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RBL Bank

RBL Bank’s Abacus Digital

RBL Bank has rolled out the specialized Abacus Digital Savings Account that can be opened on the official website of the bank. You are just required to upload the Aadhar Card & PAN card copies online. The Abacus Digital Savings Account can be opened instantly online with the minimum requirement of documentation. With the help of this zero balance savings account, the account holders can also invest in the respective fixed deposits and a maximum amount of around 1 Lakh INR can be deposited in the given account.

RBL Bank’s Digital Savings Account is the fast, convenient and secure way of opening a savings bank account online. RBL Bank does not have a zero balance account (with the exception of Digital Savings Account – Prime becoming a zero balance account by creating an SIP/RD of Rs. 2000 or more)

In order to open the savings bank account, the two documents required are Aadhar Card and Pan Card. On the submission of these two documents alone, RBL Bank can open a digital Savings Bank Account within a few minutes

In terms of Savings Accounts, RBL has set up two types of savings account:

1. Woman’s first Savings Account

This is a facility which helps in building the lifestyle and enhances their development in their profession.

The key features of this account are:

  • Monthly average balance saving limit of Rs. 10,000
  • The account holders are given unlimited withdrawals from the ATM.
  • Free Woman’s first debit Card
  • Discounted health benefits on the debit card provided by RBL Bank.

The purpose of creating the Woman’s first savings account was to give more independence to women of our country in order to increase savings.

2. Digital Savings Account – Prime

The Monthly Average Balance requirement is Rs. 5000. This enables a larger audience to enter the formal banking system and a large number of depositors reaping the benefits of opening the Digital Savings Account.

On opening the savings bank account with RBL Bank, the Bank provides the account holder a Titanium Debit Card which enables him to avail various offers, cashbacks etc.

The key benefit of this account of RBL Bank is that the average monthly balance is not required to be maintained frequently by making an SIP/RD of Rs. 2000 or more.

Here is a list of the characteristics that sets RBL Bank apart from the other banks when it comes to digital banking accounts:

ATM Usage Access to RBL Bank ATMs in India (on maintenance of Rs. 25, 000 AMB)
High Interest Rate Interest rates of 7% per annum for 10 lakh and above balance; 6% per annum on balance above Rs. 1 lakh
Accidental Death Cover Free cover for accidental death upto Rs. 5 lakhs
High Daily Transaction Limits ATM withdrawal limit of Rs. 1, 00,000 and POS (point-of-sale) spending limit of Rs. 2, 00, 000 per day.
Online Money Transfer Transfer money within the country securely through RTGS and NEFT services, free of cost.
No Annual Fee For domestic or international cards, no annual fee will be charged.

The RBL Savings Bank Account offers the following features:

  • Maximum deposit of 1 lakh
  • Internet banking facility
  • Annual interest payment on account balance at the following rates:
  • 5% for an account balance of less than 1 Lakh
  • 6% for an account balance between 1 to 10 Lakhs
  • 7% for an account balance of more than 10 Lakhs but less than 5 Crores

Therefore, RBL Bank has elegantly used the SIP/ RD concepts in order to make the saving bank account become a virtual zero balance account which has enabled RBL Bank to become a viable competitor to the rest of the commercial banks offering zero balance accounts and has helped bring in depositors through the Digital Savings Account – Prime.

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