Description: The private sector lender RBL Bank has increased its savings account interest rates with effect from 5th September 2022. Read for more details.
According to the bank’s official website, the new rates will take effect from today dated, September 5, 2022. As per the change in the policy, The RBL Bank has promised to pay savings bank deposits at a maximum interest rate of 6.25%.
The website has also mentioned “Attention of customers/public is invited on the changes in interest rates Saving Deposits w.e.f. September 05, 2022 Interest rates on Savings Deposit.”
The Interest Rates Will be calculated as follows:
The interest rate on savings account balances up to Rs. 1 lakh will still be entitled to receive int at 4.25%, while balances accrued minimum of Rs. 1 lakh and above Rs. 10 lakh, it will increase to 5.50%. Deposits accrued into savings accounts with minimum Rs. 1 crore will now earn interest at a rate of 6.25%, increased from 6% previously a 25 basis point increase while deposits up to and including Rs. 10 lakh will continue to earn interest at a rate of 6.00%.
For savings account balances over Rs. 5 crores and up to Rs. 7.5 crore and for savings bank deposits above Rs. 7.5 crore and up to Rs. 10 crores, RBL Bank has raised the interest rates from 5.75% to 6.25% by 50 basis points (bps).
Here’s A Chart of Interest rates from RBL Bank:
“Interest will be calculated and accrued daily based on the end-of-day balance in the account. The interest is paid/credited to customer’s account on a quarterly basis on 30th June, 30th September, 31st December and 31st March each year,” said RBL Bank on its website.
