RBL Bank hikes interest rates on savings accounts by up to 25 bps

As a result, savings account holders of RBL Bank can now earn up to 6.50% on their savings account deposits.

• Private sector lender RBL Bank has increased interest rates on savings accounts.

Private sector lender RBL Bank has increased interest rates on savings accounts. According to the bank's official website, the new rates will be effective from October 21, 2022. Post adjustments, the bank increased the interest rates on various deposit slabs by up to 25 basis points. As a result, savings account holders of RBL Bank can now earn up to 6.50% on their savings account deposits. Interest is paid/credited to the customer's account on quarterly basis and interest rates will be calculated and accrued daily based on the day end balance in the account.

RBL Bank Savings Account Rates

The bank will continue to offer an interest rate of 4.25% on savings accounts with a daily closing balance of up to Rs. 1 lakh, and an interest rate of 5.50%, on accounts with a daily closing balance of more than Rs. 1 lakh and Rs. 10 lakh from RBL Bank. On savings accounts with a daily closing balance of more than Rs. 10 lakh and Rs. 25 lakhs, RBL Bank will offer an interest rate of 6.00% but on accounts with a daily closing balance of more than Rs. 25 lakh and Rs. 1 crore, the bank has increased the interest rate by 25 basis points from 6.25% to 6.50%. The bank has increased the interest rates on savings accounts with a daily balance of more than Rs. 1 crore and 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 more than Rs. 3 crore and Rs. 5 crore 25 bps, up from 6.25% to 6.50%.

The bank has increased the interest rate on those savings accounts whose daily closing balance is more than Rs. 5 crore and Rs. 7.5 crore by 25 basis points, up from 6.25% to 6.50%. The bank increased the interest rate on savings accounts with a daily closing balance of more than Rs. 7.5 crores and Rs. 50 crore by 15 basis points, or 6.10% to 6.25%. On savings accounts with a daily ending balance of more than Rs. The bank will continue to offer interest rate of 5.25% and interest on savings accounts with daily closing of balances above Rs 100 crore up to Rs 50 crore. 200 crores up to Rs 100 crores 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 closing of balances above Rs. Up to Rs.200 crore with daily ending of Rs.500 crore and balance above Rs.4.50% on savings accounts. 500 crores. "Attention of customers/public is invited to change in interest rates of savings deposits with effect from 01.01.2015. 21st October, 2022," said RBL Bank on its website.


Example of RBL Bank Savings Account Rates

RBL Bank has mentioned on its website that “Savings Account has Rs. 1 lakh is calculated at the rate of 4.25% per annum. 1 lakh will earn interest based on the value grid mentioned above which includes the daily balance on that day."