RBL Bank raises interest rates by up to 25 basis points on savings accounts

Private sector lender RBL Bank has raised interest rates on savings accounts. According to the bank’s official website, the new rates come into effect on October 21, 2022. Following the adjustment, the bank increased interest rates on a variety of deposit slabs by up to 25 basis points. As a result, RBL Bank savings account holders can now earn up to 6.50% on their savings account deposits. Interest is paid/credited to the Client’s account on a quarterly basis and interest rates will be calculated and accrued daily, based on the end of day balance on the account.

RBL Bank Savings Account Rate

The bank will continue to grant an interest rate of 4.25% on savings accounts with a daily final balance of up to Rs. 1 lakh, and an interest rate of 5.50% on accounts with a daily final balance above Rs. 1 lakh and up to Rs. 10 lakh from RBL Bank. On savings accounts with a daily ending balance above Rs. 10 lakh and up to Rs. 25 lakh, RBL Bank will offer an interest rate of 6.00%, but on accounts with a daily ending balance above to Rs. 25 lakh and up to Rs. 1 crore, the bank raised the interest rate by 25 basis points, from 6.25% to 6.50%. The bank raised interest rates on savings accounts with daily balances of over Rs. 1 crore and up to Rs. 3 crore by 25 basis points (bps), from 6.25% to 6 .50%, and RBL Bank raised interest rates on savings accounts with daily balances above Rs. 3 crore and up to Rs. 5 crore by 25 bps, from 6.25% to 6, 50%.

The bank increased the interest rate on savings accounts with a daily ending balance above Rs. 5 crore and up to Rs. 7.5 crore by 25 basis points, from 6.25% to 6, 50%. The bank raised the interest rate on savings accounts with daily ending balances above Rs. 7.5 crore and up to Rs. 50 crore by 15 basis points, or from 6.10% to 6 .25%. On savings accounts with a daily balance ending above Rs. 50 Crore up to Rs. 100 Crore, the bank will continue to offer an interest rate of 5.25% and on savings accounts with the daily end of the balance of Rs above. 100 Crore up to Rs. 200 Crore RBL Bank will continue to offer an interest rate of 6.00%.

RBL Bank will continue to offer an interest rate of 4.00% on savings accounts with daily balance closing above Rs. 200 Crore up to Rs. 500 Crore and 4.50% on savings accounts. savings with a daily balance ending above Rs. 500 crores. “Customer/public attention is invited to changes in savings deposit interest rates effective October 21, 2022,” RBL Bank said on its website.

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RBL Bank Savings Account Rate (rblbank.com)

Sample RBL Bank Savings Account Rate

RBL Bank mentioned on its website that “Interest on savings account up to Rs. 1 Lakh is calculated at 4.25% per annum. A balance above 1 lakh will earn interest based on the above mentioned grid of values ​​under which daily balance falls on that day.”

RBL bank savings account

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RBL bank savings account (rblbank.com)

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Leslie M. Gill