Home / Money / Personal Finance /  RBL Bank hikes savings account interest rates up to 6.50% effective from today
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One of the well-known lenders in the private sector, RBL Bank, has announced an increase in the interest rate on savings bank accounts. Following today's announcement, RBL Bank will now offer savings account holders a maximum interest rate of 6.50%, which is significantly higher than India's annual consumer price inflation, which was 5.72% in December. Therefore, RBL Bank savings account users may now take advantage of returns on their savings account deposits that outpace inflation.

RBL Bank Savings Account Interest Rates

The latest savings account interest rates of RBL Bank are in force from today January 25, 2023. Customers will get interest at a rate of 4.25% on savings accounts with daily balances up to Rs. 1 lakh, while RBL Bank is giving an interest rate of 5.50% on savings accounts with daily balances of Rs. 1 lakh or more up to Rs. 10 lakh. As of right now, RBL Bank is offering an interest rate of 6.00% on savings accounts with daily balances of more than Rs. 10 lakh and less than Rs. 25 lakh, and the bank is offering a maximum interest rate of 6.50% on savings 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. 50 Crore, the bank will offer an interest rate of 6.25% to savings account holders and on savings account with a daily balance of Above Rs. 50 Crore upto Rs. 100 Crore, RBL Bank will offer an interest rate of 5.25% to savings account holders. Customers will now get interest rates of 6.00% and 4.00%, respectively, on their savings accounts with daily balances of above Rs. 100 crore and below Rs. 200 crore and above Rs. 200 crore and below Rs. 400 crore. On a savings account with a daily balance of above Rs. 400 Crore upto Rs. 500 Crore, RBL Bank has hiked interest rate from 4.00% to 5.25% representing a hike of 125 bps and on a savings account with a daily balance of above Rs. 500 Crore, the bank has hiked interest rate from 4.50% to 5.25% representing a hike of 75 bps for savings account holders.

RBL Bank Savings Account Interest Rates
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RBL Bank Savings Account Interest Rates (rblbank.com)

The savings bank interest is calculated on a daily end of the balance and will be paid at quarterly intervals from RBL Bank.

RBL Bank has mentioned on its website that “Interest in the Savings Account up to Rs. 1 Lakh is calculated at 4.25% p.a. Balance greater than 1 lakh will earn interest basis the above mentioned value grid under which over daily balance falls on that day."

RBL Bank reported a net profit of 208.97 crore for the December 2022 quarter, up 33% from 156.1 crore in the same quarter last year. The net interest income (NII) was up by 14 per cent during Q3FY23 to 1,148 crore as against 1,010 crore in Q3FY22. In Q3FY23, the bank's overall income grew 11% year YoY to 1,767 crore, while other income increased by 6% to 618 crore. In Q3FY23, the bank's net advances increased by 15% to 66,684 crore from 58,141 in the same period prior fiscal year. In the quarter that ended in December 2022, retail advances increased 13% to 34,977 crore from 30,900 in the quarter that ended in December 2021. RBL Bank reported 516 bank branches and 1,168 business correspondent branches, of which 298 are banking outlets, during the quarter ended in December 2022.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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