ESAF Small Finance Bank Modifies Saving A/c Interest Rate
Thrissur headquartered ESAF Small Finance Bank has revised savings account interest rate with effect from August 1, 2022.
The revised interest rates are applicable for Resident, NRO and NRE accounts. So, as per the latest revision, savings bank account with balance up to and including Rs. 5 lakh will get an interest rate of 4%, above Rs. 5 lakh and up to Rs. 15 lakh (i.e. for incremental amount above Rs. 5 lakh), the rate shall be 5.5%. On savings bank account with balance of more than Rs. 15 lakh, the rate earned shall be 6.5%.
Further the bank's site mentions that Interest on savings bank accounts will be calculated on end of the day balance and credited to the accounts on a monthly basis.
After the RBI has hiked repo rate for two consecutive times, banks across public and private sector have been increasing FD and savings account rate.