RBL Bank announced that it has hiked interest rates on its savings accounts. On a range of daily balances, the bank has increased the interest rates by 0.25-1 percent. The new rates are effective from September 5, 2022, according to the bank’s website.

Up to Rs. 1 lakh in savings account balances will continue to earn interest at a rate of 4.25%, while balances over Rs. 1 lakh and up to Rs. 10 lakh earn interest at a rate of 5.50%. Deposits over Rs. 10 lakh and up to Rs. 25 lakh continue to earn 6% interest. For deposits over Rs. 25 lakh and up to Rs. 5 Crore*, RBL bank increased the interest rate by.25% to 6.25%.

The interest rate for deposits over Rs. 5 crore but under Rs. 7.5 crore was increased by.50%, from 5.75% to 6.25%. While the interest rate was increased to 6.10% from 5.75% for deposits over Rs. 7.5 Crore and up to Rs. 50 Crore*. The bank increased 1% to 6% for deposits over Rs. 100 crore and up to Rs. 200 crore. On deposits over Rs. 200 crore up to Rs. 250 crore*, it has slashed by 1% to 4%.

* On daily balances in excess of Rs. 1 Lac

The interest is paid to the customer’s account on a quarterly basis on the 30th June, 30th September, 31st December, and 31st March of each year. Interest will be calculated and accrued daily based on the end of day balance in the account.

Savings Interest Rate Calculation – Example

According to the bank website, “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.”