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Savings Account

RBL Bank formerly known as The Ratnakar Bank was founded in 1943 and is classified as a scheduled commercial bank. RBL Bank has its headquarters in the Kolhapur region of the state of Maharashtra. RBL Bank offers a variety of savings accounts that range from a basic account, salary accounts, premium accounts to joint savings accounts. Thereby RBL Bank caters to every financial status and requirement. The Bank has a strong presence in the states of Maharashtra and Karnataka, and has strengthened its presence across India by expanding its network of branches and ATMS. Today it has over five lakh happy customers to whom it provides banking and financial services.

RBL Bank understands the diverse need of its customers and therefore offers a wide range of savings accounts to choose from depending upon various needs. Being the most preferred form of deposits among the masses, savings accounts has undergone a major facelift over the years to become the primary focal point of all the banking and financial activity for people across the country. Some of the extended utilities of RBL Bank savings accounts are:

  • Deposit money and earn handsome reward in the form of interest
  • Issuing cheques for payment to recipients
  • For easy transfer of money via mobile app, internet and net banking
  • Debit card issued with savings accounts can be used for various purchases and cash withdrawals
  • For electronic clearing services (ECS) of EMIs and bill payment

Types of Savings Accounts

  • Prime Savings Bank Account – this RBL Bank savings account is used for the regular and everyday banking requirements of the individual. Mentioned below are the features of this savings bank account:
  • Accountholder have to maintain a RBL Bank minimum balance of Rs. 5,000 in metro or urban areas, Rs. 2,500 in semi urban areas and Rs. 1,000 in rural areas.
  • RBL Bank has a broad network of branches as well as ATMs across India for its customers’ daily banking needs
  • RBL Bank offers convenient banking services such as mobile banking, phone banking and net banking.
  • Accountholders can make one free RTGS (outward) transfer per month.
  • Accountholders can make up to 5 free NEFT (outward) transfers in a single month.
  • Accountholders are given a free ATM-cum-debit card with every RBL Bank savings accounts.
  • Accountholders have the option to leave standing instructions with the bank through which they can pay their utility bills.
  • Accountholders may access and download their statement of accounts free of cost via net banking. They may also receive the same from the home branch free of cost.
  • Accountholders are given a free payable at par cheque book with 20 leaves every year.
  • Accountholders are allowed to withdraw a maximum of Rs. 100,000 per month at a non-home branch, at no extra cost. Additionally they can make cash deposits at any non-home branch at no cost up to a maximum of Rs. 100,000 per month.
  • RBL Bank offers nomination facility.
  • Accountholders get the facility of free SMS alerts that keep them updated with every transaction occurring with their account.
  • Accountholders are given a free passbook at the home branch.

Eligibility: The RBL Bank savings account eligibility criteria are provided below:

  • Any resident Indian above the age of 18 years may open this account as either a sole account holder or a joint account holder with another person.
  • A Hindu Undivided family can also open this savings account with RBL Bank
     
  • Prime Edge Savings Account – this RBL Bank savings account seeks to meet the financial and banking needs of either an individual or groups of individuals. Mentioned below are the features of this savings bank account:
  • Accountholders have to maintain a minimum balance of Rs. 10000.
  • Accountholders may receive their statement of accounts over email at no additional cost. Furthermore, it may also be received from the home branch at no charge.
  •  RBL Bank offers a domestic ATM-Debit card to accountholders free of cost.
  • Accountholders can get their passbooks free at the home branch.
  • Accountholders receive up to two free payable at par cheque books with 40 leaves each quarter.
  • Accountholders of this RBL Bank saving account have the option to leave standing instructions with the bank through which they can pay their utility bills.
  • Accountholders can make any number of free RTGS (outward) transfers per month.
  • Accountholders can make any number of free NEFT (outward) transfers in a single month.
  • Cash deposit of up to Rs. 500,000 is free in the home branch and non-home branch per month.
  • Accountholders have unlimited number of free transactions at non RBL ATMs.
  • Accountholders get free access to the savings bank account from any of RBL Bank branches.
  •  RBL Bank offers accountholders full access to credit card and loan products.
  • Accountholders receive 10% - 20% discount on hospitalization and preventive health care tests.
  • Health Benefits by Vidal Health is received by accountholders.
  • Accountholders who maintain a balance of Rs. 10 lakhs or above get an interest rate of 7.1% per annum; for a balance above Rs. 1 lakh the interest rate is 6.1% and 5.1% on balance up to Rs. 1 lakh.

