RBL Bank Savings Account helps you to deposit and withdraw funds, transfer funds, pay bills, make smart investments, and a lot more. The bank offers different savings account products to suit you to the T, and maximize returns. The highest interest rate applicable is 6.75%. RBL several value-added services and facilities to improve your banking experience. You can open the RBL Savings Account online or visit the nearest bank branch for the same.
In the following post, we will discuss the RBL Savings Account interest rate, eligibility criteria, documents required, how to open the savings account, internet banking service, types of savings accounts, the savings accounts feature and FAQs.
As from October 1, 2019, the bank has set a limit for the rate of interest in the following manner:
Here are the eligible candidates who can open a savings bank account at RBL:
NOTE: Registered mobile number, PAN Card, and Aadhaar Number are mandatory to open the account.
You can access the online opening form for savings account on the RBL’s official website. A representative will visit to help you with the formalities if necessary. Or, you can also walk into the nearest bank branch. The documents you will need are identity proof, relationship proof, address proof, and age proof.
To open an online RBL Savings Bank Account, all you have to do is provide your Aadhaar and PAN number, along with your mobile number. Visit the RBL Bank’s official website to open the account or you can visit the nearest bank branch for the same. Click here for online saving account opening form.
The new e-banking portal of RBL Bank brings an easy navigation experience. It has a simplistic welcome design. You can just login and enjoy n-number of services. Also, it is possible to view detailed and mini statement enquiry. You can also get an overview of account balances, loans, credit cards, investments, and deposits. You can bank from anywhere and anytime. The website is seamlessly responsive. It adapts to smartphones, tablets, and PCs.
NOTE: Click here for internet banking registration form in PDF format.
Below given are the types of RBL Savings Accounts that you can open:
To open a Digital Savings Account, all you need is your PAN number and Aadhaar number. You can open the account digitally and experience seamless banking. The application procedure is paperless and instant. You will benefit with anytime banking and higher interest rates. Also, there are no charges on non-maintenance of balances if you do a Recurring Deposit (RD) or Systematic Investment Plan (SIP) of at least Rs. 2000.
There are two ways to apply for Digital Savings Account:
The annual interest rate with effect from October 2019, is 6.75% for balance between Rs. 3 crores and Rs. 5 crores or balance between Rs. 10 lacs to up to Rs. 3 crores. The rate of interest is 6% and 5% for balances between Rs. 1 lac and Rs. 10 lacs, and up to Rs. 5 lacs, respectively.
Here are the benefits of this RBL savings account:
The documents you need to provide while opening of the account are:
Here are the RBL Digital Savings Account FAQs:
You can make a fund transfer through IMPS, which is an instant transfer facility at any time. You can access this transfer method even on holidays and on all days of the week. A small fee may be applicable on the transaction. Also, you can transfer through NEFT 24 X 7. The RTGS method is useful if you wish to transfer a large amount of money from Rs. 2 lacs to Rs. 10 lacs.
As per the guidelines of the RBI, the interest for this account is calculated on a daily balance basis. This means, that at the end of each working day, the funds in the account is taken into account, on which the applicable interest is accrued, and then credited on a quarterly basis.
The highest rate of interest is 6.75%. However, if the account balance goes over Rs. 5 crores, then you must get in touch with the bank to know about the rate of interest. The initial balance of Rs. 1 lac earns an interest of 5% per annum. After this, the interest is applicable as per the mentioned slabs.
The interest you earn on the bank deposits are taxable as per the income slab you fall in. But, interest income up to Rs. 10,000 in a financial year from the savings account is not taxable or tax exempted under the Section 80 TTA of the Income Tax Act.
This is a ‘Zero Balance Savings Account’, because you do not have to necessarily maintain a monthly or average monthly balance. Also, there are no charges applicable if you do not maintain any certain limit of bank balance. You can access this account from any of the RBL branches in India. You can transfer funds through NEFT and RTGS. Also, you will receive a free-of-cost RuPay Card. The cash withdrawal limit on this Debit Card is Rs. 30,000 and Rs. 50,000 for ATM. The account offers unlimited free transactions via ATM at RBL Bank ATMs.
Here are some of the benefits of this RBL Savings Account:
The Prime Savings Account comes with additional benefits such as higher interest rates, internet and mobile banking, unlimited ATM transactions, and Titanium MasterCard Debit Card. The account makes your life easier with modern banking features and a wide variety of transactions. You can open this account solely or jointly with another person such as a sibling, spouse, or a minor child.
Here are some of the benefits:
The annual interest rate with effect from October 2019, is 6.75% for balance between Rs. 3 crores and Rs. 5 crores or balance between Rs. 10 lacs to up to Rs. 3 crores. The rate of interest is 6% and 5% for balances between Rs. 1 lac and Rs. 10 lacs, and up to Rs. 5 lacs, respectively. The interest is calculated on a daily balance basis. The interest is paid in every quarter or after every 4 months.
After you open the Prime Savings Account, you will receive a Titanium MasterCard Debit Card, which comes with the following insurance benefits:
NOTE : The bank will only adhere and pay for the claims if you have done at least one POS transaction on the Debit Card in the last 89 days.
Here are the required documents to open the account:
Here are the RBL Prime Savings Account FAQs:
There are no charges applicable for NEFT and RTGS outward transactions. Also, in a month, you can make one Demand Draft free-of-cost from the bank branch as well as non-RBL locations.
