RBL Bank Saving Account: Interest Rates, Benefits & How to Open Online

Above ₹10 lakh up to ₹25 lakh*

Debit Cards

Debit Card

*T&C Apply

PAN Card is mandatory

8. Executive Savings Account

9. Basics Savings Account

What is the required minimum balance for an RBL Savings Account?

Digital Savings Account: The minimum balance of ₹5,000 is required, but if you have begun an RD or SIP worth ₹2,000 or more, then the balance is waived off. The account can also be turned into a zero-balance account.

Read More – RBL Bank Net Banking

Prime Savings Account: Minimum balance will vary depending on the location

₹5,000 in case you reside in a metro or urban area

₹2,500 in case of semi-urban area

₹1,000 in rural areas You can avoid this condition by opening an RD or SIP of ₹2,000 or more and then converting it to a zero-balance account.

Zero Balance Savings Account: This is a zero-balance account; hence no minimum balance is required to be maintained.

Women's First Savings Account: The balance amount to be maintained is ₹10,000.

What penalty is charged for not maintaining a minimum balance in RBL?

RBL Bank will penalise you if you do not have some balance in your savings account. The bank will calculate the penalty by how much you are falling short of the minimum required balance in your savings bank account, and it will not exceed more than ₹ 500 per month.

Let's understand this with the help of an example

Imagine you have an RBL Bank savings account. And the bank tells you that you must maintain at least a minimum balance of ₹5,000 every month. Now let's see what happens if you fail to maintain that balance.

You have ₹2,500 in one month. That is ₹2,500 less than the balance of ₹5,000 required. So, what will happen next?

• Scenario 1: Your balance is more than 50% of the minimum requirement Assume your balance is ₹3,000. It is greater than 50% of ₹5,000, i.e., ₹2,500. Then, the penalty will be 5% of the ₹2,000 shortfall (the difference between ₹5,000 and ₹3,000).

5% of ₹2,000 = ₹100. So, the penalty you will face is ₹100. It's a small penalty because your balance was more than half of the required amount.

• Scenario 2: The balance is below 50% of the minimum required Assume that your balance is ₹1,500 and less than 50% of ₹5,000 or ₹2,500. Here the penalty is quite high. It is 10% of the shortfall, which here is ₹3,500. ₹5,000 - ₹1,500.

10% of Rs. 3,500 = Rs. 350. So the amount of penalty charged is Rs. 350. Because your balance is way below the required amount, the penalty is higher.

But at least the highest penalty you could ever pay will be ₹500 per month and not the maximum 10% fee that can be charged otherwise by virtue of some huge shortfall in your balance.

Important Points

• If your balance is more than 50% of the required minimum, you pay a small penalty (5% of the shortfall).
• If your balance is 50% or less, the penalty is higher (10% of the shortfall).
• And, no matter what, you can't be charged more than ₹500 per month.

What are the charges for an RBL Savings Account?

What are the transaction limits for an RLB Bank savings account?

Here are the limits for RBL Bank savings account transactions in detail.

1. Advantage Savings Account

• Cash Withdrawals: ₹ 1 lakh per day.
• Shop with POS: ₹2 lakh per day.
• Withdrawal from ATM: Free from the RBL Bank ATM, free.

2. Basic Savings Account

• Withdrawal from ATM: ₹50,000 per day.
• Shop with POS: ₹30,000 per day.
• Withdrawal from other Bank's ATM: 5 times free withdrawals in a month from other domestic ATMs.

3. Prime Savings Account

• ATM Withdrawals: Unlimited transactions are free at RBL Bank ATMs.

4. Prime Edge Savings Account

• ATM Withdrawals: Unlimited transactions are free at RBL Bank ATMs.
• Cash Withdrawals: Free, unlimited at all RBL Bank ATMs.

How to Open Savings Account in RBL?

Required Documents to Open a Savings Account in RBL

Required Documents

• PAN card
• Aadhaar details
• A blank sheet of paper and a pen for the Video Know Your Customer (Video KYC) process

Other Possible Documents

• Proof of address (like a utility bill, ration card, bank statement, credit card statement, or voter ID)
• Government-issued ID (like a driver's license or passport)
• Social Security number
• Date of birth
• Contact information
• Bank account details for funding the new account
  
  

Eligibility criteria for an RBL savings account

• Be a resident of India
• Be at least 18 years old
• Have a valid Aadhaar card and PAN card
• Use a mobile number linked to your Aadhaar
• Live in a city where RBL Bank has a branch
• Not already have a savings account or fixed deposit with RBL Bank
  
  

Here’s a step-by-step process on how to open a savings account in RBL offline

1. Visit the nearest branch of RBL.
2. Go to the new account section and ask for an application form.
3. Fill out the application form carefully and choose the type of account you want to open.
4. Submit the application form along with the documents.
5. The bank will verify the documents.
6. Once approved, the account will be opened within a few business days.

