RBL Bank, previously known as Ratnakar Bank Limited, is a private sector bank in India that has witnessed impressive growth over the past decade.

Brief history and background

RBL Bank was founded in 1943 in Kolhapur, Maharashtra by the Maharashtrian tradesman Ratnakar Gutte. It operated as a small regional bank for many years before being re-launched as RBL Bank in 2010 under a new management team led by Vishwavir Ahuja.

The new management aimed to transform RBL from a traditional bank to a modern new-age bank using the latest technology. They focused on services like credit cards, microfinance loans and offering specialized services to startups, small businesses and commercial clients. This new strategy proved very successful.

Growth and expansion over the years

From just 12 branches in 2010, RBL Bank has expanded to over 398 branches and 1,306 ATMs across 21 Indian states as of March 2022. Its assets under management also grew from ₹3,235 crore to ₹80,448 crore during the same period.
Some key milestones in RBL Bank’s growth journey are:

  • 2016 – Opened 100th branch
  • 2017 – Crossed ₹50,000 crore in deposits
  • 2018 – Launched India’s first interactive credit card
  • 2020 – Ranked among top 3 private sector banks by industry growth rate

Today, RBL Bank serves over 10.8 million customers across the country. It has developed award-winning products and services in savings accounts, NRI accounts, cash management services and rural banking.

Key figures (revenue, profits, number of branches etc.)

  • Branches – 398
  • ATMs – 1,306
  • Total Assets – ₹80,448 crore
  • Total Deposits – ₹60,268 crore
  • Net Profit FY21 – ₹506 crore
  • Revenue FY21 – ₹6,893 crore
  • Employees – Over 20,000
  • Customers – Over 10.8 million

Products and Services Offered by RBL Bank

RBL Bank (formerly Ratnakar Bank Limited) offers a range of banking products and services to meet the needs of individuals and businesses. Some of their major offerings are discussed below:

RBL Savings Accounts

RBL Bank offers savings accounts with attractive features for customers looking to save money.

Types of savings accounts: RBL Bank offers regular savings accounts as well as specialty savings accounts like salary accounts, women’s savings accounts, senior citizen savings accounts etc. tailored to specific customer segments.

Interest rates: Their regular savings accounts offer an interest rate of 4% per annum currently. Specialty savings accounts may have slightly higher interest rates.

Minimum balance requirements: The minimum average monthly balance requirement for regular savings accounts is ₹25,000 in metro and urban branches. It is lower at ₹10,000 in semi-urban and rural branches. Failure to maintain minimum balance attracts charges.

RBL Current Accounts

RBL Bank current accounts come loaded with convenient features for businessmen and companies.

Features of current accounts: Some key features include free unlimited transactions, Doorstep Banking, sweep-in and sweep-out facility between current and overdraft account, dedicated relationship manager and more.

Charges and fees: RBL current accounts have zero balance requirements. But non-maintenance of stipulated monthly average balance attracts charges. Other charges like cash transaction charges also apply.

Overdraft facility: Current account holders can avail the overdraft facility against their fixed deposits at attractive interest rates starting as low as 9.5% per annum currently. This overdraft amount can be used to manage temporary fund shortfalls.

Loans Offered by RBL Bank

RBL Bank offers an array of loans for individuals as well as businesses to meet their funding requirements. Key loan products include:

RBL Home Loans

RBL Bank offers home loans for purchase of ready possession as well as under-construction property.

  • Interest rates: Their interest rates start at just 8% per annum currently for loans up to 30 years.
  • Eligibility and documents: Salaried individuals, self-employed professionals and businessmen with a good credit score and repayment capacity are eligible. Documents needed include identity proof, address proof, employer documents, property documents and bank statements.

RBL Personal Loans

One can borrow from ₹25,000 to ₹15 lakh through RBL personal loans for any personal expenses and emergencies for tenure between 12-60 months. Interest rates range from 11.99%-21% currently based on applicant’s profile. Minimum income and documentation required to avail it.

