RBL Bank Hikes Savings Account Interest Rates, New Rates Effective From 5 September 2022

Following the rise in repo rates by the Reserve Bank of India (RBI), several banks have also announced an increase in interest rates in tune with the rise in the key benchmark rate. Continuing the hike, today RBL Bank, a leading private sector lender announced the hike on saving account interest rate. The bank hikes the interest rate by 0.25% to 1% on various daily balances. The new rates will be effective from 5 September 2022, according to the bank's official website.

The bank hikes the interest rate on balances above Rs 25 lakh. According to the RBL Bank's official website, the bank hikes 0.25% on a balance above Rs 25 Lakh and up to 1 cr, above 1 Cr and up to 3 cr, and above 3 cr up to 5 cr, respectively.

For balance above 5 Cr up to 7.5 Cr, the bank will offer a 6.25% interest rate, a 0.50% hike from its existing 5.75% interest rate. For a balance above Rs 7.50 Cr up to Rs 10 Cr and a balance above Rs 10 Cr up to 50 Cr, the will provide 6.10%, a 0.35% hike from its existing 5.75% interest rate.

For balances above Rs 100 Cr up to Rs 200 Cr, the bank hikes a 1% interest rate from its existing interest rate. The bank will provide 6% on balances above Rs 100 Cr up to 200 Cr. For a balance above Rs 500 Cr, the bank hikes interest rates by 0.50 from its existing 4% interest rate. With this, the new interest rate will be 4.50%.

However, for balances above Rs 50 Cr up to Rs 100 Cr the bank will continue to offer a 5.25% interest rate. Also, for balances above Rs 250 Crore and up to 500 Cr the bank will continue to offer a 4% interest rate. There is no change in the interest rate on these balances.

For balances above Rs 200 Cr up to Rs 250 Cr, the bank has reduced the interest rate by 1%, now the bank will offer 4%.

Interest rates on Savings Deposit (including NRE/NRO Savings)

Source- RBLbank.com