RBL Bank FD Interest Rate, RBL Bank interest rates, Super Senior Citizen FD interest Rate, Senior Citizen Fixed Deposit
RBL Bank FD has launched a fixed deposit scheme for the super senior citizens on the occasion of Senior citizen day. Under this FD scheme, the additional interest rate of 0.75% p.a. will be provided to senior citizens of age 80 years and above. In this article, we are providing the complete details of the RBL Super Senior FD scheme.
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RBL Bank FD Super Senior Fixed Deposit Scheme
We all know that Fixed deposits (FDs) at RBL Bank are offered at very competitive rates, particularly those with maturity periods of less than 15 months. Now an additional 0.75 percent annual bonus will be offered to super senior citizens (Age 80 years and above) by the bank. The rate of interest for a 15-month fixed deposit for super senior citizens will be 7.75 percent per year, instead of the usual 7 percent per year for regular depositors.
|Name of Scheme
|RBL Bank Super Senior FD
|Scheme Launched by
|21st August 2022
|Rate of Interest
|Additional 0.75% p.a for Super Senior Citizens (Age 80 years and Above)
|Mode of Application
|Online and Offline
What is RBL Bank FD (Fixed Deposit)
Fixed deposits, also known as FDs, are financial products offered by banks and non-banking financial companies (NBFCs) to their customers. In a fixed deposit, you can invest a large amount of money for a fixed period of time, with an FD account at a fixed interest rate. The advantage of this plan is that you receive a lump sum amount with interest at the end of the tenure; as a result, you can save money with FD. In India, different banks offer different interest rates on fixed deposits.
Benefits of RBL Bank FD Super Senior Citizen
Fixed deposits are advantageous for senior citizens because most banks and financial institutions offer special interest rates on the FDs of Senior citizens. The interest rates offered in senior citizen fixed deposits are usually higher than those offered by regular fixed deposit schemes, so senior citizens can benefit from this.
- Safe Investment with Guaranteed Returns
A fixed deposit is free from all market-related risks and offers guaranteed returns on your investment. So from the senior citizen’s point of view, it is very important that their investment would be free from market risks and financial losses. Fixed deposits serve this purpose well because they are not typically tied to any market risk and are ideal for low-risk investors like senior citizens
- Tax Exemption & Financial Growth
The taxation system on senior citizen fixed deposit is very different from regular fixed deposits. As per guidelines from the Union Budget 2018-19, senior citizens can claim tax exemption of up to Rs 50000 on the interest earned on their Fixed deposit. As a result, FDs will help senior citizens to grow financially.
- Easy Loans against Fixed Deposit
Bank offers various loan schemes against the RBL Bank FD. So in case of an emergency or when the need for a loan arises, senior citizens can apply for a loan against their FD. So fixed deposits are making our seniors financially flexible and independent by offering an immediate financial option.
- Regular Source of Income Post Retirement
The fixed deposit provides a regular interest payout, this regular interest payout act as a regular income for our senior citizen post-retirement.
RBL Bank Super Senior Fixed Deposit Details
RBL bank launched the RBL Super Senior fixed deposit scheme to provide an additional 0.75% interest on the fixed deposit of older people of age 80 years and above. So with the implementation of this scheme super senior citizens can avail benefits of a 7.75% p.a. rate of interest for 15 month fixed deposit. Regular fixed deposit holders of RBL bank will get an interest rate of 7% p.a. and the fixed deposit holder of age between 60 years to 80 years will get the interest rate of 7.50% p.a. for the FD of 15 months maturity.
Application Process for RBL Bank Super Senior Citizen FD
As per the statement from RBL Bank, Super Senior Citizen Fixed deposit account and RBL Bank FD account can be opened through the RBL Bank official website.
Interested applicants can apply for the FD scheme using RBL Net Banking, the RBL Mobile Banking app, and the RBL Bank Branches located all across India.