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The private sector lender RBL Bank has hiked interest rates on savings accounts. According to the bank’s official website, the new rates take effect on October 21, 2022. Following the adjustment, the bank increased the interest rates on a variety of deposit slabs by up to 25 basis points. As a result, RBL Bank’s savings account holders can now earn up to 6.50% on their savings account deposits. The interest is paid / credited to the customer’s account on a quarterly basis and the interest rates will be calculated and accrued daily, depending on the end-of-day balance in the account.
RBL Bank Savings Account Rates
The bank will continue to give an interest rate of 4.25% on savings accounts with a daily end balance of up to Rs. 1 lakh, and an interest rate of 5.50% on accounts with a daily end balance of over Rs. 1 lakh and up to Rs. 10 lakh from RBL Bank. On savings accounts with a daily end balance of more than 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 end balance of more than Rs. 25 lakh and up to Rs. 1 crore, the bank has increased the interest rate by 25 basis points, from 6.25% to 6.50%. The bank has increased 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 has increased interest rates on savings accounts with daily balances of over Rs. 3 crore and up to Rs. 5 crore by 25 bps, from 6.25% to 6.50%.
The bank has increased the interest rate on savings accounts having a daily end balance of more than Rs. 5 crore and up to Rs. 7.5 crore by 25 basis points, from 6.25% to 6.50%. The bank increased the interest rate on savings accounts with daily end balances of more than 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 end of the balance of above Rs. 50 Crore upto Rs. 100 Crore the bank will continue to offer an interest rate of 5.25% and on savings accounts with daily end of the balance of above Rs. 100 Crore upto 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 a daily end of the balance of above Rs. 200 Crore upto Rs. 500 Crore and 4.50% on savings accounts with a daily end of the balance of above Rs. 500 Crore. “Attention of customers/public is invited on the changes in interest rates Saving Deposits w.e.f. October 21, 2022,” said RBL Bank on its website.
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Example of RBL Bank Savings Account Rates
RBL Bank has mentioned on its website that “Interest in the Savings Account up to Rs. 1 Lakh is calculated at 4.25% p.a. Balance greater than 1 lakh will earn interest basis the above mentioned value grid under which over daily balance falls on that day.”
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