One of the leading lenders in the private sector, RBL Bank, upped its interest rates on savings accounts. According to the bank’s official website, the new rates are applicable to domestic savings accounts, including NRE/NRO Savings, and will take effect on March 1, 2023. The bank hiked the rates on savings accounts in a variety of deposit slabs by 50 to 75 bps as a result of the modification.
RBL Bank Savings Account Interest Rates
The bank will continue to give an interest rate of 4.25% on savings accounts with a daily balance of up to Rs. 1 lakh, and RBL Bank will continue to offer an interest rate of 5.50% on savings accounts with a daily balance of over Rs. 1 lakh and up to Rs. 10 lakh. For savings accounts with daily balances of more than Rs. 10 lakh and up to Rs. 25 lakh, RBL Bank will continue to give an interest rate of 6.00%, but it has increased the rate by 50 basis points, from 6.50% to 7%, on accounts with daily balances of more than Rs. 25 lakh and up to Rs. 7.5 Crore.
On a savings account with a daily balance of above Rs. 7.5 Crore upto Rs. 25 Crore, the bank has hiked interest rate by 75 bps from 6.25% to 7.00% and on a savings account with daily balance of above Rs. 25 Crore upto Rs. 50 Crore RBL Bank will continue to offer an interest rate of 6.25%. RBL Bank will continue to offer an interest rate of 5.25% on a savings account with daily balance of above Rs. 50 Crore upto Rs. 100 Crore and the bank will continue to offer an interest rate of 6.00% on a savings account with daily balance of above Rs. 100 Crore upto Rs. 200 Crore.
On a savings account with daily balance of above Rs. 200 Crore upto Rs. 400 Crore and above Rs. 400 Crore, RBL Bank will continue to offer an interest rate of 4.00% and 5.25% respectively.
RBL Bank will pay interest on a quarterly basis on savings bank balances that are determined on a daily product basis. Up to Rs. 1 lakh in savings account balances get 4.25% annual interest. Interest will be paid on balances exceeding Rs. 1 lakh based on the balance range given below, under which the daily amount falls on that day.
With flexibility to save and earn a decent interest rate, RBL Bank savings accounts provide exceptional features and benefits including debit cards, free cheque books, internet banking, and more. The RBL Bank savings account offers a number of advantages, including a higher interest rate, digital opening of the account, a virtual debit card for online bill payment and shopping, 24/7 fund transfer by UPI, NEFT, IMPS, and RTGS, no penalty for non-maintenance of minimum balances, and more. One can make a SIP or recurring deposit for a minimum amount of Rs. 2,000 applicable only to digital savings accounts – Prime or else can create an RBL Bank savings account. To begin the account opening procedure, make a missed call at 9355 71 9355.