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RBL Bank, a private sector lender, has revised the interest rates on its savings accounts on daily balance by 15 bps to 25 bps. According to the Bank's official website, the new interest rates are effective from October 21, 2022. The bank has hiked the interest rates after the Reserve Bank of India (RBI) increased the repo rate by 0.5% to 5.9% in September.
The bank has revised interest rates on daily balance above Rs 25 lakh. The bank hiked the interest rate by 25 bps to 6.50% from 6.25% on daily balance above Rs 25 lakh upto Rs 1 Crore, daily balance above Rs 1 Crore upto Rs 5 Crore, and daily balance above Rs 5 Crore upto Rs 7.5 Crore.
On daily balance above Rs 7.5 crore upto Rs 10 crore and daily balance above Rs 10 Crore upto Rs 50 Crore, the bank hiked the interest rates by 15 bps to 6.25% from 6.10%. The bank will continue to offer the existing interest rates of other daily balances mentioned below.
Interest rates on Savings Deposit (including NRE/NRO Savings) w.e.f. October 21, 2022
| Daily balance | Rate of Interest (p.a.) effective till October 20, 2022 | Rate of Interest (p.a.) w.e.f. October 21, 2022 |
|---|---|---|
| Upto Rs. 1 lakh | 4.25% | 4.25% |
| Above Rs. 1 lakh upto Rs. 10 lakh* | 5.50% | 5.50% |
| Above Rs. 10 lakh upto Rs. 25 lakh* | 6.00% | 6.00% |
| Above Rs. 25 lakh and upto Rs. 1 Crore* | 6.25% | 6.50% |
| Above Rs. 1 Crore and upto Rs. 3 Crore* | 6.25% | 6.50% |
| Above Rs. 3 Crore upto Rs. 5 Crore* | 6.25% | 6.50% |
| Above Rs. 5 Crore upto Rs. 7.5 Crore* | 6.25% | 6.50% |
| Above Rs. 7.5 Crore upto Rs. 10 Crore* | 6.10% | 6.25% |
| Above Rs. 10 Crore upto Rs. 50 Crore* | 6.10% | 6.25% |
| Above Rs. 50 Crore upto Rs. 100 Crore* | 5.25% | 5.25% |
| Above Rs. 100 Crore upto Rs. 200 Crore* | 6.00% | 6.00% |
| Above Rs. 200 Crore upto Rs. 500 Crore* | 4.00% | 4.00% |
| Above Rs. 500 Crore* | 4.50% | 4.50% |
*On daily balances in excess of Rs. 1 Lakh
Source - RBLbank.com
According to the bank's official website, "With effect from April 1, 2016, the periodicity of payment of interest on Savings Bank Account has been changed to quarterly. Accordingly savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year.
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