The private sector lender RBL Bank has hiked its savings account interest rates. According to the bank’s official website, the new rates will take effect tomorrow, September 5, 2022. Following the modification, the RBL Bank has pledged to pay savings bank deposits at a maximum interest rate of 6.25%. “Attention of customers/public is invited on the changes in interest rates Saving Deposits w.e.f. September 05, 2022 Interest rates on Savings Deposit (including NRE/NRO Savings),” said RBL Bank on its website.

RBL Bank Savings Account Interest Rates

The bank will continue to give 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 balances over Rs. 1 lakh and up to Rs. 10 lakh. Savings account deposits above Rs. 10 lakh and up to Rs. 25 lakh will continue to pay an interest rate of 6.00%, however, deposits over Rs. 25 lakh and up to Rs. 1 crore at savings accounts will now provide an interest rate of 6.25%, up from 6% previously—a 25 basis point increase.

On savings bank deposits of Above Rs. 1 Crore and up to Rs. 3 Crore RBL Bank will now offer an interest rate of 6.25% which was earlier 6% and on savings account balance of above Rs. 3 Crore up to Rs. 5 Crore the bank has hiked interest rate by 25 bps from 6% to 6.25%. RBL Bank has hiked interest rate by 50 bps from 5.75% to 6.25% on savings account balances of above Rs. 5 Crore up to Rs. 7.5 Crore and the bank has hiked interest rate by 35 bps on savings bank deposits of above Rs. 7.5 Crore up to Rs. 10 Crore.

On savings bank deposits of above Rs. 10 Crore up to Rs. 50 Crore the bank has hiked interest rate by 35 bps from 5.75% to 6.10% and on savings account balance of above Rs. 50 Crore up to Rs. 100 Crore the bank will continue to pay an interest rate of 5.25%. Savings bank deposits of Above Rs. 100 Crore up to Rs. 200 Crore will now pay an interest rate of 6.00% which was earlier 5% a hike of 100 bps. On a savings account balance of above Rs. 200 Crore up to Rs. 500 Crore the bank will now pay an interest rate of 4% and on a savings account balance of above Rs. 500 Crore the bank will now pay an interest rate of 4.50%.

RBL Bank Savings Account Interest Rates

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RBL Bank Savings Account Interest Rates (rblbank.com)

“Interest will be calculated and accrued daily based on the end of day balance in the account. The interest is paid / credited to customer’s account on quarterly basis on 30th June, 30th September, 31st December and 31st March each year,” said RBL Bank on its website.

 

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We Fintax360 team simplify finances and taxes for millions of Indian businesses and people. We educate them about finances, taxes and improve their relationship with money.

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