RBL Bank Savings Account: The bank account is a very basic thing which we all have in one or more banks. These days people have one or more bank accounts in one or more banks which are operating in India. People like us open multiple savings account because they don’t like the services they get with the current bank. This happens in many cases, people open new savings account transfer all the money to that new bank account and leave the old bank account idle. But we should think of closing the old bank account if we are not using it anymore.
There are a number of reasons why you should own a bank account. Like when you deposit the money you have in your bank account then it is safe over there. Your money will be many times safer in the bank when compared to keeping it at home’s safe right? Yes, it is. We earn money by working hard in this world and the security of the money we earn is very important according to me. I am not alone who thinks that money should be kept in safe place. Because possibly no one likes to lose their hard earned money.
The security is not the only thing which you will get by opening the savings account. But you will earn some interest on the money you have in the bank account too. However, the savings bank account is not a good place to keep the money if you want interest towards your money. Because the interest rate which is given by the banks on the savings bank account is less. So if you are looking to get a good amount of interest rate on your savings then you can keep your money by opening a fixed deposit or open a recurring deposit account.
When we compare the interest rate which we get in fixed deposit and recurring deposit is much higher when compared to a savings account. In this page on Bank With Us, we will tell you everything you need to know about RBL Bank savings account. If you open a new RBL Bank savings account you will get access to the banking services offered by the bank like Internet banking, mobile banking, and ATM Card services. These are some of the basic features which you will get from the bank. There are many more features and services which you will get from the RBL Bank.
About RBL Bank – All You Need to Know
RBL bank is also known as The Ratnakar Bank limited is a scheduled commercial bank which is headquarters in Kolhapur, Maharashtra. Many people don’t know that RBL Bank is one of the oldest running private banks in India as well. This bank was founded in August 1943 it is said that RBL Bank is providing the service to approx 19,00,000 customers in India.
As on October 2016, the RBL bank has employed 4622 employees and the total business size of the bank was over Rs. 45,000 crores. These are just a few things which you need to know about this bank. But if you want to read more about this bank then you can do that on Wikipedia.
Products and Services Offered By This Bank
Being a scheduled commercial bank operating in our beautiful India this bank offers many products and services to their account holders. Some of those products and services are listed below.
- Corporate & Institutional Banking
- Commercial Banking
- Retail Banking
- Agri & Development Banking
- Financial Markets
Awards and Recognitions Received By This Bank
The RBL Bank is on of the oldest running private banks which are operated in India. This bank has received some of the awards and recognitions as well. Find those awards and recognitions below.
- Ranked 1st amongst 47 banks in the Banking Codes and Standard Board of India (BCSBI) Survey 2014-15 on Commitment to customers and Micro & Small Enterprises
- Awarded the MasterCard Innovation Awards – 2016 for the best Debit Card innovation for the India Startup Club Debit Card
- Awarded the Best Corporate Payment Project at the Asian Banker Technology Innovation Awards 2016
- Received the IDRBT(Institute for Development and Research in Banking Technology) Banking Technology Excellence Award 2014-15 for ‘Use of Technology for Financial Inclusion.’
- Featured at the 31st position in the Fortune Next 500 list of Indian companies, 2015. Other companies included MakeMyTrip, IRCTC, and Redington.
- Recognized as a Global Growth Company, 2014 by World Economic Forum
- Rated as India’s Best Bank (Growth) in the mid-sized bank segment – A Business Today and KPMG study in 2012, 2013, 2014 & 2015.
- Rated as the Fastest Growing Small Bank according to Business World-PWC Best Bank Survey 2013, 2014 & 2015.
- Ranked as the Best Bank in the Priority Sector Lending (Private Sector), Dun & Bradstreet Banking Awards, 2014 & 2015.
- World Economic Forum Recognizes RBL Bank as a Global Growth Company.
- Rated as the Best Indian Banker (Small-Sized), Sunday Standards Best Bankers Award, 2013.
- Winner of the Best Core Banking Project, India, 2012, Asian Banker Technology Implementation Award.
- Financial Services Company of the Year award by VCCircle.
RBL Bank Savings Account Interest Rates & Minimum Balance
So now let us move to the further part of this page and check out more information about the RBL Bank Savings Account, the interest rate which you will get with this account and the minimum balance.
You have to maintain the monthly average balance throughout the month. There is no such thing as fixed minimum balance with RBL Bank Savings Account.
Features of RBL Bank Savings Account
Here are the features which you will get once you have opened RBL Bank savings account.
- The money which you deposit in your RBL Bank Savings Account will be safe.
- You will get access to many innovative banking services and features.
- There is an option to choose the different type of account depending on your needs.
- You will get Internet Banking, Mobile Banking, and SMS banking facilities.
- The utility bill payments can be via internet banking.
- The ATM card or Debit card will be issued for free of cost when you open the savings account with them.
What are the Different Types of RBL Bank Savings Account
The savings bank account in RBL Bank is a great place to deposit the money you have with you and earn some amount of interest rate on it. If you have made up your mind to open RBL Bank Savings Account then you have chosen a good bank.
