of services such as internet banking, debit card, and bill payment.
  • You can earn higher rates of interest. You get to enjoy preferential pricing.
  • Receive 15% concession on safe deposit lockers.
  • The facility is for one locker and the first account holder.
  • The standing instruction for the same must come from the said savings acc.
  • Get 25% additional off on the Loan against the Property processing fee.
  • Earn a huge number of advantages on your Debit Card.

Here are the details:

  • Get Rs. 1 lakh each for cash in transit and lost card liability/counterfeit.
  • The claim is only payable on using the card for POS transactions for once at least in the last 89 days.
  • Purchase protection is Rs. 25,000.
  • The personal accident cover for travel by air is Rs. 10 lakhs.
  • Rs. 5 lakhs are for personal accident cover in case of death.

Rs. 10 lakhs per month is the maximum limit for a cash deposit.

The eligibility norms are as same as that of the regular savings account. Also, you have to maintain a minimum balance every month in the acc.

Here are the documents for address and identity proof. Here is what you need:

  • Aadhaar Card
  • PAN Card
  • Passport
  • MNREGA Card
  • Utility bills (not older than 2 months) such as that for electricity, landline telephone, or post-paid mobile
  • Bank statement of the last 3 months
  • ID Card issued by the state or central government departments