April 26, 2023
RBL Bank Savings Account
The RBL, or Ratnakar Bank Limited, is an Indian private bank that was established in 1943 and owns 324 branches and offices around the country in numerous cities. It is a well-reputed bank that has its headquarters in Mumbai.
Being a well-known Indian bank sector, this bank offers different types of account facilities to its customers. RBL offers and dedicates a variety of savings accounts to different segments of the Indian population, including women, older citizens, employed individuals, and others, to help them fulfil their financial and banking needs.
Here, we will discuss the basic information that you need to know about RBL bank savings accounts, covering the eligibility criteria, paperwork involved, RBL bank saving account interest rate, RBL bank saving account minimum balance and many more. A savings account refers to a simple financial product that enables a customer to deposit funds and normally earn a small amount of interest.
So, let the discussion begin.
Essential Documents Required for Opening an RBL Bank Savings Account**
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the latest photograph(s) of the customer who wishes to open an RBL bank savings account. The size of the photographs should be passport size.
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The customers are entitled to fill up and submit the account opening form to the RBL bank authorities. The form should not only be duly filled in but also require the original signature of the customer.
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It is mandatory to submit the identity proof of the customer with the RBL bank saving account open application. A customer can use Aadhaar, a driver's licence, a PAN card, a voter ID, a senior citizen card, or any other government ID card as proof of their identification.
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The RBL bank receives different documents, including passports, Aadhaar Cards, Utility Bills, and bank statements with a cheque as the address proof of the customer. You need to submit any of the previously mentioned documents as address proof to open an RBL bank savings account.
This list is not all-inclusive. Since RBL offers a variety of savings accounts, some of the accounts require some additional exclusive documents to open. The requirements for documents also vary depending on the applicant's profile too.
How to Create an RBL Bank Savings Account Virtually and Securely?
Nowadays, it is indeed possible to open the majority of RBL Bank savings accounts online with minimal effort and time. By going to the RBL Bank website and following a few easy steps, you can start your RBL Bank savings account online effortlessly.
As a substitute option, if you are not tech-savvy, you can also make a missed call on 9355-71-9355 to quickly start a savings account.
Different Types of RBL Bank Savings Accounts
1. RBL Bank Savings Accounts: Digital Savings Account
Are you trying to find digital savings account that you can open with a trusted bank and that requires a very short time?
RBL bank savings account provides a digital account opening service that requires not only a few minutes but also security. If you are a willing customer to open an RBL Bank digital savings account, you must have your PAN number and Aadhaar number ready. As soon as you submit them correctly, the digital RBL bank savings account will be opened.
Specifications of the RBL Bank Digital Account:
Average Monthly Balance (AMB)
If you are a holder of RBL Bank’s digital account, you need to maintain a minimum Average Monthly Balance (AMB)balance of Rs.5000/-in your digital RBL bank savings account. If you fail to maintain an RBL bank saving account minimum balance to operate your digital account, it will result in a penalty, and the penalty amount will be auto-debited from your savings account.
Note:
If customers opt for a systematic investment plan (SIP) or go for a recurring deposit of Rs. 2,000 or more, the mandatory AMB amount-paying rule does not apply.
ATM Fees And The Monthly Withdrawal Maximum Limit:
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If you want to transact money at RBL Bank ATMs, you can enjoy unlimited free transactions monthly.
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In the case of money transactions at other bank ATMs, the free transaction facility is available for the first five transactions you make (on a monthly basis).
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There is no limit to how much money you can withdraw.
Debit Card Facilities:
Using a debit card for cash withdrawals, along with making digital and offline purchases, has many advantages. Greeting vouchers worth up to Rs. 2,500 are included with the titanium first debit card.
This debit card has several free insurance policies, including purchase security, cash-in-transit liability, personal injury liability, and insurance for stolen cards.
