Federal Bank revises savings account interest rates Federal Banks savings account interest rates are linked to the repo rates. RBIs current repo rate is 6.50%
Federal Bank has revised savings account interest rates with effect from February 9, 2023. This comes after the Reserve Bank of India (RBI) raised the repo rate by 25 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 6.50%. The bank has increased interest rate by up to 0.25 basis points(bps).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 3.45% 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 5 lakh, Federal Bank is now offering an interest rate of 3.45% below the RBI's repo rate, and 3.40% below the RBI's repo rate for the remaining balance above of Rs 5 lakh and above.
For balances of over Rs 50 Lakhs to less than Rs 2 crore
Federal Bank is now offering an interest rate of 3.45% below the RBI's repo rate for amounts up to and including Rs 5 lakh and 3.40% below the RBI's repo rate for balances of Rs 5lakhs to less than Rs 50 lakhs. The bank offers 2.75% below RBI’s Repo Rate for balance of Rs 50 lakhs and above
For balances of Rs 2 crores to less than Rs 5 Crores
Federal Bank is now offering an interest rate of 3.45% below the RBI's repo rate for amounts up to and including Rs 5 lakh. and 3.40% below the RBI's repo rate for balances of Rs 5lakhs to less than Rs 50 lakhs. The bank offers 2.75% below RBI’s Repo Rate for balance of Rs 50 lakhs to Rs 2 crore.
The bank offers 2.50% below RBI’s Repo Rate for balance of Rs 2Crores and above.
For balances of Rs 5 crores to less than Rs 50 crores
Federal Bank is now offering an interest rate of 3.45% below the RBI's repo rate for amounts up to and including Rs 1 lakh and 1.00% below RBI’s Repo Rate for the remaining balance above Rs 1 lakh.
For Rs 50 Crores and above
Federal Bank is now offering an interest rate of 3.45% below the RBI's repo rate for amounts up to and including Rs 1 lakh and 0.50% below RBI’s Repo Rate for the remaining balance above Rs 1 lakh.
SlabEnd of the Day BalanceRates of Interest (p.a)1Less than ₹5 Lakhs3.45% below RBI's Repo Rate2₹5Lakhs to less than ₹50 Lakhs3.45% below RBI’s Repo Rate for balance below ₹5Lakhs3.40% below RBI's Repo Rate for balance of ₹5Lakhs and above3₹50 Lakhs to less than ₹2 Crores3.45% below RBI’s Repo Rate for balance below ₹5Lakhs3.40% below RBI's Repo Rate for balance of ₹5Lakhs to less than ₹50Lakhs2.75% below RBI’s Repo Rate for balance of ₹50Lakhs and above4₹2 Crores to less than ₹5 Crores3.45% below RBI’s Repo Rate for balance below ₹5Lakhs3.40% below RBI's Repo Rate for balance of ₹5Lakhs to less than ₹50Lakhs2.75% below RBI’s Repo Rate for balance of ₹50Lakhs to less than ₹2Crores2.50% below RBI’s Repo Rate for balance of ₹2Crores and above5₹5 Crores to less than ₹50 Crores3.45% below RBI’s Repo Rate for balance up to and including ₹1Lakh1.00% below RBI’s Repo Rate for the remaining balance above ₹1Lakh6₹50 Crores and above3.45% below RBI’s Repo Rate for balance up to and including ₹1Lakh0.50% below RBI’s Repo Rate for the remaining balance above ₹1Lakh
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This story originally appeared on: India Times - Author:Faqs of Insurances
