NRI Fixed Deposit options at the RBL Bank are one of the safest avenues for NRI Investment in India. At RBL, you get multiple options of Fixed Deposits: NRE FD, NRO FD, FCNR Deposits and RFC Deposit. Scroll through the blog to know about the latest RBL Bank NRE FD Rates along with other NRI FD Rates and benefits of investing in NRI FD at RBL Bank.
RBL Bank NRE FD Rates 2023
RBL Non-Resident External Fixed Deposit (NRE FD) Interest Rates for Deposits Below Rs. 2 Crore are as under:
| Period of Deposit | NRE Interest Rates (p.a.) |
|---|---|
| 12 months to less than 15 months | 7.00% |
| 15 months to less than 24 months | 7.80% |
| 24 months 1 day to less than 36 days | 7.50% |
| 24 months to less than 36 months | 7.50% |
| 36 months to 60 months 1 day | 7.10% |
| 60 months 2 days to 240 months | 7.00% |
| Tax Savings Fixed Deposits(60 months) | NA |
NOTE:
- For NRE Fixed Deposits equal to and above Rs. 2 Crore, contact RBL branch staff.
- The rates are effective from 1 June, 2023 and are subject to periodic changes.
RBL Bank NRO FD Rates
RBL Non-Resident Ordinary Fixed Deposit (NRO FD) Interest Rates for Deposits Below Rs. 2 Crore are as under:
| Period of Deposit | NRE Interest Rates (p.a.) |
|---|---|
| 7 days to 14 days | 3.50% |
| 15 days to 45 days | 4.00% |
| 46 days to 90 days | 4.50% |
| 91 days to 180 days | 4.75% |
| 181 days to 240 days | 5.50% |
| 241 days to 364 days | 6.05% |
| 12 months to less than 15 months | 7.00% |
| 15 months | 7.80% |
| 15 months 1 day to less than 24 months | 7.80% |
| 24 months to less than 36 months | 7.50% |
| 36 months to 60 months 1 day | 7.10% |
| 60 months 2 days to 240 months | 7.00% |
| Tax Savings Fixed Deposits(60 months) | 7.10% |
NOTE:
- For NRO Fixed Deposits equal to and above Rs. 2 Crore, contact RBL branch staff.
- The rates are effective from 1 Feb, 2023 and are subject to periodic changes.
RBL FCNR FD Rates
Given below are the FCNR rates and RFC rates on deposits made with RBL Bank:
| Period | USD | GBP | EUR | AUD | SGD | JPY | CAD | CHF |
| 1 year and above but less than 2 years | 5.70% | 4.00% | 3.00% | 3.50% | 4.05% | 0.05% | 2.75% | 0.95% |
| 2 year and above but less than 3 years | 5.50% | 4.20% | 2.20% | 3.50% | 3.75% | 0.05% | 2.50% | 0.95% |
| 3 year and above but less than 4 years | 4.40% | 4.00% | 2.00% | 2.85% | 1.30% | 0.06% | 2.25% | 0.25% |
| 4 year and above but less than 5 years | 4.45% | 3.00% | 2.00% | 2.75% | 1.35% | 0.06% | 2.00% | 0.05% |
| 5 years | 5.70% | 3.00% | 2.00% | 2.60% | 1.40% | 0.06% | 2.00% | 0.05% |
NOTE:
- The rates are effective from 11 July, 2023 and are subject to periodic changes.
- RFC Deposit Rates are the same as that applicable for FCNR (B) deposits. However they are available only in USD & GBP.
Remember
All the interest rates mentioned above are subject to change without prior notice. We update the latest interest rates on NRE FD and Savings Bank Account as well as the interest rates for FCNR Deposit every month with the banks on our blog. You can check out the SBNRI website to know about the latest rates.
RBL NRE Fixed Deposit Account
NRIs can invest their foreign income in RBL NRE FDs to earn high returns on maturity. Here are the key features and benefits of NRE FDs by the RBL Bank:
- RBL NRE FDs can be used for income earned outside India.
- The tenure of deposit ranges from 1 year to 20 years.
- NRE Fixed Deposit booked through online channels are restricted to a maximum tenure of 10 years.
- RBL Bank NRE FD rates are 7.80% p.a.
- Minimum deposit amount in RBL bank is Rs. 1000.
