Private sector lender RBL Bank has increased its savings account interest rates. According to the bank’s official website, the new rates will be effective from tomorrow, September 5, 2022. Post the revision, RBL Bank has committed to pay the savings bank deposits at a maximum interest rate of 6.25%. “The attention of customers/public is invited to the change in interest rates on savings deposits (including NRE/NRO savings) with effect from September 05, 2022,” RBL Bank said on its website.
RBL Bank Savings Account Interest Rates
The bank will continue to offer an interest rate of 4.25% on savings account balances up to Rs. 1 lakh and an interest rate of 5.50% on savings account balance of Rs. 1 lakh and Rs. 10 lakhs. Deposit in savings account Rs. 10 lakh and Rs. 25 lakh will continue to pay an interest rate of 6.00%, however, deposits above Rs. 25 lakh and Rs. 1 crore in savings accounts will now offer an interest rate of 6.25%, from 6% earlier – an increase of 25 basis points.
On savings bank deposits of more than Rs. 1 crore and Rs. 3 crore RBL Bank will now offer an interest rate of 6.25% which was earlier 6% and on savings account balance of Rs. 5 crore up to Rs 3 crore The bank has increased the interest rate by 25 bps from 6% to 6.25%. RBL Bank has increased the interest rate from 5.75% to 6.25% on savings account balances above Rs. 7.5 crore up to Rs 5 crore and the bank has increased the interest rate by 35 bps on savings bank deposits above Rs. 7.5 crores Rs. 100 million.
On savings bank deposits of more than Rs. 50 crore up to Rs 10 crore The bank has increased the interest rate by 35 bps from 5.75% to 6.10% and the savings account balance of Rs. Up to Rs 50 crore 100 crore bank will continue to pay interest rate of 5.25%. Savings bank deposit of more than Rs. 100 crores up to 200 crores will now pay an interest rate of 6.00% which was earlier a 5% increase of 100 bps. Savings account Rs. on the balance amount of more than . Rs 200 crore up to Rs 500 crore The bank will now pay an interest rate of 4% and the savings account balance above Rs. 500 crore bank will now pay an interest rate of 4.50%.
“Interest will be calculated and earned daily based on the day’s balance in the account. “Interest is paid/credited to the customer’s account on quarterly basis on 30th June, 30th September, 31st December and 31st March every year,” RBL Bank said on its website.
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