RBL Bank savings account interest rates
For savings accounts with a daily balance of up to Rs. 1 lakh, the bank will pay an interest rate of 4.25%, while the bank pays an interest rate of 5.50% on savings accounts with a daily balance of over Rs. 1 lakh and up to Rs. 10 lakh.
RBL Bank will pay an interest rate of 6.00% on savings accounts with daily balances of more than Rs. 10 lakh and up to Rs. 25 lakh. The bank has raised the rate by 50 basis points, from 6.50% to 7%, on accounts with daily balances of more than Rs. 25 lakh and up to Rs. 7.5 Crore.
The bank increased the interest rate on savings accounts with daily balances of more than Rs. 7.5 crore up to Rs. 25 crore by 75 basis points, from 6.25% to 7.00%. RBL Bank offer a 6.25% interest rate on savings accounts with daily balances of more than Rs. 25 crore up to Rs. 50 crore. RBL Bank customers will earn an interest rate of 6.00% on a savings account with a daily amount of more than Rs. 100 crore and up to Rs. 200 crore, and an interest rate of 5.25% on accounts with daily balances of more than Rs. 50 crore and up to Rs. 100 crore.
|
Daily balance |
Rate of Interest (p.a.) effective till February 28, 2023 |
Rate of Interest (p.a.) w.e.f. March 01, 2023 |
|
Upto Rs. 1 lakh |
4.25% |
4.25% |
|
Above Rs. 1 lakh upto Rs. 10 lakh* |
5.50% |
5.50% |
|
Above Rs. 10 lakh upto Rs. 25 lakh* |
6.00% |
6.00% |
|
Above Rs. 25 lakh and upto Rs. 7.5 Crore* |
6.50% |
7.00% |
|
Above Rs. 7.5 Crore upto Rs. 25 Crore* |
6.25% |
7.00% |
|
Above Rs. 25 Crore upto Rs. 50 Crore* |
6.25% |
6.25% |
|
Above Rs. 50 Crore upto Rs. 100 Crore* |
5.25% |
5.25% |
|
Above Rs. 100 Crore upto Rs. 200 Crore* |
6.00% |
6.00% |
|
Above Rs. 200 Crore upto Rs. 400 Crore* |
4.00% |
4.00% |
|
Above Rs. 400 Crore* |
5.25% |
5.25% |
How is interest calculated
Interest will be calculated and accrued daily based on the end of day balance in the account. The bank pays interest to the customer’s account on a quarterly basis on 30th June, 30th September, 31st December and 31st March each year.
Savings Interest Rate Calculation
According to the RBL Bank website, here is an example on how 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.
Example:
| 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 upto Rs. 1 Lakh will be calculated at 4.25% p.a. for remaining balances Interest Rate will be calculated at 5.50% (1,00,000*4.25% /365) + (85,000*5.50% /365) |
| Day 3 | Rs. 11, 85,000 | Interest Rate upto 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 (1,00,000*4.25% /365) + (10,85,000*6.00% /365) |