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What is the new interest rate for RBL savings account in 2023?

RBL Bank has increased the interest rates on its savings accounts including NRE/NRO savings by 50 basis points (bps) from 4.25% p.a. to 4.75% p.a. w.e.f. August 22, 2023. This increase is applicable to all savings accounts, irrespective of the balance.

 

What is the interest rate for RBL savings account in 2023
interest rate announced for RBL savings account in 2023

RBL Bank announced new interest rates


The bank has also increased the interest rates on fixed deposits across all tenors by 25-50 bps. The revised interest rates are effective from August 21, 2023.

Daily Balance Rs. It has been announced that the bank will offer 4.25 percent interest on savings accounts up to Rs 1 lakh. At the same time Rs. 1 lakh daily balance and Rs. The bank offers an interest rate of 5.50 per cent on savings accounts up to Rs 10 lakh.

RBL Bank offers 6.00 percent interest on savings accounts with a daily balance above Rs.10 lakh and up to Rs.25 lakh. The interest rate on accounts with daily balance above Rs 25 lakh and up to Rs 3 crore has been increased from 7 per cent to 7.50 per cent.

The bank has reduced the interest rate for savings accounts with daily balance between Rs 3 crore and Rs 25 crore by 50 basis points from 7 per cent to 6.5 per cent. Also, RBL Bank offers 6.25 percent interest on savings accounts between Rs 25 crore and Rs 50 crore daily.

It has been announced that customers will get interest profit of 6.00 per cent per day on savings accounts above Rs 100 crore and up to Rs 200 crore. Accounts with a daily balance between Rs 200 crore and Rs 400 crore will get 4 percent interest. At the same time, if the balance is above Rs 400 crore, the bank will offer 6.75 percent interest.

Interest is calculated based on the balance in the account at the end of the day and accrues daily. Interest will be credited to the customer's account on quarterly basis on June 30, September 30, December 31 and March 31 every year.

The interest earned in RBL Bank depends on the type of account you have and the balance in your account.
 
For fixed deposits, the interest rates vary depending on the tenure of the deposit. For a 1-year fixed deposit, the interest rate is 6.50% p.a. For a 5-year fixed deposit, the interest rate is 7.80% p.a.

The move by RBL Bank to increase interest rates on savings accounts is in line with the trend of other banks in the country. The RBI has been increasing the repo rate in recent months to control inflation. This has led to banks increasing their lending rates, which has also put pressure on their margins. To protect their margins, banks are increasing interest rates on savings accounts.

However, it is important to note that the interest rates on savings accounts are still very low. The average interest rate on savings accounts in India is around 3% p.a. This means that the real rate of return on savings accounts is negative, after taking into account inflation.

If you are looking for a better return on your savings, you may want to consider investing in fixed deposits, which offer higher interest rates. However, it is important to compare the interest rates offered by different banks before investing. You should also factor in the lock-in period and other terms and conditions of the fixed deposit before making an investment.
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