Other Specifications:
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Internet and mobile banking
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Bill pay feature
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NEFT, RTGS, and IMPS facilities
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Order mutual funds, FDs, and RDs digitally
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Free flight travel and accident insurance, including your debit card
2. RBL Rise Savings Account
If you want to select your account number, the RBI Rise savings account scheme provides you with the opportunity. Apart from that, this scheme also offers a greater rate of interest on your FD.
Specifications of the RBI Rise savings account
Average Monthly Balance (AMB)
Anybody willing to enjoy all the facilities the RBL Rise savings account scheme offer has to maintain a minimum balance of Rs. 50,000/- in the RBL Rise savings account.
ATM Fees And The Monthly Withdrawal Maximum Limit:
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This scheme provides you with the fantastic facility of free unlimited cash withdrawals from ATMs of RBL Bank.
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The maximum ATM withdrawal limit amount is around Rs. 1 lakh per day. So, you can withdraw a large amount of money easily without facing any banking issues.
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The scheme offers an excellent facility of a maximum POS limit of Rs. 2 lakh per day (which includes digital money transactions).
Debit and Credit Card:
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This scheme's crest debit card provides you with an opening bonus of up to Rs. 4,000/-.
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This scheme also offers you the Platinum Maxima Credit Card from RBL Bank without costing you any annual fee for the first year.
Other Specifications:
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Internet banking and mobile banking
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Free of cost Zomato Pro membership for one year with unlimited access
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Free use of the lounge when you have an RBL Bank Platinum Maxima Credit Card.
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Lockers are discounted by up to 20%.
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Preferential loan rates
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Increased limits on cash withdrawals and deposits.
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Connect to your account easily from any location at your preferred time with RBL MoBank, WhatsApp Banking, and Internet Banking.
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Free tax and bill payment service via your bank's virtual channels.
3. Advantage Savings Account
When it comes to RBL Bank's Advantage Savings Account, it offers extra and unique baking advantages in contrast to other standard savings accounts of other banks. Some of these added benefits include the ability to select one's account number and exposure to platinum concierge services.
Specifications of the RBL Bank's Advantage Savings Account
Average Monthly Balance (AMB)
To avoid penalties, anyone who wants to deposit money into the RBL Advantage savings account plan must keep a minimum balance of Rs. 25,000 in the account.
ATM Fees And The Monthly Withdrawal Maximum Limit:
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This scheme offers the customers the facility of unlimited cash withdrawals without incurring any withdrawal charges from the ATMs of RBL Bank.
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You can withdraw a huge amount of money, up to a maximum of 1 lakh rupees in cash daily.
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The maximum shopping limit is 2 lakh rupees per day.
Debit Card:
This scheme offers the customers the Platinum MasterCard Debit Card with a higher limit facility.
Other Specifications:
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Internet and mobile banking facilities to virtually transfer money and keep track of transactions
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Choose the desired account number, as per your convenience (easy to remember).
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Free of cost demand drafting, RTGS, NEFT, chequebook
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The RBL branches offer free out-of-town check collections and money transfers.
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Discounts on safe deposit boxes of up to 15%
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25% off the operation costs in addition to your loan against an asset
4. Prime Edge Savings Account
Customers can choose from a variety of investment and insurance services and options with a Prime Edge savings account. Additionally, enrolling as a customer in this scheme qualifies you for loan and credit card services. Besides, you can benefit from exclusive discounts on debit cards and debit card variations.
Average Monthly Balance (AMB)
Anyone who wishes to make deposit money into the RBL Prime Edge savings account must keep a mandatory balance of Rs. 25,000 in the account in order to avoid paying fines.
ATM Fees And The Monthly Withdrawal Maximum Limit:
Through this programme, consumers are given the option to use RBL Bank's ATMs as many times as they like without paying any withdrawal fees.