- Both Principal (money invested initially) and Interest are completely repatriable.
- Interest on NRE fixed deposits is exempted from income tax in India.
- It can be held jointly with other Non-Residents.
- Facility of automatic renewal of deposits on maturity.
Premature Withdrawal
- No interest is paid if NRE FD is prematurely closed within a year.
- Premature withdrawal of deposits is allowed, subject to a penalty of 1%.
- The interest will be calculated at the applicable interest rate for the period for which the FD has remained with the bank or at the contracted rate, whichever is lower.
RBL NRO Fixed Deposit Account
RBL NRO deposits can be an excellent investment option for Indians living in foreign countries to earn high returns. Given below are some of the features and benefits of RBL NRO FD:
- RBL NRO FDs are used for income earned from India like pension, rent etc.
- The tenure of deposit ranges from 7 days to 20 years.
- FD booked through online channels are restricted to a maximum tenure of 10 years.
- Get interest up to 7.80% p.a.
- Minimum RBL NRO fixed deposit amount permissible is Rs. 1000.
- Interest Income earned is subject to tax deduction at source (TDS).
- RBL NRO FD account can be opened jointly with another NRI.
- Funds in the account can be repatriated up to USD 1 million dollars per financial year per customer.
- DTAA benefit available for depositors on submission of Tax Residency Certificate, Self-Declaration and Form 10F.
- Availability of mandate facility for ease of account operation.
Premature Withdrawal
- No interest is paid if NRO FD prematurely is closed within a period of 7 days.
- Premature withdrawal of deposits is allowed, subject to a penalty of 1%.
- The interest will be calculated at the applicable interest rate for the period for which the FD has remained with the bank or at the contracted rate, whichever is lower.
RBL FCNR Fixed Deposit Account
Given below are some of the features and benefits of RBL FCNR (Foreign Currency Non-Resident Account) FD:
- RBL FCNR FDs are used for foreign currency investment in India.
- Available in 8 currencies that are USD, AUD, CAD, Euro, GBP, JPY, SGD , CHF.
- The tenure of deposit ranges from 1 year to 5 years.
- Interest up to 5.70%
- The principal amount and interest earned are fully repatriable.
- Interest is exempted from income tax in India.
- Can be held jointly with Non-Residents.
- Facility of automatic renewal of deposits on maturity
Premature Withdrawal
- In line with regulatory guidelines, no interest is paid if FCNR deposits are prematurely closed within a period of 1 year.
- Premature withdrawal of deposits is allowed, subject to a penalty of 1%.
- The interest will be calculated at the applicable interest rate for the period for which the FD has remained with the bank or at the contracted rate, whichever is lower.
Documents Required to Apply for RBL NRE FD Account for NRIs/ OCIs
Given below is the list of documents required for RBL NRE Fixed Deposit Account:
- For NRIs: Copy of relevant pages of Indian passport.
- For PIOs/ OCIs: Copy of valid PIO / OCI card.
- Latest immigration stamp page of entry/exit into / from India.
- Indian as well as overseas address proof.
- Recent passport size color photograph.
- PAN (Permanent Account Number) or Form 60 in absence of PAN.
How to apply for RBL Bank NRE Fixed Deposit Account
Given below are two ways by which you can open RBL NRE FD account online:
- You can download the RBL account opening form and send the filled application form along with required documents to the bank.
- You can also download the SBNRI App and apply for an NRI Bank Account in just 5 minutes. Book an FD instantly and even avail a loan against it by simply using the app.
RBL Bank Customer Care
NRIs can contact the representatives at RBL Bank through two ways:
- NRIs can either call at +91 22 61156300 or
- Write an email at [email protected].
RBL Bank NRI Fixed Deposit Calculator
Calculate your returns on FD and much more with the help of an expert. At SBNRI, you get direct access to field experts who will take care of your individual process personally and assist you throughout the way. Just click on the button below to get in touch with our expert now. Also, visit our blog and YouTube Channel for more details.
FAQs
A- NRIs (Non-resident Indians) with a valid visa and passport can apply for NRI deposits with RBL bank.
A- There is a penalty of 1% charged on premature withdrawal of NRI Fixed Deposits.
A- Yes, interest earned on RBL bank NRE fixed deposits is not taxable in India. However, tax is applicable on interest earned on NRO fixed deposits.
