RBL Bank Slashes Interest Rates On Savings Account: Details Inside

RBL Bank, a private sector lender, has lowered savings account interest rates. The bank has reduced the interest rate on daily savings account balances of more than Rs. 10 lakh and up to Rs. 3 crore, and more than Rs. 3 crore and up to Rs. 5 crores, from 6.25 percent to 6.00 percent, a reduction of 25 basis points. The bank has reduced the interest rate on daily savings account balances of more than Rs. 5 crores but less than Rs. 10 crores from 6.00 percent to 5.75 percent, a reduction of 25 basis points.

The interest rate on daily savings account balances of more than Rs. 250 crore but less than Rs. 300 crore will now be 4.00 percent, down from 5% before. These interest rates will be in effect commencing April 1, 2022. Savings Bank interest will be paid at quarterly intervals on the 30th June, 30th September, 31st December, and 31st March each year, determined on a daily account remaining balance basis. Savings Deposits (including NRE/NRO Savings) will be subject to the revised interest rates.

RBL Bank Savings Account Interest Rates 2022

Daily balance	Rate of Interest (p.a.) effective till March 31, 2022	Rate of Interest (p.a.) w.e.f April 01, 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 and upto Rs. 3 Crore	6.25%	6.00%
Above Rs. 3 Crore upto Rs. 5 Crore	6.25%	6.00%
Above Rs. 5 Crore upto Rs. 10 Crore	6.00%	5.75%
Above Rs. 10 Crore upto Rs. 50 Crore	5.75%	5.75%
Above Rs. 50 Crore upto Rs. 100 Crore	5.25%	5.25%
Above Rs. 100 Crore upto Rs. 250 Crore	5.00%	5.00%
Above Rs. 250 Crore upto Rs. 300 Crore	5.00%	4.00%
Above Rs. 300 Crore	4.00%	4.00%
Source: Bank Website

Note

IDFC First Bank, on the other hand, has upped the interest rate on savings accounts. As of April 1, 2022, customers can earn up to 6% (up from 5% before) interest on their savings accounts. Savings account balances of less than Rs 1 lac will now generate a 4.00 percent interest rate, while savings account balances of more than Rs 1lac but less than Rs 10 lac will get a 4.50 percent interest rate. On savings account balances of more than Rs 10 lakh but less than Rs 25 lakh, IDFC First Bank is currently giving a 5.00 percent interest rate. Customers with savings account balances of more than Rs 25 lakh but less than Rs 1 crore will now earn a maximum interest rate of 6%. The daily end-of-day interest rate on accounts more than Rs 1 crore but less than Rs 100 crore will now be 5.00 percent. The interest rate on balances of more than Rs 100 crore but less than Rs 200 crore will now be 4.50 percent, while it will be 3.50 percent for balances of more than Rs 200 crore. For more details, please click here.