This article offers a brief summary of the key aspects of the RBL Bank’s Senior Citizens Fixed Deposit schemes. Since these details are subject to frequent updates, please refer to the bank’s official website for the most current information on features and interest rates.
RBL Bank – Senior Citizens Fixed Deposit Features:
- Senior Citizens are exempt from the 1% premature withdrawal penalty, with interest calculated based on the prevailing bank rate for the actual duration of the deposit.
- For term deposits lasting less than 181 days, simple interest is applied for maturity calculations.
- Monthly interest payouts on term deposits are subject to reduced rates based on current rates.
- TDS is withheld as per existing income tax regulations.
- For resident time deposits with interest exceeding INR 10,000 in a fiscal year, a higher 20% TDS rate is applicable without PAN information.
- The maximum tenure for online reserved FDs is 10 years.
- Senior citizen rates do not apply to non-resident deposits (NRE/NRO).
How to invest?
Click here to invest in the RBL Bank’s Senior Citizens Fixed Deposit schemes.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank/institution.