Here’s a step-by-step process on how to open a savings account in RBL online

1. Visit the official website of RBL Bank.
2. Click on ‘Products,’ the 1st option in the navigation bar.
3. Select option ‘Accounts’ from the drop-down menu.
4. Click on the ‘Savings Account’ option.
5. Now, select a savings account that suits your needs.
6. Click on ‘Apply Now’ under the savings account you want to open.
7. Click on ‘Open Savings Account’ in the top right corner of the page.
8. Enter your mobile number and promo code, and click on the ‘continue’ option.
9. Enter the OTP received on your registered mobile number and click on ‘Proceed.’
10. Enter your Aadhar card number and PAN card number, and click on ‘Proceed.’
11. Enter OTP received on your Aadhar card-linked mobile number and click on ‘Proceed.’
12. Fill in the details and click on ‘Save & Continue.’
13. Select your account and click on ‘Proceed.’
14. Fill in all your personal details, occupation details, and family details, and click on ‘Save & Continue.’
15. Select the type of Debit card and click on ‘Save & Continue.’
16. Recheck all the details and click on the ‘Confirm & Continue’ option.
17. Enter the OTP received on your registered mobile number and click on ‘Proceed.’
18. This is how you can open a savings account in RBL Bank.
    
    

How to Close an RBL Savings Account?

1. Visit the nearest RBL Bank branch.
2. Fill out the account closure application form.
3. Submit the form along with the necessary documents.
4. Return your chequebook and any other related documents.
5. Ask for your balance to be transferred to another account, or request a cheque or demand draft in your name.

Tips while opening a savings account in RBL Bank

The appropriate savings account: RBL offers different types of savings accounts. Compare options such as the "GO Savings Account" so that you can pick up the one that serves your purpose.

Apply online: You can open most RBL savings accounts online. It is quite easy and fast.

KYC documents: You will require an Aadhaar and a PAN card for verification while opening the account.

Link your mobile number: Ensure that your mobile number is linked to Aadhaar for easy verification.

Minimum balance: Note that there may be a minimum balance requirement with some accounts.

Also Read - RBL Zero Balance Account

Interest rates comparison: Compare interest rates on accounts and make a good choice

Know fees: Read about maintenance charges, ATM usage charges, etc.

Nominee: Fill in all the nominee details so inheritance goes on without any hassle.

Customer service: Choose a bank with excellent customer service and easy access.

Customer Care Details

You can get in touch with RBL Bank's customer care for savings account help in the following ways:

Via Phone:

• Call customer care at +91 22 6115 6300, available 24/7.
• For credit card-related issues, call +91 22 6232 7777.
• For SuperCard enquiries, call +91 22 7119 0900.
  
  

Via Email:

• Email customer care at customercare@rblbank.com.
• For API Banking help, email APIBanking@rblbank.com.
• For partner support, email partnersupport@rblbank.com.
  
  

Via WhatsApp:

• Send a message to RBL Bank's WhatsApp service at +84335 98888 using your registered mobile number.

Conclusion

RBL Bank offers different kinds of savings accounts, whether it is zero balance or higher rates of interest. One such story of growth has been that of Arjun, who witnessed his savings grow through the avenues of the GO Savings Account. Some of the benefits of this account include a premium debit card, a 7.5% rate of interest, and comprehensive insurance coverage. 

It also has free ATM withdrawals, mobile banking, and no minimum balance requirements for saving and managing money. Whether you're looking for a simple account or one with perks, RBL has something for everyone: convenience, flexibility, and great rewards for your financial growth.

FAQs related to RBL Bank Savings Account

Q1: What are the transaction limits for an RBL Advantage Savings Account?

An Advantage Savings Account allows you to have a number of your choice. You can withdraw up to ₹1 lakh in cash daily and use it for shopping, with a daily shopping limit of ₹2 lakh.

Q2: What is the daily withdrawal limit for an RBL Savings Account?

The daily ATM withdrawal limit is ₹50,000, and the daily POS spend limit is ₹30,000. You can also generate your Debit Card PIN via SMS. Moreover, you get 5 free cash withdrawals each month at any domestic bank ATM.

Q3: What is the UPI transaction limit for RBL Bank?

The UPI transaction limit for RBL Bank is ₹1 lakh per day.