Eligibility: The eligibility requirements for RBL Bank savings account are listed below:

  • A resident Indian may open these savings accounts either under a single name or jointly with another person.
  • A Hindu Undivided Family may also open this savings account with RBL Bank.
  • Advantage Savings Account – this is a savings bank account with a host of benefits for the accountholders. Some of the benefits and features of this RBL Bank savings account are as follows:
  • Accountholders have to maintain a minimum balance of Rs. 25000.
  • Accountholders may receive their statement of savings accounts over email at no additional cost. Furthermore, it may also be received from the home branch at no charge.
  • Accountholders can get their passbooks free at the home branch.
  • Accountholders receive up to five free payable at par cheque book with 100 leaves each quarter.
  • A domestic ATM-Debit card is given to accountholders free of cost under this savings account with RBL Bank.
  • Cash deposit of up to Rs. 1 crore is free in the home branch as well as non-home branch per month.
  • Accountholders have the option to leave standing instructions with the bank through which they can pay their utility bills.
  •  RBL Bank offers free inward RTGS and NEFT facility.
  • Accountholders can make any number of free RTGS (outward) transfers per month.
  • Accountholders can make any number of free NEFT (outward) transfers in a single month.
  • Accountholders of the RBL Bank savings account have unlimited number of free transactions at non RBL ATMs.
  • Accountholders can access their savings bank account from any of RBL Bank branches at no additional cost.
  • Accountholders may choose their own account numbers.
  • There is a higher interest rate of 7.1% on the savings account subject to conditions.
  • Accountholders receive free accidental death cover of up to Rs. 5 lakh.
  • Free cash transactions at every RBL Bank branches are available.
  • Accountholders get access to credit card and loan products with every RBL Bank savings accounts and for this reason savings with RBL Bank is most preferred among customers.
  • Accountholders get access to Visa Platinum Concierge service.
  • Accountholders are given a free Platinum Visa Debit Card with a daily withdrawal limit of Rs. 1 lakh and a daily shopping limit of Rs. 2 lakh.
  • Savings account from RBL Bank offers a 25% discount on the processing fee for a Loan against property.
  • Accountholders receive up to 15% off on Safe Deposit lockers.
  • RBL Bank savings account offer free online tax payment.

Eligibility

  • Any resident Indian may open this account as either a sole account holder or a joint account holder with another person.
  • A Hindu Undivided family can also open this savings account
  • Executive Salary Account - this salary savings account with RBL Bank makes it convenient for employers to credit their employees’ salary in one shot to their salary accounts. The features are mentioned below:
  • This RBL Bank saving account does not require the accountholder to maintain a minimum balance.
  • This type of savings account enjoys an interest rate of 7.1% per annum.
  • Accountholders can get their passbooks free at the home branch.
  • Accountholders may receive their statement of accounts over email at no additional cost. Furthermore, it may also be received from the home branch at no charge.
  • Accountholders are given a free payable at par cheque book each quarter.
  • Convenient banking services such as mobile banking, phone banking and net banking.
  • Accountholders have access to a free Demand Draft facility.
  • A domestic ATM-Debit card is given to accountholders free of cost.
  • Accountholders have unlimited number of free transactions at non RBL ATMs.
  • Wealth Services are provided by RBL Bank’s experienced team of professionals.
  • Accountholders have the option to leave standing instructions with the bank through which they can pay their utility bills.
  • Accountholders receive attractive interest rates on fixed deposits.
  • Free online RTGS/NEFT facility to any bank across the country.

Eligibility

  • Salaried Employees having a tie up with their employer may avail this account.
  • Senior Savings Account – this is a special RBL Bank savings account meant for senior citizens that is for individuals over the age of 60 years. The detailed features of the Account are as follows:
  • Accountholder can receive their passbooks at any branch free of charge.
  • Accountholders get free email facility
  • Accountholders can receive a Statement of their account at no cost from the home branch.
  • Accountholders are given a free ATM-cum-debit card.
  • Free cash withdrawals from any ATM across the country.
  • This savings bank account can be opened free of charge as the RBL Bank account opening charges are minimal. For this particular RBL Bank savings account Rs. 750 is waived off.
  • Accountholders are given a free payable at par cheque book each quarter.
  • Convenient banking services such as mobile banking, phone banking and net banking.
  • Accountholders have the option to leave standing instructions with the bank through which they can pay their utility bills.
  • Instead of brokerage charges of 0.50%, accountholders have a discounted brokerage charge of 0.25% only.
  • Accountholders receive free dematerialization of shares.
  • Accountholders get a discount of up to 20% on cataract surgery, which includes the cost of the lens.
  • There is a discount of up to 10% - 15% discount on dental care, which includes dentures and root canals.
  • RBL Bank savings account interest rate is high at 7.1%.
  • Accountholders can earn up to 9.60% per year with RBL Bank’s Gain4SureFixed Deposits, which includes Tax Saving Deposits. The premature penalty of 1% is waived off for accountholders.

