Thrissur headquartered ESAF Small Finance Bank has revised savings account interest rate with effect from August 1, 2022.
ESAF Small Finance Bank Modifies Saving A/c Interest Rate
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.
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