RBL Bank Slashes Savings Account Interest Rates By 50 Bps Effective From 1st July

RBL Bank, a private lender, has revised the interest rates on its savings accounts. On savings bank accounts, the bank has decided to lower interest rates by 50 basis points this time. The new savings account interest rates will take effect on July 1st, 2024, according to RBL Bank's official website.

"Attention of customers/public is invited on the changes in interest rates Saving Deposits w.e.f. July 01, 2024," mentioned RBL Bank on its website. The daily amount in the account at the end of the day will be the basis for calculating and accruing interest. Quarterly, on June 30, September 30, December 31, and March 31 of each year, the interest will be credited to the customer's account.

RBL Bank Savings Account Interest Rates

The bank has reduced interest rates on savings accounts with daily balances up to Rs 1 lakh by 50 basis points, from 4.25% to 3.75%. RBL Bank will still pay an interest rate of 5.50% on savings accounts with daily balances exceeding Rs 1 lakh up to Rs 10 lakh. Interest rates will remain at 6.00% for savings accounts with daily balances above Rs. 10 lakh and up to Rs. 25 lakh, and 7.50% for accounts with daily balances above Rs. 25 lakh and up to Rs. 2 Crore, according to RBL Bank.

The interest rate on savings accounts with daily balances above Rs 2 Crore and up to Rs 3 Crore will remain at 7.00%, while the interest rate on savings accounts with RBL Bank with daily balances above Rs 3 Crore and up to Rs 7.5 Crore will remain at 6.50%. The bank will continue to pay an interest rate of 6.25% on savings accounts with a daily balance of more than Rs 7.5 crore up to Rs 50 crore, while RBL Bank will continue to pay an interest rate of 5.25% on those with a balance slab of more than Rs 50 crore up to Rs 75 crore.

RBL Bank will continue to pay an interest rate of 7.75% on savings accounts with daily balances above Rs 75 Crore up to Rs 125 Crore and 6.00% on accounts with daily balances above Rs 125 Crore up to Rs 200 Crore. The bank would keep paying interest at 4.00% on balances exceeding Rs 200 crore up to Rs 400 crore and 6.75% on daily balances in savings accounts above Rs 400 crore.

"Interest in the Savings Account up to Rs. 1 Lakh is calculated at 3.75% p.a. Balance greater than 1 lakh will earn interest basis the above mentioned value grid under which over daily balance falls on that day," said RBL Bank on its website.

A surprising move by Indian Bank to increase the interest rate on fixed deposit accounts with balances under Rs 2 Cr was made in the meanwhile. On June 3, 2024, retail domestic and NRO term deposit interest rates were revised. The bank increased interest rates after the revision by 80 basis points, from 6.30% to 7.10% on periods longer than one year but less than two years.