1 lakh inch up to Rs. saving account Interest will continue to accrue at the rate of 4.25% on the balance amount, while the balance amount is Rs. 1 lakh and Rs. 10 lakh earns interest at the rate of 5.50%. Deposits in excess of Rs. 10 lakh and Rs. 25 lakhs continue to earn 6% interest. For deposits above Rs. 25 lakh and Rs. 5 crore*, RBL Bank increased the interest rate by 25% to 6.25%.
Interest rate for deposits above Rs. 5 crores but under Rs. 7.5 crores increased from .50% to 5.75% to 6.25%. Whereas the interest rate was increased from 5.75% to 6.10% for deposits above Rs. 7.5 crores and Rs. 50 crore*. The bank increased 1% to 6% for deposits above Rs. 100 crore and Rs. 200 crores. On deposits above Rs. 200 crores up to 250 crores*, it has fallen from 1% to 4%.
* On daily balance above Rs. 1 Lac
Interest is paid to the customer’s account on quarterly basis on 30th June, 30th September, 31st December and 31st March every year. Interest will be calculated and accrued on a daily basis based on the end of the day balance in the account.
Savings Interest Rate Calculation – Example
According to the bank’s website, ‘Savings account has Rs. 1 lakh is calculated at 4.25% per annum, balance above 1 lakh will earn interest based on the above mentioned value grid under which the daily balance falls on that day.
