RBL Bank Prime Edge Savings Account

RBL Bank Prime Edge Savings Account offers a higher interest rate on deposits above a predefined limit. This account comes with higher interest rates as much as one can earn in FD (Fixed Deposit) accounts. in RBL Bank Prime Edge Savings Account. While in FDs you have to wait for the maturity date to utilize the funds, there is no such bar in this RBL Savings Account. You can utilize the amount lying in your bank account anytime on demand. It acts as a normal saving account despite offering interest rates at par with FD accounts.

In this post, we will discuss RBL Bank Prime Edge Savings Account features, interest rate, eligibility criteria, how to apply for this account, benefits, and frequently asked questions.

Features of RBL Bank Prime Edge Savings Account

Here are the features of the RBL Bank Savings Account:

1. High Interest Rates

The bank under this scheme offers a higher rate of interest on saving accounts. The schedule of RBL Bank Prime Edge Savings Account interest rate as per the limit is described as below:

• An interest rate of 6.00% can be fetched for a balance above Rs. 10.00 lakh and up to Rs. 3.00 crores in RBL Bank Prime Edge Savings Account
• For balance above Rs.1.00 lakh and up to Rs. 10.00 lakh in your RBL Bank Prime Edge Savings Account, the bank offers an interest rate of 5.75%.
• For any balance up to the limit of Rs. 1.00 lakh, the bank offers an interest rate of 4.25%.
• All the balances listed in the slabs are offered at an interest rate as mentioned for the particular slab while the balance of up to Rs. 1.00 lakh shall fetch a rate of interest of only 4.25%.
• These rates are quite higher than the average rates available in the market. Even a general savings bank account of a majority bank fetches an interest rate of up to 3.50% which is 0.75% lesser than that offered by the bank to all its customers (irrespective of the available balance) in the RBL Bank Prime Edge Savings Account.

2. Premium ATM-cum-debit-card Facility

The bank offers a Titanium ATM cum debit card with RBL Bank Prime Edge Savings Account which offers the customers free of cost ATM withdrawals in any bank’s ATM (up to a certain number of transactions in a month). The card also offers linked insurance benefits with all the accounts, which are listed as below:

• Personal Accidental Insurance (Death) - Rs. 2.50 lakhs
• Purchase Protection- Rs. 10 thousand
• Lost Card Liability- Rs. 50 thousand
• Personal Air Accident Insurance- Rs. 2.50 lakhs
• Cash in Transit- Rs. 50 thousand

3. Convenient Banking

The bank offers its customers easy and convenient banking under the RBL Bank Prime Edge Savings Account with more benefits as compared to other bank saving accounts.

• Higher limit and free pay orders as well as demand drafts
• At par payable cheque book
• Enhanced limits of cash withdrawals and deposits

4. Bill Payment

You can pay bills and taxes without any extra fee through internet banking in your RBL Bank Prime Edge Savings Account.

5. Other Information

• Free cheque book of 40 leaves
• Outstation cheque clearing is free for two instances

RBL Bank Prime Edge Savings Account Eligibility Criteria

Here are the details:

• The eligibility criterion in this account is at par with other saving bank schemes of the bank.
• The only difference is that the minimum balance to be maintained in this account is a little higher than the others.

How to Apply for an RBL Bank Prime Edge Savings Account?

You can open an account in this scheme with the bank in either online or offline mode. You can visit the nearest branch of RBL Bank to open an account in offline mode. For this, all you need to carry along with you is your KYC documents and recent passport-size photographs. After filling up the form in the bank and providing the necessary information, your account shall be opened with the bank.

In case you opt for the online opening of the RBL Bank Savings Account, you need to follow certain steps as quoted on the bank’s official website. In case of an online opening, the KYC shall be verified online through Aadhar OTP on your phone. In that case, also you may have to visit a branch to submit your signatures with the bank officials.

Benefits of RBL Bank Prime Edge Savings Account

Here are the RBL Savings Account benefits:

• The bank offers access to a variety of insurance and investment products to its customers having RBL Bank Prime Edge Savings Account.
• The customers having an account in this scheme are also eligible for other products such as instant loans and credit cards.
• A special offer on debit cards can also be availed by the customers under this scheme.