RBL Bank Hikes Interest Rates Up To 7.75% On Savings Accounts: Check Balance Slab Wise Rates

RBL Bank has announced a hike in its interest-rate savings accounts. The revised interest rates are applicable on daily balances in excess of Rs 1 lakh in the account. The bank is now offering savings accounts with daily balances of more than RS 75 crore up to Rs 125 crore, with a maximum interest rate of 7.75%, in accordance with the modification.

"Attention of customers/public is invited on the changes in interest rates Saving Deposits w.e.f. May 24, 2024," said RBL Bank on its website.

RBL Bank Savings Account Interest Rates

The bank offers an interest rate of 4.25% on daily savings account balances up to Rs 1 lakh, while RBL Bank offers an interest rate of 5.50% on balances above Rs 1 lakh and up to Rs 10 lakh. Interest rates of 6.00% are available from RBL Bank on savings account balances over Rs 10 lakh up to Rs 25 lakh, and 7.50% are available on daily balances over Rs 25 lakh and up to Rs 2 crore. The interest rate on savings accounts with daily balances above Rs 2 crore and up to Rs 3 crore is now 7.00%, while the interest rate on accounts with daily balances above Rs 3 crore and up to Rs 7.5 crore is 6.50%.

The bank would pay an interest rate of 6.25% on daily savings account balances over Rs 7.5 Crore up to Rs 50 Crore, and RBL Bank currently offers an interest rate of 5.25% on balances above Rs 50 Crore up to Rs 75 Crore. Interest rates of 7.75% are now available from RBL Bank on savings account balances over Rs 75 crore up to Rs 125 crore. Interest rates on daily savings account balances above Rs 125 Crore up to Rs 200 Crore are now 6.00%, while interest rates on balances above Rs 200 Crore up to Rs 400 Crore are now 4.00%.

As of March 31, 2024, the bank has 1,272 business correspondent branches and 545 bank branches out of a total of 1817 touchpoints. Of 1272 business correspondent branches, 297 are banking outlets. There are 952 business correspondent branches under RBL Finserve Limited, a 100% subsidiary of the bank. In FY24, there were 106 new business correspondent branches and 28 new bank branches.