The UK's Financial Services Authority issued a fine of £87.5m, while about £300m will be paid to US regulators and the US Department of Justice.
The fines are £100m greater than those issued to banking rival Barclays last year for similar offences.
RBS chairman Sir Philip Hampton said it was a "sad day" for the bank.
Chancellor George Osborne called the behaviour of traders "totally unacceptable" and said the bank, rather than taxpayers, would be paying the fines.
RBS is still 81% owned by the taxpayer, four years on from a massive government bailout.
The bank said that the £300m owed to US authorities would be paid using money clawed back from bonuses already paid, and reductions to future bonuses.
Last year Barclays was fined £290m and Swiss bank UBS will pay out £940m to regulators for its Libor manipulation offences.
RBS said it had uncovered wrongdoing by 21 employees, who had now been disciplined or left the bank."
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