At a time when big banks saving account Interest rates are as low as 3%, with some small banks offering higher rates. For example, RBL Bank is offering Rate of interest From 4.25 percent to 6 percent on their savings account.

According to an email sent to customers, the interest rate on RBL Bank savings accounts up to Rs 1 lakh is 4.25%, up to Rs 10 lakh up to Rs 1 lakh is 5.5%, and for accounts with balances between Rs 10 lakh and Rs. The interest rate for 5 crores is 6%. These new rates will be effective from December 1, 2021.

*For balance above Rs. 5 crores, please contact your Relationship Manager / Branch Manager.
Interest will be calculated and accrued daily based on the end of the day balance in your account and will be paid/credited to your account on a quarterly basis.

In comparison, State Bank of India (SBI) is offering 2.7% on savings accounts. ICICI and HDFC Bank offer 3% interest rate on balances up to Rs 50 lakhs and 3.5% on balances above Rs 50 lakhs.

In fact, on Tuesday, PNB announced a cut in its savings accounts of less than Rs 10 lakh to the lowest level of 2.80 per cent per annum. Click
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FD Rates vs. Savings Accounts

The savings account rates of many small banks are even higher than the FD rates of large private and public sector banks.

SBI’s fixed deposit rates range from 2.9% to 5.10% for terms of up to three years, which is lower than RBL’s savings interest rates, which are 5.50% for balances up to Rs 10 lakh and above Rs 3 crore and 6% for balance amount up to Rs.5. Ten million.

For amounts less than Rs 2 crore, HDFC Bank pays 2.5%-5.15% for tenures up to three years.