federal bank have modified Savings Account Interest Rates With effect from 1st October, 2022. This comes just a day after the Reserve Bank of India (RBI) increased the repo rate by 50 basis points during its Monetary Policy Committee meeting. saving account The interest rates are linked to the repo rates at Federal Bank. The current repo rate of RBI is 5.9%.

According to the Federal Bank website, “as is” Rate of interest Linked to repo rates, interest rates will change when the repo rate is revised by RBI on T+1 basis. The rates mentioned above will be calculated on the day-end daily balance in the Savings Bank Accounts (Resident/NRE/ONR) and will be credited to the respective accounts on a quarterly basis.

federal bank savings account interest rate

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For balance amount less than Rs.5 lakh to Rs.50 lakh

For balances up to Rs 1 lakh, Federal Bank is now offering an interest rate of 2.90% lower than RBI’s repo rate and 2.85% lower than RBI’s repo rate for balances above Rs 1 lakh.

For balance above Rs 50 lakhs to less than Rs 5 crores

On savings account ending balance between Rs 50,000 and Rs 5,000,000, Federal Bank is now offering an interest rate of 2.90% above RBI’s repo rate and includes Rs 1 lakh and 2.80% lower than RBI’s repo rate . Level above Rs 1 lakh.

Above Rs 5 crore for balance less than Rs 25 crore

The bank will now offer an interest rate of 2.90% above the RBI repo rate for amounts up to Rs 1 lakh and 1.50% below the RBI repo rate, for balances above Rs 1 lakh at the end of the day in the savings account on the amount. Rs 5 crore to less than Rs 25 crore.

For balance amount of Rs.25 crore and above

Federal Bank is now offering an interest rate of 2.90% above RBI repo rate for amounts up to Rs 1 lakh and 1.15% below RBI repo rate for balances above Rs 1 lakh. savings accounts With day-end balance of Rs.25 crore and above.