The good news has arrived from RBL Bank for its clients. RBL Bank has increased the interest rate on its savings accounts, including NRE / NRO savings, by up to 50 basis points (bps) on specified amounts, according to information provided on the bank’s official website. Beginning today, August 21, 2023, the bank’s new interest rate is in effect.
Interest Rates for Savings Accounts at RBL Bank
The bank would pay a rate of 4.25% on savings accounts with daily balances up to Rs 1 lakh. The bank would pay an interest rate of 5.50% on savings accounts with credits of more than Rs 1 lakh and up to Rs 10 lakh. In addition, the bank would pay 6.00% interest on the amount between Rs. 10 lakh and Rs. 25 lakh.
Interest rate hike of 50 basis points
The bank raised the interest rate on accounts having a daily balance of more than 25 lakhs by 50 basis points. For the amount between Rs 25 lakh and Rs 3 crore, RBL has raised the interest rate from 7% to 7.50%. In addition, the bank daily lowered the interest rate on accounts with significant balances. For sums beyond Rs 3 crore, the interest rate has been lowered by 50 basis points. In other words, interest will now be paid on the sum between 3 crore and 25 crore at a rate of 6.5% rather than 7%.
RBL Bank is offering 6.25% interest
on sums between Rs 25 crore and Rs 50 crore. In addition, interest will be paid at a rate of 6.00% for amounts between 50 and 100 crores. The money between Rs 100 crore and Rs 200 crore will receive interest at a rate of 4%.
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