Interest rates

RBL Bank Cuts Interest Rates on Savings Account: Details Inside

Investment

oi-Vipul Das

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RBL Bank, a private sector lender, lowered interest rates on savings accounts. The bank reduced the interest rate on daily savings account balances by more than Rs. 10 lakh and up to Rs. 3 crore, and more than Rs. 3 crore and up to Rs. 5 crore, from 6.25% to 6.00%, a reduction of 25 basis points. The bank has reduced the interest rate on daily savings account balances of more than Rs. 5 crores but less than Rs. 10 crores from 6.00% to 5.75%, a reduction of 25 percentage points. based.

The interest rate on daily savings account balances of more than Rs. 250 crore but less than Rs. 300 crore will now be 4.00%, down from 5% previously. These interest rates will be in effect from April 1, 2022. Savings Bank interest will be paid at quarterly intervals on June 30, September 30, December 31 and March 31 of each year, determined on the basis of the balance balance of the daily account. Savings deposits (including NRE/NRO savings) will be subject to the revised interest rates.

RBL Bank Savings Account Interest Rate 2022

Daily balance Interest rate (pa) in effect until March 31, 2022 Interest rate (pa) as of April 01, 2022
Up to Rs. 1,000,000 4.25% 4.25%
Above Rs. 1 lakh up to Rs. 10,000,000 5.50% 5.50%
Above Rs. 10 lakh and up to Rs. 3 crores 6.25% 6.00%
Above Rs. 3 Crore up to Rs. 5 Crore 6.25% 6.00%
Above Rs. 5 Crore up to Rs. 10 Crore 6.00% 5.75%
Above Rs. 10 Crore up to Rs. 50 Crore 5.75% 5.75%
Above Rs. 50 Crore up to Rs. 100 Crore 5.25% 5.25%
Above Rs. 100 Crore up to Rs. 250 Crore 5.00% 5.00%
Above Rs. 250 Crore up to Rs. 300 Crore 5.00% 4.00%
Above Rs. 300 crore 4.00% 4.00%
Source: Bank website

To note

IDFC First Bank, on the other hand, raised the interest rate on savings accounts. From April 1, 2022, customers can earn up to 6% (previously 5%) interest on their savings accounts. Savings account balances below Rs 1 lac will now earn an interest rate of 4.00%, while savings account balances above Rs 1 lac but below Rs 10 lac will earn an interest rate of 4.00%. 4.50% interest. On savings account balances above Rs 10 lakh but below Rs 25 lakh, IDFC First Bank currently grants an interest rate of 5.00%. Customers with savings account balance above Rs 25 lakh but below Rs 1 crore will now enjoy a maximum interest rate of 6%. The daily end-of-day interest rate on accounts above Rs 1 crore but below Rs 100 crore will now be 5.00%. The interest rate on balances above Rs 100 crore but below Rs 200 crore will now be 4.50%, while it will be 3.50% for balances above Rs 200 crore. For more details, please Click here.

Article first published: Thursday, March 31, 2022, 11:23 a.m. [IST]