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RBL Bank raises interest rates on savings accounts up to 125 bps


RBL Bank, a private sector lender, has announced an interest rate increase on savings bank accounts. According to the bank’s official website, the higher interest rates on savings accounts will come into effect on January 25, 2023. Following the amendment, the bank raised interest rates on some of its most balance sheets. up to 125 basis points. RBL Bank currently offers a maximum interest rate for savings accounts of 6.50%.

RBL bank savings account interest rate

The bank will offer 4.25% interest rate on savings accounts with daily balance up to Rs. 1 lakh, while RBL Bank will offer 5.50% interest on accounts with daily balance above Rs. 1 lakh and up to Rs. 10 thousand. For savings accounts with daily balance more than Rs. 10 lakh but less than Rs. 25,000, RBL Bank is offering an interest rate of 6.00%. For accounts with daily balance more than Rs. 25 lakh but less than Rs. 7.5 Crore, interest rate is 6.50%.

Savings account with daily balance above Rs. 7.5 crore up to Rs. 50 Cr will now earn 6.25% interest, while accounts with daily balance above Rs. 50 Cr up to Rs. 100 Cr will now earn 5.25% interest. RBL Bank is offering 6.00% interest rate on savings accounts with daily balance above Rs. 100 crore up to Rs. 200 crore and 4.00% interest on accounts with daily balance above Rs. 200 crore up to Rs. 400 billion.

RBL Bank raised interest rates by 125 basis points (bps) from 4.00% to 5.25% on savings accounts with daily balances above Rs. 400 crore and up to Rs. 500 Cr and 75 bps from 4.50% to 5.25% on accounts with daily balance above Rs. 500 cents Based on the account’s end-of-day balance, interest will be determined and accrued daily.

RBL bank savings account interest rate

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RBL bank savings account interest rate (rblbank.com)

RBL Bank has mentioned on its website that “Effective from April 1, 2016, the interest payment cycle for Savings Bank Accounts has been changed to quarterly. Accordingly, the bank savings interest rate calculated on a daily basis will be paid quarterly on June 30, September 30, December 31 & March 31 every year.”

In response to the most recent revision, RBL Bank has increased interest rates on short-term fixed deposits with maturities ranging from 7 to 364 days to a maximum of 50 basis points, effective as of the 19th. January 2023. The bank is currently offering interest rates on deposits maturing in 7 days to 10 years ranging from 3.50% to 6.25% for the general public and 4.00% to 6.75% for the elderly. The maximum interest rate for deposits maturing in 453 days to 725 days will now be 7.55% for the general public and 8.05% for seniors.

RBL Bank on Friday reported net profit for the December quarter 2022 in $208.97 crore, up 33% from $156.1 crore for a period of one year ago. Net interest income (NII) grew 14% in Q3FY23 and reached $1,148 crore in Q3FY23 vs $1,010 crore in the same quarter last year. The bank’s total revenue increased 11% YoY over the same period last year. $1,767 crore, while its net advances increased 15% to $66,684 crore words $58,141 in the same fiscal quarter.

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