Federal Bank revises savings account interest rates RBIs current repo rate is 6.25%
Federal Bank has revised savings account interest rates with effect from December 8, 2022. This comes just a day after the Reserve Bank of India (RBI) raised the repo rate by 35 basis points during its Monetary Policy Committee meeting. Federal Bank’s savings account interest rates are linked to the repo rates. RBI’s current repo rate is 6.25%.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 below Rs 5 lakh the bank offers 3.20% below RBI's Repo Rate.
For balances up to 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 3.20% below the RBI's repo rate, and 3.15% 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 crore
Federal Bank is now offering an interest rate of 3.20% below the RBI's repo rate for amounts up to and including Rs 1 Lakh and 3% below the RBI's repo rate for the level exceeding Rs 1 lakh.
For balances of over Rs 5 crore to less than Rs 50 crore
The bank will now give an interest rate of 3.20% below the RBI's repo rate for amounts up to and including Rs 1 lakh and 0.75% below the RBI's repo rate for the remaining balance over Rs 1 lakh on savings account.
For balances of Rs 50 crore and above
Federal Bank is now offering an interest rate of 3.20% below the RBI's repo rate for amounts up to and including Rs 1 lakh and 0.25% below the RBI's repo rate for the remaining balance over Rs 1 lakh on savings accounts .
Latest savings account interest ratesSlabEnd of the Day BalanceRates of Interest (p.a)1Less than ₹5 Lakhs3.20% below RBI's Repo Rate2₹5 Lakhs to less than ₹50 Lakhs3.20% below RBI’s Repo Rate for amount up to and including ₹1Lakh3.15% below RBI's Repo Rate for the remaining balance above ₹1Lakh3₹50 Lakhs to less than ₹5 Crores3.20% below RBI’s Repo Rate for amount up to and including ₹1Lakh3.00% below RBI’s Repo Rate for the remaining balance above ₹1Lakh4₹5 Crores to less than ₹50 Crores3.20% below RBI’s Repo Rate for amount up to and including ₹1Lakh0.75% below RBI’s Repo Rate for the remaining balance above ₹1Lakh5₹50 Crores and above3.20% below RBI’s Repo Rate for amount up to and including ₹1Lakh0.25% below RBI’s Repo Rate for the remaining balance above ₹1Lakh
This story originally appeared on: India Times - Author:Faqs of Insurances
