RBL Bank, one of the well-known private sector lenders, has announced an increase in the interest rate on savings bank accounts. Following today’s announcement, RBL Bank will now offer savings account holders an interest rate of up to 6.50%, which is much higher than India’s annual consumer price inflation, which stood at 5.72% in December. Hence, RBL Bank savings account users can now enjoy returns on their savings account deposits that beat inflation.
rbl bank savings account interest rates
RBL Bank latest savings account interest rates are applicable from today January 25, 2023. Customers will get interest at the rate of 4.25% on savings accounts with daily balance up to Rs. 1 lakh, while RBL Bank is offering an interest rate of 5.50% on savings accounts with a daily balance of Rs. 1 lakh or up to Rs. 10 lakhs. Currently, RBL Bank is offering an interest rate of 6.00% on savings accounts with daily balance above Rs. 10 lakh and below Rs. 25 lakh, and the bank is offering a maximum interest rate of 6.50% on savings accounts with daily balance above Rs. 25 lakhs and up to Rs. 7.5 crores.
On savings account with daily balance above Rs. 7.5 crores up to Rs. 50 crore, the bank will offer an interest rate of 6.25% to savings account holders with a daily balance on savings account above Rs. 50 crores up to Rs. 100 crore, RBL Bank will offer an interest rate of 5.25% to savings account holders. Customers will now get an interest rate of 6.00% and 4.00% respectively on their savings accounts with daily balance above Rs. 100 crores and less than Rs. 200 crores and above Rs. 200 crores and less than Rs. 400 million. On savings account with daily balance above Rs. 400 crores up to Rs. 500 crore, RBL Bank has increased the interest rate from 4.00% to 5.25%, representing a hike of 125 bps, on savings account with daily balance above Rs. 500 crore, the bank has increased the interest rate for savings account holders from 4.50% to 5.25%, representing a hike of 75 bps.
Savings Bank interest is calculated on the daily end of balance and will be paid at quarterly intervals from RBL Bank.
RBL Bank mentions on its website that “Savings Account with Rs. 1 Lakh is calculated at 4.25% p.a. Balances above 1 Lakh will earn interest based on the value grid mentioned above under which the daily balance falls on that day.”
RBL Bank reports net profit 208.97 crore for the December 2022 quarter, up 33% 156.1 crore in the same quarter last year. There was a 14 per cent growth in net interest income (NII) during Q3FY23 1,148 crore as against 1,010 crore in Q3FY22. In Q3FY23, the bank’s total income grew by 11% YoY 1,767 crore, while other income grew by 6% 618 crores. In Q3FY23, the bank’s net advances grew by 15% 66,684 crores to 58,141 in the corresponding period of the previous financial year. Retail advances grew by 13% in the quarter ending December 2022 34,977 crore to Rs. 30,900 in the quarter ending December 2021. RBL Bank reported 516 bank branches and 1,168 business correspondent branches during the quarter ended December 2022, of which 298 are banking outlets.
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