RBL Bank savings account interest rates
The bank will give an interest rate of 4.25% on savings accounts with a daily balance of up to Rs. 1 lakh, while RBL Bank will offer an interest rate of 5.50% on accounts having a daily balance of over Rs. 1 lakh and up to Rs. 10 lakh. For savings accounts with daily balances of more than Rs. 10 lakh but less than Rs. 25 lakh, RBL Bank is giving an interest rate of 6.00%. For accounts with daily balances of more than Rs. 25 lakh but less than Rs. 7.5 Crore, the interest rate is 6.50%.
Savings accounts with daily balances above Rs. 7.5 crore up to Rs. 50 Cr will now earn interest at a rate of 6.25%, while accounts with daily balances over Rs. 50 Cr up to Rs. 100 Cr will now earn interest at a rate of 5.25%. RBL Bank is giving an interest rate of 6.00% on savings accounts with daily balances above Rs. 100 crore up to Rs. 200 crore, and an interest rate of 4.00% on accounts with daily balances above Rs. 200 crore up to Rs. 400 crore.
RBL Bank increased interest rates by 125 basis points (bps) from 4.00% to 5.25% on savings accounts with daily balances of over Rs. 400 crore and up to Rs. 500 Cr, and by 75 bps from 4.50% to 5.25% on accounts with daily balances above Rs. 500 Cr. Based on the account's end-of-day balance, interest will be determined and accrued on a daily basis.
RBL Bank has mentioned on its website that “With effect from April 1, 2016, the periodicity of payment of interest on Savings Bank Account has been changed to quarterly. Accordingly savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year."
In response to the most recent modification, RBL Bank has raised interest rates on short-term fixed deposits with maturities ranging from 7 to 364 days by up to 50 bps, effective as of January 19, 2023. The bank is now offering interest rates on deposits maturing in 7 days to 10 years that range from 3.50% to 6.25% for the general public and 4.00% to 6.75% for senior citizens. The maximum interest rate for deposits maturing in 453 days to 725 days will now be 7.55% for the general public and 8.05% for senior citizens.
RBL Bank on Friday reported net profit for December 2022 quarter at ₹208.97 crore, up by 33 per cent, against ₹156.1 crore in the year-ago period. The net interest income (NII) was up by 14 per cent during Q3FY23 and reached ₹1,148 crore in Q3FY23 as against ₹1,010 crore in the same quarter last year. The bank's overall revenue increased by 11% YoY to ₹1,767 crore, while its net advances increased by 15% to ₹66,684 crore from ₹58,141 in the same fiscal quarter.