RBL Business Loans

RBL offers secured business loans and unsecured business overdraft facilities starting from ₹10 lakhs to ₹50 crores for working capital, plant and machinery purchase, business expansion and other needs of self-employed individuals, professionals and companies. Attractive interest rates and tailored repayment options.

Other Loan Offerings

Some other loans offered are:

  • Loan against securities and property
  • Credit card
  • Overdraft against deposits
  • Gold loan
  • Two-wheeler loan
  • Tractor and farm equipment loan
  • Loan for solar projects

So from micro loans to large business funding, RBL Bank offers financial assistance to diverse customer segments through an array of credit facilities as per their specific eligibility and needs.

RBL Bank Credit Cards

RBL Bank offers several types of credit cards to meet different needs. Credit cards allow you to make purchases and pay over time. They can also provide additional benefits. Understanding the options can help you choose the best card.

Types of credit cards and features

RBL Bank offers credit cards including travel, shopping, rewards, and premium cards.

  • Travel Credit Cards: These cards provide deals and rewards on travel purchases. They may offer airline miles, free hotel nights, lounge access or travel insurance.
  • Shopping Credit Cards: Designed for frequent shoppers. They provide higher rewards and cashback on spending categories like groceries, gas, dining, entertainment or online purchases.
  • Rewards Credit Cards: Offer points or cashback on all purchases. Points can be redeemed for statement credits, gift cards, merchandise and more. Cashback goes towards your card balance.
  • Premium Credit Cards: High-end cards with luxury perks and benefits. Expect premium travel and shopping rewards programs, airport lounge access and dedicated services. Annual fees generally apply.

All RBL credit cards provide core benefits like fraud protection, zero liability, global acceptance and online account access. Premium cards add elite benefits. Compare annual fees and rewards against your spending habits.

Rewards, benefits and point systems

RBL credit cards allow you to earn rewards that provide monetary value and elite status benefits.

  • Rewards: Receive cashback, points or miles on card purchases. Cashback goes towards your balance. Points and miles can be redeemed for statement credits, merchandise, travel and gift cards.
  • Benefits: Additional cardholder perks provided on select cards include travel and emergency insurance, airport lounge access, hotel elite status and special dining or entertainment deals.
  • Point Systems: Points earned are tied to real money value. Typically 1,000 points can be redeemed for Rs 500 off your balance. Point redemption is available once minimum thresholds are met. Compare cards to understand the options and true value.

Using rewards and points allows you to maximize the value you receive from RBL credit cards. Understand how to earn and redeem to optimize your benefits.

Charges and fees

While credit cards provide many perks, it’s important to be aware of costs in order to avoid surprise charges.

  • Annual Fees: Charged yearly for holding certain premium or rewards cards. Typically range from Rs 500 – Rs 5,000. Waived for some cards in the first year.
  • Interest Charges: Applied to carried balances month-to-month. RBL’s average rate is 3.49% per month. It helps to pay your bill in full each month.
  • Cash Advance Fees: Charged for withdrawals from your credit limit at ATMs or banks. Usually around 2.5% of the amount withdrawn (minimum Rs 300).
  • Late Payment & Overlimit Fees: Paying late or exceeding your credit limit leads to penalty fees around Rs 800 on average.
  • Foreign Transaction Fees: Purchases in foreign currency may have a markup processing fee (about 3.5% of transaction). It depends on the type of card.

Other Products

In addition to regular banking services, RBL Bank also offers some other useful products and services for its customers. These include demat accounts for investing in stocks, locker services for safe storage, and NRI services tailored specifically for non-resident Indians.

Demat Accounts

A demat or dematerialized account allows customers to hold their stocks and shares in electronic format rather than physical certificates. RBL Bank helps customers open demat accounts with reputed depository participants registered with NSDL and CDSL.

Some benefits of a RBL Bank demat account include:

    • Secure online access to check holdings
    • Easy buying and selling of shares
    • No need to physically store certificates
    • Lower stamp duty compared to physical shares

RBL Bank staff can guide customers through the account opening process and help select the right account based on trading needs.