Debit Card:
A Titanium card that permits free cash withdrawals from any bank's ATM is included with the Prime Edge savings bank account. The card offers benefits related to insurance too.
| Insurance | Titanium Master Card |
|---|---|
| Lost card Liability/Counterfeit | Rs. 50,000/- |
| Cash in Transit | Rs. 50,000/- |
| Purchase Protection | Rs. 10,000/- |
| Personal Accident – Air | Rs. 2,50,000/- |
| Personal Accident – Death | Rs. 2,50,000/- |
Other Specifications:
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Facilities for online and mobile banking to electronically transfer money and monitor transactions
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A free chequebook payable at par
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Both the purchasing demand framework and pay orders are free and have higher limits.
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increased cash withdrawal and deposit restrictions.
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Utilizing internet banking, customers can pay both their taxes and bills for free.
5. Woman’s First Savings Account
RBL bank's Woman's First Saving account offers an array of banking facilities, including year-round savings and a special Woman's First Debit card with the finest deals in dining, lifestyle, wellness, and finance. It is the ideal account plan for today's savvy woman who knows how to not only spend but also save money.
Average Monthly Balance (AMB)
For women who are ready to make a financial commitment and maintain a savings account, RBL bank's Woman's First Savings account is one of the best ways to try. There is a minimum balance requirement of Rs. 25,000 that must be maintained to avoid paying penalties. The primary applicant must be a female resident who is older than 18 years.
ATM Fees And The Monthly Withdrawal Maximum Limit:
Through this plan, female customers of RBL Bank have the choice to withdraw money from the bank's ATMs as often as they'd like without incurring any costs.
Debit Card:
It offers Exclusive Woman’s First Debit Card.
Other Specifications:
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Internet banking and mobile banking
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Year-round, limitless discounts are available.
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One child's savings account with a nil balance facility.
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Free insurance with a debit card
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Increased cash withdrawal and deposit limits.
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Free online banking services for paying taxes and bills
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For the first year, locker rentals are discounted by 10%.
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Card provided as part of your insurance policy
6. Senior Citizen Savings Account
After you become a senior citizen, it is a brilliant move to make financial investments with the results of all your years of laborious work in the right savings account plan. RBL offers the RBL Bank Seniors First Savings Account to effectively handle your finances and take advantage of a variety of features and advantages, including greater interest rates.
Average Monthly Balance (AMB)
A senior citizen willing to have a savings account with RBL under the Seniors First Savings Account plan has to deposit at least 5,000 rupees to enjoy all its benefits.
ATM Fees And The Monthly Withdrawal Maximum Limit:
Customers of RBL Bank's Seniors First Savings Account have the option of making unlimited free cash withdrawals from the bank's ATMs.
Debit Card:
It offers Titanium debit card.
Other Specifications:
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Free passbook service for personal account holders and free payment at par for chequebooks every three months.
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Billpay makes paying bills simple.
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Free banking through the telephone and internet
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Gain4Sure Fixed Deposits offer greater interest rates as well as premature deposit penalties of 1% that are abolished for seniors and tax-saving investments.
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Instant access to both the online banking and debit card PINs using a single SMS.
7. Prime Savings Account
The RBL Bank Prime Savings Account is premium savings account with a number of features that can be used for a wide range of transactions.
Average Monthly Balance (AMB)
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For urban people, the minimum balance requirement under this scheme is Rs. 5000/-
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For rural people, the minimum balance requirement under this scheme is 2,500/-
ATM Fees And The Monthly Withdrawal Maximum Limit:
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At RBL Bank ATMs, there is no transaction limit and no transaction charge required.
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A maximum daily withdrawal of Rs. 50,000
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1 lakh rupee daily spending limit
Debit Card:
The scheme provides Titanium Mastercard Debit Card.
Other Specifications:
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Internet and mobile banking
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Higher interest rates on fixed deposits
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Solutions for wealth management that take into account individual needs
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Benefits from insurance on a debit card
8. Executive Savings Account
Applicant requires to submit a job offer letter, employment agreement, and letter of reference from your business in the format required by the Bank.
Average Monthly Balance (AMB)
Nil amount required.
