 "RBL Bank revises interest rates on savings account by up to 25 bps, know new rates"){kind=logo}
The private sector lender, RBL Bank has changed the interest rates on its savings accounts on daily balance by 15 bps to 25 bps. The new interest rates came into effect from 21 October, 2022. The bank has increased the interest rates after the Reserve Bank of India (RBI) hiked the repo rate by 0.5 per cent to 5.9 per cent in September. The bank has changed interest rates on daily balance above Rs 25 lakh. The bank raised the interest rate by 25 bps to 6.50 per cent from 6.25 per cent on daily balance above Rs 25 lakh up to Rs 1 crore, daily balance more than Rs 1 crore up to Rs 5 crore, and daily balance above Rs 5 crore up to Rs 7.5 crore.
On daily balance more than Rs 7.5 crore up to Rs 10 crore and daily balance above Rs 10 crore up to Rs 50 crore, the RBL Bank increased the interest rates by 15 bps to 6.25 per cent from 6.10 per cent.
According to the bank, with effect from 1 April, 2016, the periodicity of interest payment on savings bank accounts has been changed to quarterly on daily balances in excess of Rs 1 lakh. Accordingly, savings bank interest calculated on a daily product basis is going to be paid at quarterly intervals on 30 June, 30 September, 31 December, and 31st March every year.
RBL Bank, which was formerly called as Ratnakar Bank, was founded in 1943 and it is headquartered in Mumbai. It provides services across specialised services under five business verticals namely, Commercial Banking, Corporate & Institutional Banking, Branch & Business Banking, Retail Assets and Treasury and Financial Markets Operations. It currently serves over 11.30 million customers via a network of 502 branches, 1,302 business correspondent branches and 417 ATMs spread across 28 Indian states and Union Territories.
The bank is listed on both NSE and BSE. This month, RBL Bank partnered with BookMyShow to introduce a new “Play” credit card. The “Play” credit card will provide people the access to offers on transactions across movies, live entertainment offerings, and also the opportunity of binge-watching movies and TV series on BookMyShow Stream by renting or buying a title.
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