Eligibility

  • Any resident Indian above the age of 60 may open this account
     
  •  RBL Basic Savings Account – This RBL Bank savings account needs no minimum balance and is the most basic savings account offered by RBL Bank. Below are the features of this account:
  • This account is known as the zero balance account as it does not require a minimum balance to be maintained
  • Despite it being a Basic Account, accountholders get the convenience of regular banking facilities such as mobile banking, net banking, and Phone Banking
  • Accountholders receive a ATM-cum-Debit Card at no extra charge
  • Accountholders can withdraw up to give times per month from non RBL Bank ATMS.
  • Free RTGS /NEFT funds transfer.
  • Free cash deposits at home and non-home branch.
  • The Debit card withdrawal limit in a day is Rs. 50,000.
  • The Debit Card POS limit in a single day is Rs. 100,000.
  • Savings account with RBL Bank also offers free online tax payment benefits.
  • Accountholders have the option to leave standing instructions with the bank through which they can pay their utility bills.

Eligibility

  • Any resident Indian may open this account as either a sole account holder or a joint account holder with another person.
  • A Hindu Undivided family can also open these savings accounts

RBL Bank Women’s savings bank account: The bank has launched women’s first savings account to provide women a better savings product than the standard ones in the market. The savings bank account is designed for modern women to match and enhance her lifestyle by facilitating saving. Women as debit card holders will get unlimited free cash withdrawals from ATMs of the bank across India. The RBL Bank offers other exciting features such as health benefits, medical concierge service at discount, higher interest rate which ranges from 5.1% to 7.1% (depending on the balance) and also zero balance kids account. Some of the key benefits are discussed here:

  • Exclusive women’s first debit card with vouchers worth Rs. 2,500 on the activation of the card
  • Unlimited year long discount on medical treatment and other health benefits. The bank also provides many discounts and coupons on food, shopping, entertainment, wellness and many more.
  • You can also avail a zero balance kids account, subject to minimum recurring deposit standing instruction of Rs. 500 p.m. for a minimum tenure of 1 year
  • The account facilitates higher savings with higher interest rate
  • Many other financial value added services such as 10% discount on locker rent is also available with this account
  • Documentation for RBL Bank savings account;
  • Identity Proof, which could be – Passport, Pan Card, Aadhar Card, Drivers License, etc. Both a self-attested copy and the original has to be given for verification
  • Address proof, which could be – Electricity Bill, Rent Agreement, Passport, etc. Both a self-attested copy and the original document has to be given for verification
  • Latest Passport sized photographs
  • For minors: in case the guardian appointed is illiterate, date of birth certificate of the minor from qualified authority is required
  • If the guardian is appointed by the court, then the bank would ask for order of the court
  • Hindu undivided families are required to submit a declaration from the Karta, Form 60, PAN card, HUF letter signed by all the holders in the prescribed format.
  • Salaried employees must submit bonafide authorization letter issued by the employer along with latest salary slips.

Applying for RBL Bank savings account online

Anyone can apply for RBL Bank savings accounts online by following the steps mentioned below:

Visit the Paisabazaar website @ www.paisabazaar.com . Choose the relevant tab and enter the necessary details.  You will be redirected to another page having details of the types of savings accounts available. You can then select savings account of RBL bank and proceed further. The bank official will then contact you to carry the procedure forward.

Customer Care: The bank provides an extensive Customer Care service to its customers. Customers can contact the bank at its offices in New Delhi, Mumbai and various other parts of the country, or call on the Phone Banking Numbers within India. The services are available for 7 days a week and 24 hours a day. Customers can contact the customer care executive for various reasons including any of the following:

  • Tips for safe ATM usage
  • Phishing and email fraud
  • Tips for safe internet banking
  • Proper and effective use of internet banking
  • Do’s and don’ts to protect your account
  • Benefits of Aadhar linking with your account
  • Importance of nomination facility
  • NEFT system and RTGS system
  • Banking ombudsman
  • Know your customer guidelines
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