ATM Fees And The Monthly Withdrawal Maximum Limit:
Unlimited free cash withdrawals from RBL Bank ATMs each month, as well as a greater number of no-cost transactions at ATMs of other banks.
Debit Card:
Master Titanium/Platinum Master Debit Card and a Visa Classic/Platinum Debit Card
Other Specifications:
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Internet, mobile, and SMS banking
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Instantaneous online banking and SMS PIN generation for debit cards
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Free chequebooks
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Local and distant check collection services
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RTGS and NEFT facilities
9. Basic Savings Account
To get access to basic banking services, open an RBL Bank Basic Savings Account with a zero balance.
Average Monthly Balance (AMB)
Nil amount required.
ATM Fees And The Monthly Withdrawal Maximum Limit:
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Unlimited free transactions each month at ATMs operated by RBL Bank
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ATM cash withdrawal limits are set at 50,000 and for POS, 30,000 rupees, respectively.
Debit Card:
Free RyPay Card
Other Specifications:
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NEFT and RTGS allow for free fund transfers.
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2 free chequebooks per year, payable at par (40 leaves)
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Increased FD rates
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E-statement
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Services for paying bills online
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Free replacement for damaged cards
RBL Bank Saving Account Interest Rate (Per Annum) Effective Till October 20, 2022, And W.E.F. October 21, 2022
| Bank balance | Rate of Interest (per annum) effective till October 20, 2022 | Rate of Interest (per annum) w.e.f. October 21, 2022 |
|---|---|---|
| Up to Rs. 1 lakh | 4.25% | 4.25% |
| Above Rs. 1 lakh up to Rs. 10 lakh* | 5.50% | 5.50% |
| Above Rs. 10 lakh up to Rs. 25 lakh* | 6.00% | 6.00% |
| Above Rs. 25 lakh and up to Rs. 1 Crore* | 6.25% | 6.50% |
| Above Rs. 1 Crore and up to Rs. 3 Crore* | 6.25% | 6.50% |
| Above Rs. 3 Crore up to Rs. 5 Crore* | 6.25% | 6.50% |
| Above Rs. 5 Crore up to Rs. 7.5 Crore* | 6.25% | 6.50% |
| Above Rs. 7.5 Crore up to Rs. 10 Crore* | 6.10% | 6.25% |
| Above Rs. 10 Crore up to Rs. 50 Crore* | 6.10% | 6.25% |
| Above Rs. 50 Crore up to Rs. 100 Crore* | 5.25% | 5.25% |
| Above Rs. 100 Crore up to Rs. 200 Crore* | 6.00% | 6.00% |
| Above Rs. 200 Crore up to Rs. 500 Crore* | 4.00% | 4.00% |
| Above Rs. 500 Crore* | 4.50% | 4.50% |
Wrapping Up:
After you have learned all the banking facilities, RBL offers to its customers to maintain a savings account, if you are willing to open one according to your criteria, head to the RBL official website to proceed with the application.
Frequently Asked Questions (FAQs):
1. Do I have to keep a certain minimum amount of money in my RBL savings account?
Yes, if you own a Digital Savings Account-Prime in RBL bank, you can use the variety of features available on the account by keeping a minimum balance of Rs. 5000/-.
2. Does RBL Bank offer good options for opening savings accounts?
RBL bank offers advanced technology to help you open a savings account with RBL bank in no time. It takes only five minutes to open digital savings account on a mobile device. Their designers have developed a very user-friendly and simple interface that makes the savings account opening process super easy.
3. Does an RBL Digital Savings Account offer zero-balance account facilities?
In general, RBL Bank requires customers to pay an average balance of Rs. 5,000 to maintain an RBL Digital Savings account. However, if a customer opts for a SIP or recurring deposit worth Rs. 2,000 or more, the customer does not need to maintain the minimum average amount requirement.
4. What to use to transfer money through RBL's online savings account?
A customer has different facilities, including NEFT, IMPS, and UPI, to move funds through RBL online savings account.
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