Rbl Bank FD Rates
What Causes Interest Rates of Fixed Deposits to Increase?
A fixed deposit account is every Indians most preferred way of investment. The interest rate on fixed deposit account varies from bank to bank. The minimum amount required to open a fixed deposit account is also different in each bank.
Like most Indian banks, the RBL FD interest rates are attractive. However, the interest rate that is offered by these banks including the RBL FD rates depends on certain conditions.
1. Economic Conditions
In a given financial year, the state of the economy determines the return rates of various banks in the country. When the economic growth is high in a particular year, the credit demand increases. In such a case, the banks make FD interest rates attractive. FD interest rates in RBL also depend on the economic conditions.
Inflation is when the cost of the goods increases. During inflation, there is a possibility of rupee devaluation. This is most commonly caused due to a lower percentage of purchasing power. This leads to loss of interest in the loans that are lent. To nullify this, banks increase the interest rate on fixed deposits.
Thus the interest rates on fixed deposits across all banks including fixed deposit rates in RBL depend on various economic factors.
The RBL Bank offers competitive interest rates on fixed deposits. The customer can choose from the selection of tenures that include short-term and medium-term. The fixed returns and the safety of the investment make RBL fixed deposits a beneficial choice of investment.
RBL Bank Fixed Deposit Rates
It is advisable to reconfirm the FD Rates from the bank before making any decision on basis of data provided below.
For Domestic Deposits – Less than lakh to Rs. 1 cr (As on May 25, 2017)
For Domestic Deposits – Rs. 1 cr and above to upto Rs 3 cr (As on May 25, 2017)
Tax Saver FD (Max Deposit – 1 LPA)
- The amount invested in Fixed Deposit with a tenure of 5 years with RBL Bank is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.
- The applicable tax will be deducted at source, i.e. RBL Bank, in case the annual interest earned crosses Rs. 10,000.
For NRO Fixed Deposit – Less than lakh to Rs. 1 cr (As on May 25, 2017)
For NRO Fixed Deposit – Rs. 1 cr and above to upto Rs 3 cr (As on May 25, 2017)