has announced that it has increased saving account Interest rates effective from August 6, 2022. “Since interest rates are linked to repo rates, interest rates will change as and when repo rate Revised by RBI on T+1 basis. The rates mentioned above will be calculated on the daily balance maintained in Savings Bank Accounts (Resident/NRE/ONR) and will be credited to the respective accounts on a quarterly basis,” said the website of the Federal Bank of India (RBI). In its monetary policy review announcement on August 5, the RBI increased the repo rate by 50 bps.
Federal Bank Latest Savings Account Interest Rates
Source: Bank’s website
According to the formula mentioned above, people who have a balance of less than Rs 5 crore in their savings account will now get 3 per cent interest, which was 2.5 per cent before the hike.
The new rate hike cycle began on May 04, 2022, when the RBI increased the repo rate by 40 bps. This was the first hike in the repo rate after a gap of almost four years. Earlier, the repo rate was increased on June 06, 2018. The May 2022 hike was followed by another rate hike by the central bank during its June 8 monetary policy review, where it increased the repo rate by 50 bps. Consequently, within the last 93 days, the central bank has increased the repo rate by a total of 140 bps (50+90).
Which bank offers the highest savings account interest rate?
Which bank offers the highest savings account interest rate?
The interest rate on savings accounts varies depending on the bank, the type of account and the amount. Here is a comparison of post office savings accounts, savings account interest rates for SBI, HDFC Bank, ICICI Bank and Equitas Small Finance Bank.
