RBL Bank revises interest rates on savings accounts, get up to 7% effective from April 5
2 min read 02 Apr 2023, 04:15 PM ISTRBL Bank has announced an interest rate revision on savings bank deposits. After the modification, the bank is now permitting savings accounts to earn up to 7.00% in interest.
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RBL Bank has announced an interest rate revision on savings bank deposits. After the modification, the bank is now permitting savings accounts to earn up to 7.00% in interest. According to the bank's official website, the new savings account interest rates will take effect on April 5, 2023.
RBL Bank Savings Account Interest Rates
The bank now offers an interest rate of 4.25% on savings accounts with a daily balance of up to Rs. 1 lakh, and RBL Bank now offers 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 having a daily balance of more than Rs. 10 lakh but less than Rs. 25 lakh, RBL Bank is giving an interest rate of 6.00%, and for accounts with a daily balance of more than Rs. 25 lakh but less than Rs. 7.5 Crore, it is offering an interest rate of 7.00%.
On savings accounts with daily balance of above Rs. 7.5 Crore and upto Rs. 25 Crore and on savings accounts with daily balance of above Rs. 25 Crore upto Rs. 50 Crore, RBL Bank is offering an interest rate of 6.25%. RBL Bank is offering an interest rate of 5.25% on savings accounts with daily balance of above Rs. 50 Crore upto Rs. 100 Crore and the bank is now offering an interest rate of 6.00% on savings accounts with daily balance of above Rs. 100 Crore upto Rs. 200 Crore. On savings accounts with daily balance of above Rs. 200 Crore upto Rs. 400 Crore, the bank is paying an interest rate of 4.00% and on savings accounts with daily balance of above Rs. 400 Crore, the bank is now offering an interest rate of 5.25%.
“With effect from April 1, 2016, the periodicity of payment of interest on Savings Bank Account has been changed to quarterly. Accordingly savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year," RBL Bank has mentioned on its website.
RBL Bank Savings Account Interest Rates Calculation
Up to Rs. 1 lakh in savings account balances receive 4.25% annual interest. Interest will be paid on balances exceeding Rs. 1 lakh based on the value range given below, under which the daily amount falls on that day.
| Day | Daily balance in the Account | Calculation Methodology |
| Day 1 | Rs. 85,000 | Interest Rate will be calculated 4.25% for the entire balance (e.g. 85,000*4.25% /365) |
| Day 2 | Rs. 1,85,000 | Interest Rate up to Rs. 1 Lakh will be calculated at 4.25% p.a. for remaining balances Interest Rate will be calculated at 5.50% (e.g. 1,00,000*4.25% /365) + (85,000*5.50% /365) |
| Day 3 | Rs. 11, 85,000 | Interest Rate up to Rs. 1 Lakh will be calculated at 4.25% p.a. for remaining balances Interest Rate will be calculated 6.00% for the entire balance (e.g. 1,00,000*4.25% /365) + (10,85,000*6.00% /365) |
| Day 4 | Rs. 26,00,000 | Interest Rate up to Rs. 1 Lakh will be calculated at 4.25% p.a. for remaining balances Interest Rate will be calculated 7.00% for the entire balance (e.g. 1,00,000*4.25% /365) + (25,00,000*7.00% /365) |
| Source: RBL Bank |
