Revision in Savings Account Interest rates w.e.f. October 01, 2024
Last date to link PAN with Aadhaar was June 30, 2023. Link your PAN with Aadhaar & Avoid your PAN from becoming inoperative!
RBL Bank is now live on the GST portal for GST payment.
Manage recurring merchant payments on your RBL Bank Credit & Debit Cards.
Your RBL Bank Credit Card is now more secure than ever. Switch on/off your Card at any time.
Properties for Sale under SARFAESI Act, 2002
Revision in Savings Account Interest rates w.e.f. October 01, 2024
Last date to link PAN with Aadhaar was June 30, 2023. Link your PAN with Aadhaar & Avoid your PAN from becoming inoperative!
RBL Bank is now live on the GST portal for GST payment.
Manage recurring merchant payments on your RBL Bank Credit & Debit Cards.
Your RBL Bank Credit Card is now more secure than ever. Switch on/off your Card at any time.
Properties for Sale under SARFAESI Act, 2002
Under this scheme, the bank/ lending institution will provide ex gratia payment, which is the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to INR 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from March 01, 2020 to August 31, 2020 (6 months / 184 days).
The main features / highlights of the scheme are as under:
No, you do not have to apply, relief will be given to all eligible borrowers by the bank.
Who will finalize the list of eligible accounts?Individual banks/ lending institutions will finalize the list of eligible borrowers for the relief based on the GOI guidelines. These will be subject to independent audit. The bank reserves the right to recall the funds credited to the clients account.
How will the lending institution assess whether a borrower has aggregate loan facilities up to Rs. 2.00 cr. from the banking system?
Lending institutions are to assess this based on information available with them as well as information accessible from credit bureaus.
Will my Non-Fund Based Limits as on February 29, 2020 be included for arriving at the eligibility amount of up to Rs. 2 crore?
No. Non-Fund based limits will not be included for arriving at the eligibility.
Whether Accounts categorized as SMA-0, SMA-1 and SMA-2 are eligible to avail the benefit of the package?
Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 as on February 29, 2020 are eligible for the relief package.
Are NPA accounts eligible for the relief package?No. The loan/Credit Card balance should not be a Non-Performing Asset (“NPA”) as on February 29, 2020.
Whether borrowers who have opted for deferment of Interest/Instalments under the RBI COVID- 19 relief package, are eligible under this scheme?
Yes. This scheme is applicable to all eligible borrowers irrespective of whether they have fully, partially availed or not availed the moratorium on repayment announced by RBI vide DOR. No. BP.BC.47/21.04.048/2019-20 dated March 27, 2020 and May 23, 2020.
Whether “partly disbursed loans” are covered under the relief package?Yes, partly disbursed loans will be eligible provided that the sanctioned and outstanding amounts do not exceed INR 2 Cr. The outstanding as on February 29, 2020 will be the reference amount for calculating the differential interest amount. Loan Amount disbursed till February 20 will be considered for the calculation of ex-gratia payment.
Whether a borrower who has closed the loan account(s)/Credit Card account between March 01, 2020 and August 31, 2020 is eligible under this scheme?
Yes, eligible borrowers under the scheme who have closed their account/s between March 01, 2020 and August 31, 2020 are also eligible for ex gratia payment from March 01, 2020 up to the date of account closure (not later than August 31, 2020).
In which of my accounts will the differential amount be credited?The differential amount will be credited to the respective loan account(s)/ Credit Card/savings account of the eligible borrowers.
If I have already closed my loan account/ Credit Card after March 01, 2020, how will the differential amount be paid to me?
In case you have closed your loan account/ Credit Card after March 01, 2020, the ex-gratia payment will be credited to your savings/ current account. In case you do not maintain any such account with the bank you can contact us with the details of the account in other banks where the amount can be credited /remitted to.
Which Rate of Interest (%) will be considered for calculating the package, i.e. ROI (%) considered at the time of sanction or ROI (%) as on February 29, 2020?
The following Rate of Interest will be considered for each of the following loan categories:
No. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on February 29, 2020.
What will be the treatment of penal interest/ penalties while arriving at the rate of interest?The contracted rate / interest rate prevailing as on February 29, 2020 which is considered for calculating the interest differential will exclude any penalties or any penal rate of interest applied in the account.
What will be the treatment for the repayments / credits made in term loan/ demand loan during the period from March 01, 2020 to August 31, 2020?
The outstanding as on February 29, 2020 will be the reference amount for calculating the differential. Any repayment / credits subsequent from March 01, 2020 – August 31, 2020 will be ignored for the purpose of calculation.
How will the interest be calculated for cash credit/ overdraft accounts?Simple interest for the period will be calculated based on daily outstanding as at end of the day at rate of interest prevailing as on February 29, 2020. Compounding of interest will be at monthly rests.
How can I flag my grievances related to the relief package?Please click here to refer our Grievance redressal matrix. You may also click here to register your grievance on our website.
A salaried employee / self-employed professional had availed of a personal loan from bank which has some amount outstanding as on February 29, 2020. Is the loan eligible for ex-gratia payment under the scheme?
Yes, loans for consumption purposes (e.g., social ceremonies, etc.) are also eligible for coverage under the scheme, besides other specified categories of loans like consumer durables, automobiles, education, credit card dues, housing and personal loans to professionals. However, loans against fixed deposits [including Foreign Currency Non-Resident (Bank) <(FCNR(B)>account, bonds and other interest-bearing instruments], and shares etc., and loans given for investment in financial assets (shares, debentures etc.) are not eligible for coverage under the scheme.
With regards to Credit Card dues, how would the outstanding amount be determined?Credit Card dues outstanding as on February 29, 2020 would be considered for giving relief to the borrowers and the benchmark rate applicable for such relief would be the contract rate (Weighted Average Lending Rate - WALR) as on February 29, 2020, which is used by the credit card issuers for the purpose of EMI loans.
What is settled amount for credit card dues?Settled amount in case of credit card dues is the amount outstanding against the actual transactions.
For illustrations: Authorization amount locked at the time of hotel check-in (which is released at the time of check-out) would not be considered as part of the settled amount for calculation of credit card dues.
Whether crop loans and other agriculture are covered under the scheme?Crop loans and tractor loans etc. are agriculture and allied activities loans and are not part of the eight segments/class of loans eligible under the scheme.
Whether two-wheeler loans are covered under the scheme?Automobile loans including two-wheeler loans are eligible under the scheme.
Whether eligible accounts foreclosed during the period of March 01, 2020 to August 31, 2020 are covered under the scheme?
Yes, all eligible accounts foreclosed during the period of March 01, 2020 to August 31, 2020 are covered under the scheme.
By when would the differential interest amount be credited to in my account?The Bank will credit the amount of differential interest to your respective loan accounts(s)/ Credit Card by November 05, 2020.
How will I get to know if I have received the benefit under the scheme and what is the credit amount?
The Bank will notify you on the credit of differential amount vide. SMS and/or e-mail on your registered mobile number and/or email id. The bank reserves the right to recall the funds credited to the clients account.
Will I receive the benefit under this scheme if I have multiple loan/credit facilities with the bank?
Yes, Loan accounts having sanctioned limits and outstanding amount not exceeding INR 2 crore [aggregate of all facilities with lending institutions] as on February 29, 2020 will be eligible under the scheme.
Why have I not received the credit under the scheme in my loan account till November 05, 2020?In case you have not received the credit of differential amount in your account it could be due to any of the following reasons:
No, only the eligible customers will be notified by the bank.
