Why things do not appear to be going well for RBL Bank? One, RBL Bank’s MD & CEO Vishawvir Ahuja has stepped down from his position with immediate effect; Two, the Reserve Bank of India (RBI) has appointed its Chief General Manager Yogesh K Dayal as an additional director on the board of RBL Bank for a period of two years with effect from December 24, 2021; Three, The All India Bank Employees’ Association (AIBEA) has written a letter about the bank to the Finance Minister Nirmala Sitharaman. In its letter, the association has urged the government to protect the interests of depositors of RBL Bank and consider merging the bank with a state-owned bank. “We are worried and concerned about the developments that are taking place in the affairs of RBL Bank Ltd., the Kolhapur based private Bank,” the AIBEA is reported to have said in the letter to the Finance Minister.
Now, these things may remind RBL Bank account holders of what happened with YES Bank account holders and what is happening with PMC Bank account holders and depositors. However, RBL Bank in its press conference yesterday, said that the bank’s fundamentals were intact with scope for tremendous improvement. Further, the bank’s newly appointed MD and CEO Rajeev Ahuja said that the bank does not anticipate major capital needs in the short term, countering fears of problems in management.
However, as an RBL Bank account holder if you are apprehensive and want to take money out from your RBL Bank account, then here is what you can do.
Normally, after adding a beneficiary account via net banking one can only transfer upto Rs 25,000 within the first 12 hours. However, this problem can also be overcome. Here’s how.
Withdrawing via Net banking
If you immediately want to take the money out of your RBL Bank account, then you can use Net banking facility of the bank to transfer money to account(s) held by you with other bank(s). However, your mobile number must be registered with your RBL account in order to do so. The transfer can be done via IMPS (Maximum up to Rs 2 lakh) or NEFT/ RTGS (for maximum up to Rs 10 lakh). The facility may be chargeable, however, the presumption here is that your account in the other bank is already added as a ‘Beneficiary’ in RBL Net banking portal.
If you add the beneficiary account (the account in the other bank) for the first time, then there is a cooling period of 12 hours. If the beneficiary is added for the first time, you can only transfer maximum up to Rs 25,000 during the cooling period. In such a scenario, you can add several of your accounts in other banks as beneficiary accounts and transfer upto Rs 25,000 to each account. This way you can withdraw/transfer out much more than just Rs 25,000 immediately without waiting for 12 hour cooling period to end. If you do not have other bank accounts, you can use bank accounts of your parents, spouse, kids, siblings or anyone whom you can trust to transfer the money back to you later.
Steps to withdraw money from RBL Bank via Net Banking
Step 1: Visit RBL Bank Net banking login page.
Step 2: Login to your account by entering your User ID and Password. You can activate net banking even if not registered earlier without visiting branch provided your mobile number is registered with the RBL account. Steps for this are mentioned below.
Step 3: Click on ‘Funds Transfer’ and then select ‘IMPS Funds Transfer.’
Step 4: You will be required to add beneficiary details (account to which you want to transfer money) such as name, account number, IFS code etc in case the account has not been added as beneficiary earlier. This addition will have to be validated by you also. You will get a confirmation after it is successfully validated/added.
Step 5: Enter the amount you want to transfer. It cannot exceed Rs 25,000 for the first-time transfer during the cooling period. Click on Submit.
Step 6: You will be required to verify all the details before making final submission. Click on ‘Confirm’ to make final payment.
Step 7: A one-time password (OTP) will be sent to your registered mobile number. Enter the OTP in the required box to approve the money transfer. You will get a confirmation of the transfer after it is executed.
Do keep in mind that all details of bank accounts to which you transfer money must be 100% correct to ensure that money does not get transferred to wrong account. Also, if you add several beneficiaries within a short span of time, then bank officials may call you to verify the same.
If you are not registered with RBL Bank Net banking
If you are not registered with RBL Bank Net banking, then you can register without visiting the bank via its website. An individual can register using any of the methods (providing information related to these) mentioned below:
- CIF & PAN
- Passport (For NRI Customers and Diplomats only)
- Credit Card
- Debit Card
- Loan Account
Thus, even if you do not have a debit card of your RBL bank account, then you can select CIF & PAN to register for the first time to avail net banking facility. CIF stands for Customer Information File. It is mentioned on the first page of your bank passbook.
Other ways to withdraw money
These methods will take more time as compared to net banking.
Visiting the bank branch physically: One of the easiest ways to take money out from your bank account is by visiting your bank branch with a duly filled cheque in the favour of ‘Self’. If you visit your home branch, then you are not likely to pay any charges and be able to withdraw money without any limit. However, if you visit a non-home branch, then the bank may levy charges and also put a cap on the maximum money that you can withdraw.
Using Cash drop facility of bank: Check with the bank if this facility is available but keep in mind that it is likely to be chargeable and be subject to a maximum limit.
Transferring money from RBL Bank account to another bank account via cheque: This method can take 2-3 days for the clearing of cheque.