The interest rates on savings accounts have increased at the private lender RBL Bank. On September 5, 2022, the new rates will go into effect, according to the bank's official website. The RBL Bank has agreed to pay savings bank deposits at a maximum interest rate of 6.25% following the amendment. RBL Bank stated on its website that the “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 (including NRE/NRO Savings).”
Interest rates for savings accounts at RBL bank
The interest rate on savings account balances up to Rs. 1 lakh will remain at 4.25%, while on balances above Rs. 1 lakh and up to Rs. 10 lakh, it will increase to 5.50%. Deposits made into savings accounts up to and including Rs. 1 crore will now earn interest at a rate of 6.25%, up 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%.
Savings bank deposits over Rs. 1 crore and up to Rs. 3 crores will now earn interest at a rate of 6.25% from 6%, while balances over Rs. 3 crore and up to Rs. 5 crores will now earn interest at a rate of 6.25% from 6%. For savings account balances over Rs. 5 crores and up to Rs. 7.5 crore and for savings bank deposits over Rs. 7.5 crore and up to Rs. 10 crores, RBL Bank has increased the interest rate by 50 basis points (bps), from 5.75% to 6.25%.
The interest rate on savings bank deposits increased from 5.75% to 6.10% for deposits over Rs. 10 crores up to Rs. 50 crore by the bank, and it will remain at 5.25% for deposits beyond Rs. 50 crore up to Rs. 100 crores. Savings bank accounts worth more than Rs. 100 crore but less than Rs. 200 crores will now earn interest at a rate of 6.00%, up from 5% previously. The bank will now pay an interest rate of 4% on balances in savings accounts over Rs. 200 crores and up to Rs. 500 crores, and an interest rate of 4.50% on balances above Rs. 500 crores.
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