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Open Digital Fixed Deposits at Attractive Interest Rates

RBL Bank May 27, 2025

Whether you are considering a short-term or a long-term investment, fixed deposits (FDs) offer guaranteed returns with attractive interest rates. In fact, fixed deposits in India have been a favourite mode to invest and grow money.

Gone are the times when a bank visit was a necessity. The process of initiating or withdrawing from an FD has become more convenient. Technological advancements are rapidly evolving the financial landscape with innovative solutions available at our fingertips to meet our investment needs.

What is a Fixed Deposit?

A Fixed Deposit (FD) is a type of savings account offered by banks and financial institutions that provides a fixed interest rate for a specific period of time. It is a low-risk investment option that allows individuals to deposit lump sum money for a fixed tenure, ranging from a few days to several years. In return, the depositor earns a fixed interest rate, which is usually higher than a traditional savings account. Fixed Deposits are a popular investment option in India, as they offer a safe and secure way to grow one’s savings over time.

The Evolution of Fixed Deposit

A Digital Fixed Deposit is an online financial instrument that enables you to deposit lump sum money for a fixed duration at a predetermined interest rate, providing you with an assured return on your deposits. Some banks do not require you to have a savings account with them to open an FD. RBL Bank FD offers competitive interest rates and an easy online application process.

Traditional FDs vs Digital FDs

Particulars Traditional FDs Digital FDs
Access Requires bank visit Can be booked at the convenience of your home
Opening Process Paperwork at branch Online application
Convenience Limited to bank hours 24x7 accessibility
Documentation Physical documents Digital verification
Withdrawals May require physical presence Online withdrawal process

Before booking a Digital FD, it is important to conduct thorough research to make an informed decision. Here are some key facts that you may consider: Using an FD calculator can help you evaluate potential returns and make a more informed choice.

Features, Benefits & Interest Rates

1. Convenience:

Digital Fixed Deposit allow you to open, manage, and track your investment online with ease. You can open and manage your digital fixed deposit online from the comfort of your own home. You don’t need to go to the bank to make a deposit.

2. 24x7 Accessibility:

Digital Fixed Deposit are also available 24x7, unlike traditional fixed deposits. This means you can make investments whenever you want, without worrying about bank business hours.

3. Ease of Opening:

You can fill an online application on digital platforms of the bank for opening your FD. Fill in your details, choose tenure and amount, and submit your documents, and save your time and effort. Many digital FD platforms also come with calculators that let you calculate potential returns based on various tenures and interest rates.

4. Competitive Interest Rates:

With many digital platforms offering competitive interest rates, your money potentially yields higher returns than traditional FDs. Interest rates are often categorised by tenure, such as 6 months to less than 1 year, 1 year to less than 2 years, and so on, helping you understand the distinctions between various deposit lengths.

5. Flexibility:

Digital Fixed Deposit may also provide greater flexibility in terms of early withdrawal, term extensions, and reinvestment. This flexibility ensures that your investment keeps pace with your changing financial needs.

6. Secure Transactions:

Your transactions and investments are safeguarded by trusted digital platforms that take the necessary measures to secure your personal and financial information.

7. Paperless Process:

Digital Fixed Deposit reduce environmental impact by eliminating the need for paper-based documentation. The whole process, from start to finish, can be done digitally.

8. Immediate Access to Funds:

Upon maturity, the money is usually transferred directly to your linked bank account, allowing you quick access without any hassle.

Do FDs look interesting to you? Find out about RBL Bank's Digital FD

RBL Bank’s Digital Fixed Deposit (FD) scheme is available to non-bank customers as well. Customers can book Digital FD within minutes without visiting a branch or opening a savings account with the Bank.

In the RBL Bank’s Digital FD, specific offerings and features include competitive interest rates and flexible tenure options, making it a convenient choice for many.

You can now open a fixed deposit online in 3 simple steps!

  • Provide Aadhaar and PAN details
  • Complete Full KYC in minutes
  • Fund your FD

Features and Benefits of RBL Bank's Digital FD

  • Competitive interest rates
  • Higher interest rates for Senior & Super Senior Citizens
  • Avail daily hospital cash cover
  • Zero penalty on pre-mature withdrawals
  • FD withdrawals can be transferred to your own Savings Account
  • Along with FD you can open RBL Bank Digital Savings Account in just 2 clicks

Additional benefits include embedded insurance and RBL Bank Digital Savings Account. Customers can avail themselves of a credit card or overdraft facility on their FD. The FD holders can enjoy insurance coverage under HospiCash policy which covers regular medicine requirements and doctor consultations. RBL Bank also offers high fixed deposit interest rates for senior [Age: 60+ years] & super senior [Age: 80+ years] citizens.

Terms & conditions applied

Digital Fixed Deposits provide a convenient and secure investment option with assured returns. With competitive interest rates, online platforms present a seamless and user-friendly approach to grow your savings.

Eligibility and Documents Required

To open a Fixed Deposit account with RBL Bank, individuals must meet certain eligibility criteria and provide the required documents. The eligibility criteria include:

  • Age: 18 years and above
  • Residency: Indian resident or Non-Resident Indian (NRI)
  • Income: No minimum income requirement

The required documents include:

  • Identity proof: PAN card, Aadhaar card, passport, or driving licence
  • Address proof: Utility bills, bank statements, or rental agreement
  • Income proof: Salary slips, Form 16, or income tax returns

Tax Implications

The interest earned on a Fixed Deposit is taxable, and the tax implications vary depending on the individual’s income tax slab. The interest income is added to the individual’s taxable income and taxed accordingly. RBL Bank deducts Tax Deducted at Source (TDS) on the interest earned, if the interest income exceeds INR 40,000 in a financial year. Senior citizens are eligible for a higher exemption limit of INR 50,000.

Loan Against Fixed Deposit

RBL Bank offers a loan against Fixed Deposit, which allows individuals to borrow money against their FD account. The loan amount is up to 90% of the deposit value, and the interest rate is around 4.25-7.95%. The loan tenure is usually up to 12 months, and the repayment can be made in instalments or as a lump sum.

Premature Closure

RBL Bank allows premature closure of Fixed Deposit accounts, but it attracts a penalty of 1% on the interest earned. Senior citizens are exempt from this penalty. However, tax-saving Fixed Deposits do not have a premature closure option. It is essential to note that premature closure may result in a lower interest rate or a penalty, which can reduce the overall returns on the investment.

Disclaimer:
Articles published on the website are merely indicative and suggestive in nature and do not amount to solicitation. The contents do not guarantee the desired returns and/or results. Reader is advised to exercise discretion and consult independent advisors for achieving desired result.

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