Locker Services

RBL Bank locker services allow valuable items like jewelry, important documents, etc. to be stored securely within the bank premises itself. Different sizes of lockers are available to choose from based on needs.

Key features of RBL Bank lockers include:

    • 24/7 security and surveillance
    • Protection against natural disasters like fires or floods
    • Accessible from any RBL branch across India
    • Electronic passbooks for easy operation

Lockers come with two safety keys – one held by the account holder and one with the bank for extra security. Customers are also provided locker insurance in case of any unforeseen incidents.

NRI Services

RBL Bank offers a wide range of banking services tailored for Non-Resident Indians (NRIs) living abroad. From NRE/NRO savings accounts to foreign currency deposits, customized solutions are available.

Some major NRI services include:

    • Special NRI banking branches
    • Higher interest rates on deposits
    • Online money transfers and remittances
    • Multi-currency accounts
    • Indian income tax advisory

Dedicated relationship managers handle all financial needs of NRI customers. All policies related to accounts, loans, investments are also customized as per repatriation needs and home country regulations.

Digital Banking Solutions by RBL Bank

RBL Bank offers digital banking solutions to its customers to make banking convenient. These solutions allow customers to conduct banking transactions online without visiting the bank branch. The main digital banking solution offered by RBL Bank is Internet Banking.

RBL Bank Internet Banking

Internet Banking allows customers to access their RBL Bank accounts and conduct various banking activities online through the bank’s website or mobile app. Some key features of RBL Bank’s Internet Banking are:

Features: 

    • Check account balance and view account statements
    • Transfer funds between own accounts or third party accounts
    • Pay utility bills like mobile, electricity, etc.
    • Recharge prepaid mobile cards
    • Open fixed and recurring deposits
    • Pay credit card bills
    • Access customized services

Security: 

RBL Bank uses advanced security measures to protect customers’ information and money in Internet Banking:
Secure login with user id, password and OTP over SMS

    • Verisystem – Fraud detection system monitors transactions
    • High-end 256 bit encryption for data security
    • Facility to set daily transaction limit
    • Password protected PDF account statements

Types of transactions available: 

Customers can perform various banking transactions through RBL Bank’s Internet Banking in a quick and secure manner:

    • Financial transactions like fund transfers, bill payments, mobile recharge
    • Investment transactions like opening/closing FDs and RDs
    • Request services like cheque book, account statement etc.
    • Update contact information

RBL Mobile Banking App

RBL Bank offers a user-friendly mobile banking application that allows customers to bank on the go from their smartphones. Some key features of the RBL Bank mobile app are:

Features:

    • Check account balance and view mini statements
    • Funds transfer to registered accounts and third party accounts
    • Pay utility bills, mobile bills, electricity bills etc.
    • Recharge prepaid mobile connections
    • Book fixed deposits and recurring deposits
    • Locate RBL Bank branches and ATMs near you
    • Block debit card if lost or stolen

The app provides robust security with MPIN login, biometric login and SMS OTP authentication. It has an easy-to-use interface with all options available on home screen.

User reviews

The RBL Bank mobile app has received positive response from users. Here are some user reviews about the app:

“Fast and secure app for all banking needs. Easy payments and fund transfers in a few taps.” – Anu S.

“I like the user interface of this app. All the options are clearly visible. Good thing is it is very quick.” – Ramesh K.

“This is among the better banking apps with good features. The only issue I faced sometimes is with SMS OTP delivery.” – Leela P.

Downloading and accessibility

The RBL Bank mobile app is available for download from Google Play Store for Android phones and App Store for iPhones. It is completely free to download. Customers can login through existing internet banking credentials or register separately for mobile banking.

Payment Solutions

RBL Bank offers a variety of digital payment solutions and services to merchants and businesses. These solutions enable businesses to accept payments from customers through multiple modes.

POS Terminals: 

A POS (Point of Sale) terminal is a device through which customers can make payments using debit/credit cards. RBL Bank provides both regular and wireless POS terminals to merchants.