There are different types of RBL Bank Savings account from which you can choose one according to your needs. We have listed some of the types of savings account offered by this bank below.
Advantage Savings Account:
- The ATM card you get with this bank can be used unlimited times in all the ATM machines in India.
- NEFT and RTGS done with this account will not attract any charges.
- The cash transactions which are done at RBL Bank branches will be free.
- Outstation cheque collection will be done for free of cost.
- No incremental transaction charges will be applied on Advantage Savings Account.
Prime Edge Savings Account:
- The cash withdrawal and deposit limits are enhanced for this type of RBL Bank savings account.
- You can access your bank account from any of the branches of the bank. Which means you can access all the features at any branches just like your home branch.
- 10% to 20% of discount will be given on hospitalization and heath care tests.
- The limits for ordering demand draft and pay orders are higher with this kind of account.
- You can make tax payment and bill payment without paying extra charge with the help of internet banking facility.
Seniors First Savings Account:
- This account is designed for the senior citizens of India.
- You get will get a classic debit card when you open this bank account. But some terms and conditions are applied.
- The passbook(s) will be issued free of cost for individual account holders.
- Free utility bill payments can be done with the help of internet banking.
- Unlimited ATM withdrawals at all the ATM machines in India.
- You can take advantage of missed call banking and other new banking services offered by the bank.
Prime Savings Account:
- The fixed deposit rates which are given for the prime saving account are best in class.
- You will get unlimited usage of ATM card throughout India. but few terms and conditions are applied by the bank.
- Wealth management solutions will be offered by experienced people of the bank.
- Internet banking, mobile banking, and missed call banking etc. services are included with the bank account.
- There is a wide range of RBL Bank savings account available in this type. You can choose the one which suits your need.
Woman’s First Savings Account:
- The bank account is designed for the women of India.
- You can use the ATM card for unlimited times in any of the ATM machines across India.
- The discounts worth Rs. 2500 will be given on the activation of the ATM card.
- The women who have this bank account will get year-long discounts.
- The interest rate which is offered to this account is higher than the normal ones.
What is Minimum Balance in RBL Bank Savings Account?
The minimum balance which you have to maintain once you open the bank account with RBL Bank. Varies from each type of bank account listed above.
So we highly recommend you to contact the branch of the bank where you are opening the RBL Bank savings account.
And one more thing we would like to tell you and that is there is no fixed minimum balance which is applied. But instead of that, you have to maintain average monthly balance in your bank account.
If you don’t maintain the monthly average balance in your RBL Bank account then the bank may apply MAB penalty on your bank account. So why to pay the penalty when you can maintain your monthly average balance.
How Much is the Account Charges Applied in RBL Bank?
The account charges also differ from each type of the bank account. So you can get the exact amount which will be charged to you by contacting the branch where you want to open the bank account.
Sometimes the bank account charges differ from branch to branch as well.
How Much is RBL Bank Savings Account Interest Rate?
The interest rate which you get from the RBL Bank is high when we compare it to other banks which are operating in India. But do keep one thing in your mind and that is there are many terms and conditions which are applied by the bank when it comes to giving interest rate.
But for a rough estimate of interest rate on RBL Bank Savings Account, it can go high up to 7.50%
How to Open RBL Bank Savings Account?
Have you decided to open your savings bank account with RBL Bank?
If yes then that’s great you can open the bank account with them by visiting any of their branches across our country.
You can even apply for RBL Bank Savings Account by visiting their official website. You will have to fill in details like your name, contact number, place etc.
The bank officials from the RBL Bank branch which is near to your location will contact you and help you to open the bank account with them.
How to Locate RBL Bank Branch Near You?
If you want to visit the branch of RBL Bank which is near to your location. Then you can locate the nearest branch by simply searching in on Google.
But if you want more accurate information then you can open the official website’s branch locator. You can follow the link which is given here.
This link will take you to the official website’s page from where you can locate their branches and ATM machine near you.
There you have to enter your location and click on search all the bank branches and ATM’s which are near your location will be shown to you.
Frequently Asked Questions About RBL Bank Savings Account
These are some of the questions asked by the people about the RBL Bank Savings Account. If you have these doubts in your mind then you can find the answers below.
Will Bank Charge Anything Extra to Issue ATM Card?
No, the bank will issue the ATM card for free when you open the bank account with them. But if you lose or damage the card then you will have to pay extra for the issuance of the new ATM Card.
Is Internet Banking and Mobile Banking Available For All?
Yes, everyone who holds a bank account with this bank can take advantage of these services. And there is no need to pay anything extra to get this features activated for your RBL Bank Savings Account.
Conclusion
So this is everything you need to know about RBL Bank Savings Account. We hope you are clear with all the information which is mentioned on this page. We have tried our best to provide the right information but still, we recommend you to verify the information with the bank.
You can verify that by visiting any of the branches of the RBL Bank across India, that is the branch which you would like to make your home branch. And you can do that by calling the customer care of the bank on their toll-free number 1800 123 8040 as well.
Just call them and talk to the customer care executive they will help you out further. But if you have any kind doubts about anything mentioned on this page then you can comment below. We will make sure that you will get a reply as soon as possible.