Federal Bank revises savings account interest rates Savings account interest rates are linked to Federal Bank repo rates
Federal Bank has revised savings account interest rates with effect from October 1, 2022. This comes just a day after the Reserve Bank of India (RBI) raised the repo rate by 50 basis points during its Monetary Policy Committee meeting. Savings account interest rates are linked to the repo rates at Federal Bank. RBI’s current repo rate is 5.9%.According to the Federal bank website, “As the interest rates are linked to Repo rates, the interest rates will change as and when the Repo Rate gets revised by RBI on a T+1 basis. The rates as mentioned above will be calculated on the daily End of the Day balances maintained in Savings Bank accounts (Resident/NRE/ONR) and the same will be credited to respective accounts on a quarterly basis.”
Federal Bank savings account interest rate
For balances Rs 5 lakh to less than Rs 50 lakh
For balances up to and including Rs 1 lakh, Federal Bank is now offering an interest rate of 2.90% below the RBI's repo rate, and 2.85% below the RBI's repo rate for the remaining balance above one lakh rupees.
For balances of over Rs 50 Lakhs to less than Rs 5 crores
On savings account end-of-day balances between Rs 50,000 and Rs 5,000,000, Federal Bank is now offering an interest rate of 2.90% below the RBI's repo rate for amounts up to and including Rs 1 Lakh and 2.80% below the RBI's repo rate for the level exceeding Rs 1 lakh.
For balances of over Rs 5 crore to less than Rs 25 crore
The bank will now give an interest rate of 2.90% below the RBI's repo rate for amounts up to and including Rs 1 lakh and 1.50% below the RBI's repo rate for the remaining balance over Rs 1 lakh on savings account end-of-day balances of Rs 5 crore to less than Rs 25 crore.
For balances of over Rs 25 crore and above
Federal Bank is now offering an interest rate of 2.90% below the RBI's repo rate for amounts up to and including Rs 1 lakh and 1.15% below the RBI's repo rate for the remaining balance over Rs 1 lakh on savings accounts with end-of-day balances of Rs 25 crore and above.
This story originally appeared on: India Times - Author:Faqs of Insurances
