Smart Recurring Deposit

Points to Note

• The customer is aware that the interest rates for Smart Recurring Deposits will be the corresponding rate as applicable for a Fixed Deposit.

• The customer is aware that interest on the Deposits is compounded at quarterly intervals, at the applicable rates.

• The customer agrees that the instalment amount once fixed will not be allowed to be altered at a later date.

• Booking amount and subsequent SI amount shall be the same.

• The customer is aware that the maturity amount mentioned on the Smart Recurring Deposit advice/digital channels is subject to top-up amount and TDS.

• Smart Recurring Deposit may be opened by the customer with a minimum of INR 1,000 and in multiples of INR 1 thereof and maximum amount INR 5 lakhs.

• Smart Recurring Deposit may be opened by customer with a minimum tenure 6 months and in multiples of 3 months thereof and maximum 60 months.

• Minimum top-up amount shall be INR 50, thereafter in multiple of INR 1 and maximum top up allowed shall be INR 10,000 per day. The total top-up amount should not exceed INR 25,000 a week (Monday to Sunday).

• The rate of interest offered on a Smart Recurring Deposit by RBL Bank will remain same for the entire Tenure of the Smart Recurring Deposit i.e. the contracted rate will remain uniform for the entire tenure of the Smart Recurring Deposit.

• Part premature withdrawal is not allowed for a Smart Recurring Deposit.

• On pre-mature withdrawal of the Smart Recurring Deposit, the interest will be calculated at rate applicable for the period for which Smart Recurring Deposit has actually remained with the bank, subject to a penalty of 1%. However, there is no penalty for premature withdrawal of Smart Recurring Deposit by senior citizens/super senior citizens.