Key features of RBL Bank POS terminals:

      • Accept payments through debit cards, credit cards, UPI apps
      • Available as wireless (portable) and wired terminals
      • Generate payment receipts for transactions
      • Settles payments directly into merchant’s bank account
      • Secure EMV chip and PIN authentication

Payment Gateways

RBL Bank payment gateway allows businesses to accept online payments on their e-commerce platforms and websites.

Some benefits of RBL Bank payment gateway:

      • Accepts payments through credit card, debit card, net banking
      • Seamless integration with e-commerce platforms
      • Easy settlement of payments into business account
      • Fraud detection tools for risk monitoring
      • Round the clock technical support

E-Commerce integrations

RBL Bank payment solutions are integrated with major e-commerce platforms and payment systems like:

      • Integration with popular payment apps like Paytm, PhonePe, Google Pay etc.
      • Plug-ins for e-commerce platforms like Shopify, WooCommerce etc.
      • Partnerships with online travel, hospitality and other booking platforms

This enables businesses to accept a wide range of payment methods from their customers conveniently.

Customer Service Offered by RBL Bank

RBL Bank aims to provide excellent customer service to account holders. They offer a variety of ways for customers to open accounts, address any issues, and access support.

Account opening process

Opening a savings or current account at RBL Bank is straightforward. Customers can visit their nearest branch and submit the required documents such as ID proof, address proof, photographs, and minimum deposit amount to open an account. The account opening form is simple to fill out. RBL Bank also allows customers to open accounts digitally through their website or mobile app with paperless Aadhaar-based e-KYC. This instant, paperless process makes starting an account with them convenient.

Grievance Redressal Mechanisms

RBL Bank provides customers multiple ways to raise complaints and grievances. Account holders can call the 24×7 customer care helpline or visit their home branch. The bank also has a dedicated customer grievance redressal officer in each branch. Customers can email or write letters to the bank’s head office. They typically respond to complaints within 30 days. The bank also encourages customers to provide feedback and suggestions regularly to improve services.

RBL Bank Customer Care Details

RBL Bank offers phone and email support 24 hours a day, 7 days a week. Customers can call the toll-free helpline or email at customer.service@rblbank.com. The bank’s website and mobile app also include chat support, account management options, locating ATMs/branches, and more useful services. Additionally, each branch has helpful relationship managers available during working hours for any queries.

Customer satisfaction

Several surveys indicate that RBL Bank maintains good customer satisfaction levels among account holders. They receive positive feedback for their transparent processes, digitized services, quick complaint resolution, and responsive customer support. However, some customers have expressed issues with long waits during peak times at certain branches. Overall, RBL Bank strives to take feedback and make continual improvements to their customer experience. levels

Latest News and Developments related to RBL Bank

RBL Bank has been in the news lately due to several positive developments as well as some challenges. The bank is working to strengthen itself and continue serving customers.

New products launched

In January 2023, RBL Bank launched a new credit card called Earn Smart. This card offers higher reward points on online spends to attract millennial customers. The bank also tied up with fintechs to offer ‘cardless EMI’ allowing customers to get financing for purchases without using a credit card. These innovations show that RBL Bank is focusing on digital banking services.

Awards and Recognitions

RBL Bank won the ‘Best Performance on Business Correspondent Network’ award at the Digi Dhan Awards 2022. This recognized the bank’s financial inclusion efforts to serve rural unbanked segments. Earlier in 2022, it was also voted as ‘Most Promising Brand‘ by consumers in a survey. Such awards validate the brand strength of RBL Bank.

Financial Performance Updates

In the latest quarterly results, RBL Bank reported a 52% increase in net profit indicating recovery after the crisis in late 2021. Its asset quality has also been improving gradually. The provision coverage ratio rose to 70% showing adequate buffers for any future challenges. While the journey is steady, the bank needs to continue improving its loan book and financial metrics.

Expansion Plans

RBL Bank is planning to expand in rural areas by adding nearly 500 branchless banking units this year. It also plans to hire mid-level staff in semi-urban branches. Recently, RBL Bank also opened an all-women branch to serve women entrepreneurs better. Such initiatives will allow RBL Bank to increase its customer base and support financial inclusion.

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