RBL Bank hikes financial savings account rates of interest by as much as 75 bps

One of the main lenders within the non-public sector, RBL Bank, upped its rates of interest on financial savings accounts. According to the financial institution’s official web site, the brand new charges are relevant to home financial savings accounts, together with NRE/NRO Savings, and can take impact on March 1, 2023. The financial institution hiked the charges on financial savings accounts in quite a lot of deposit slabs by 50 to 75 bps on account of the modification.

RBL Bank Savings Account Interest Rates

The financial institution will proceed to provide an rate of interest of 4.25% on financial savings accounts with a day by day stability of as much as Rs. 1 lakh, and RBL Bank will proceed to supply an rate of interest of 5.50% on financial savings accounts with a day by day stability of over Rs. 1 lakh and as much as Rs. 10 lakh. For financial savings accounts with day by day balances of greater than Rs. 10 lakh and as much as Rs. 25 lakh, RBL Bank will proceed to provide an rate of interest of 6.00%, nevertheless it has elevated the speed by 50 foundation factors, from 6.50% to 7%, on accounts with day by day balances of greater than Rs. 25 lakh and as much as Rs. 7.5 Crore.

On a financial savings account with a day by day stability of above Rs. 7.5 Crore upto Rs. 25 Crore, the financial institution has hiked rate of interest by 75 bps from 6.25% to 7.00% and on a financial savings account with day by day stability of above Rs. 25 Crore upto Rs. 50 Crore RBL Bank will proceed to supply an rate of interest of 6.25%. RBL Bank will proceed to supply an rate of interest of 5.25% on a financial savings account with day by day stability of above Rs. 50 Crore upto Rs. 100 Crore and the financial institution will proceed to supply an rate of interest of 6.00% on a financial savings account with day by day stability of above Rs. 100 Crore upto Rs. 200 Crore.

On a financial savings account with day by day stability of above Rs. 200 Crore upto Rs. 400 Crore and above Rs. 400 Crore, RBL Bank will proceed to supply an rate of interest of 4.00% and 5.25% respectively.

View Full Image

RBL Bank Savings Account Interest Rates (rblbank.com)

RBL Bank pays curiosity on a quarterly foundation on financial savings financial institution balances which are decided on a day by day product foundation. Up to Rs. 1 lakh in financial savings account balances get 4.25% annual curiosity. Interest will probably be paid on balances exceeding Rs. 1 lakh primarily based on the stability vary given under, underneath which the day by day quantity falls on that day.

With flexibility to save lots of and earn an honest rate of interest, RBL Bank financial savings accounts present distinctive options and advantages together with debit playing cards, free cheque books, web banking, and extra. The RBL Bank financial savings account provides an a variety of benefits, together with a better rate of interest, digital opening of the account, a digital debit card for on-line invoice fee and buying, 24/7 fund switch by UPI, NEFT, IMPS, and RTGS, no penalty for non-maintenance of minimal balances, and extra. One could make a SIP or recurring deposit for a minimal quantity of Rs. 2,000 relevant solely to digital financial savings accounts – Prime or else can create an RBL Bank financial savings account. To start the account opening process, make a missed name at 9355 71 9355.

Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

Topics