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Savings Deposit Rate After New RBI Ruling By Different Banks

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In a move that is likely to impact nearly all bank customers maintaining bank savings account, here's detailed the impact of RBI's advise asking banks to link loan and savings account interest with external benchmark from the new financial year i.e. April 1, 2019. And here below is given the likely comparison of interest rate offering on savings deposit by different public and private sector banks.

All of the banks have linked their rate on savings deposit with that of the key policy repo rate, but for a different slab of deposits.

So, leading the return criteria on deposits stand Kotak Bank and all the others follow:

Kotak Mahindra Bank saving account interest rate:
 

Kotak Mahindra Bank saving account interest rate:

Savings account Interest rate For senior citizens
Deposits upto Rs. 1 lakh 5.00% 5.00%
Deposits upto Rs. 1 crore 6.00% 6.00%
Balance above Rs. 1 crore 5.50% 5.50%
SBI saving account interest rate:

SBI saving account interest rate:

Herein it is noteworthy that for deposits below Rs. 1 lakh, interest rate is not linked to key policy rate. But for deposits over Rs. 1 lakh, the interest is pegged with that of repo rate.

Savings account Interest rate
Deposits above Rs. 1 lakh 3.50% (lower by 2.75% in comparison to repo rate of 6.25%

Also, as a reverse move, while RBI's further rate cut may mean lesser earnings for depositors as rate of return. Borrowers will be able to secure funds at a lower cost.

HDFC Bank saving account interest rate:
 

HDFC Bank saving account interest rate:

Savings account Interest rate
Deposits below Rs. 50 lakh 3.50%
Deposits above Rs. 50 lakh but below Rs. 500 crore 4.00%
For deposits above Rs. 500 crore 6.25% + 0.02%
ICICI Bank saving account interest rate:

ICICI Bank saving account interest rate:

Savings account Interest rate
Deposits below Rs. 50 lakh 3.50%
Deposits above Rs. 50 lakh but below Rs. 500 crore 4.00%
At ICICI Bank, interest is calculated on a daily basis on the daily closing balance in the Account, at the rate specified by the bank in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee.

GoodReturns.in

Story first published: Wednesday, March 27, 2019, 14:08 [IST]
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