The Titanium First Debit Card comes with several benefits such as exciting shopping offers, huge cashbacks, and discounts. You can get welcome vouchers of worth Rs. 2,500. Also, the card comes with complimentary insurances. You receive Rs. 2.5 lacs as personal accident cover, and up to Rs. 50,000 as stolen card liability cover, and up to Rs. 10,000 as purchase protection.
You can use the Titanium First Debit Card worldwide. You can use this card at all the retail outlets that accept MasterCard. Also, this card is acceptable at all the ATMs.
As per the RBI norms, if the account has no transactions carried out in 2 years period, then the account becomes dormant. In such a scenario, you need to approach the bank for account reactivation.
Do you want an edge over other savings accounts with additional benefits? If yes, then the Prime Edge Savings Account is the best for you over the regular savings account. Here, you can get discounts on hospitalization and medical advice if you choose services from a vast network of 6,000 hospitals in India. It is like a Health Savings Account. It is customized for those who deal with high healthcare costs. Thus, this RBL Savings Account is perfect if you have regular or good amounts of medical expenses.
Here are the benefits of this RBL Bank account:
As the name suggests, the Women’s First Savings Account is available for only female account openers. The account comes with a year-long discount scheme and several healthcare discounts. You will receive a higher interest rate, financial value-adds, exclusive Woman’s First Debit Card, and the facility of zero balance account if the account is for a minor female child. Any woman over 18 years of age and a resident Indian, can open this RBL savings account. The minimum balance requirement is Rs. 10,000.
Here are the RBL Woman’s First Savings Account FAQs:
Apart from fund deposit and withdrawal, here are the other facilities for this RBL Savings Account:
This account offers women with financial independence. Other facilities include diagnostics and health check-ups, discounts on shopping, exclusive Woman’s First Debit Card, zero-balance kid’s account, and welcome vouchers worth Rs. 2,500.
Interest on savings accounts is calculated on a daily balance method. The interest paid in the month of March, June, September, and December.
If you are looking for more than just the basic banking services, then the Advantage Savings Account is perfect for your needs. It comes with access to platinum concierge services, premiere high interest rate, freedom to choose your own account number, and a lot more.
Here are the benefits of this RBL Savings Account:
Here are the Advantage Savings Account FAQs:
Here are the associated insurance benefits:
NOTE: The bank will only adhere and pay for the claims if you have done at least one POS transaction on the Debit Card in the last 89 days. Click here for terms and conditions.
You can apply for this account online. You may click here to apply for the same. Or, you can also walk into the nearest RBL bank branch for the application procedure.
The eligibility criteria for this savings account is the same as that for a regular savings account. But you need to maintain a specified minimum monthly balance in the account.
This is a Salary Account cum Savings account. This is why it is also a zero-balance account so that you can withdraw/use up your earnings in full. The account applies minimal charges on services only, so that works in your favour and finances. Employers can get in touch with the bank to open an RBL Executive Salary Account for their employees.
NOTE: There are stipulated charges for the maintenance of the account. Click here to know more.
The salaried employee needs to submit required documents along with other papers such as employment contract, employment offer letter, and introduction letter from the employer in the bank’s format. The letter must be signed and stamped by an authorized signatory. Remember, at RBL, this savings account is only for employees with a net monthly salary of Rs. 20,000 to Rs. 50,000.
Here are the RBL Executive Salary Account FAQs:
Here are the details to know:
There is a facility of a safe deposit locker. But it is based on the availability of the same. However, the bank keeps all your belongings safe and secured in the locker, if you get one in the branch.
The bank offers SMS banking for various services, so that you can access the same on your fingertips. You will also receive real-time SMS and Email alerts/notifications on every transaction done from your Executive Salary Account.
To pay your monthly utility bills, you can set up a one-time instruction on the online platform of RBL net banking. You can also edit the bill payment setting as per requirement. As for direct taxes, you can pay the same by visiting any of the branches or through your salary account online.
You can enjoy short-term loans as well as long-term loans on the salary savings account. The loan amount is for personal requirements and provided on the sole discretion of the bank.
The Seniors First Savings Account helps you enjoy your retirement years by offering returns on money deposit. You can enjoy higher interest rates and health benefits. You will also receive a Titanium Debit Card. There is a facility to apply for this RBL Savings Account online. You can generate Debit Card Pin and Internet Banking PIN instantly through a single SMS.
The bank account comes with Gain4Sure Fixed Deposits and Tax Savings Deposits. For senior citizens, the premature penalty of 1% is waived off. If you are 60 years of age and above, a resident citizen, then you can open the Senior Citizen Account.
Here are the features of Senior Citizen Savings Account:
Here are the following benefits:
Here are RBL Savings Account FAQs:
It is mandatory to submit your Permanent Account Number or PAN Card of the Income Tax Department for the opening of savings bank accounts.
As per the RBI guidelines, every customer must meet the ‘Know Your Customer’ or KYC requirement to open a bank account. You need to submit proof of identity and address if you are a resident India. If you are a non-resident India (NRI), you have to also furnish proof of your NRI status. Along with these documents, you have to submit a passport-size latest photograph.
Apart from depositing and withdrawing funds, RBL Savings Accounts offers several other facilities as mentioned below:
The monthly average balance differs from a savings account product to another. There is also a facility for zero balance accounts. Here, you need not maintain a specific balance.
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