Saving account interest rate increased by 0.50% to 6.5% for these bank customers on specific balances, highest rate at 7.5% However, for some individuals the higher interest rate has been reduced. Read below to know which individuals are impacted by this and how this may affect how much money you keep at banks
RBL Bank, a private sector bank, has made changes to its savings account interest rate with effect from February 15, 2025, the bank mentioned the revised interest rate on its website. While under the revised rates, some high net worthhigh-net-worth individuals have gained significantly, others have lost the opportunity to earn a high interest rate in the savings account of RBL Bank. The bank has also reduced the interest rate it gives on small balances by 25 bps.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
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Read below to know more about how impactful the new revised rates will be for different individuals with varying daily balance in savings accounts.
Which individuals gained from the revised interest rates?
Individuals who have a daily balance above Rs 10 lakh and up to Rs 25 lakh will earn 6.5% interest rate from February 15, 2025, which is 0.5% more than the previous interest rate. Individuals with a daily balance above Rs 50 crore and up to Rs 75 crore will earn 6% interest rate, which is up by 0.75% (75 basis points).The largest gainers from this revised interest rate are for those with daily balance above Rs 200 crore and up to Rs 400 crore. These HNIs will now get 6% interest rate on savings account balance, which is 2% (200 basis points) more than earlier interest rate.
Table 1
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Daily balanceTill February 14, 2025From February 15, 2025Upto INR 1 lakh3.50%3.25%Above INR 1 lakh upto INR 5 lakh*5.50%4.50%Above INR 5 lakh upto INR 10 lakh*5.50%5.50%Above INR 10 lakh upto INR 25 lakh*6.00%6.50%Above INR 25 lakh and upto INR 3 Crore*7.50%7.50%Above INR 3 Crore upto INR 7.5 Crore*6.50%6.50%Above INR 7.5 Crore upto INR 50 Crore*6.25%6.25%Above INR 50 Crore upto INR 75 Crore*5.25%6.00%Above INR 75 Crore upto INR 100 Crore*7.50%6.00%Above INR 100 Crore upto INR 125 Crore*7.50%6.00%Above INR 125 Crore upto INR 200 Crore*6.00%6.00%Above INR 200 Crore upto INR 400 Crore*4.00%6.00%Above INR 400 Crore upto INR 500 Crore*6.75%6.00%Above INR 500 Crore*MIBOR** + 100 bpsMIBOR** + 100 bpsSource: RBL Bank website
Which individuals have lost the opportunity of high savings account interest rates?
Sometimes no change in interest rates can be an impactful event like the daily balance band. RBL Bank has kept the interest rate for saving account daily balances above Rs 25 lakh and up to Rs 3 crore unchanged at 7.5% interest. The interest rate on the daily balances above Rs 3 crore and up to Rs 7.5 Crore has also been kept unchanged at 6.5%. The above Rs 7.5 crore and up to Rs 50 crore daily balance band has also kept unchanged at 6.25% interest rate. For other daily balance band interest rates, refer to the table below:According to the RBL Bank website, the most drastic fall in interest rates have occurred for those high-net-worth individuals who have a daily balance between Rs 75 crore and up to Rs 125 crore. These HNIs will now get 6% interest, which is down by 150 basis points (1.5%). For daily balances above Rs 400 crore and up to Rs 500 crore, the bank has reduced the interest rate from 6.75% to 6%, which is a 75-basis point (0.75%) drop-in interest rate.
For balances up to Rs 1 lakh, RBL Bank is offering a 3.25% interest rate, which is a 25 basis point lower interest rate than the earlier rate of 3.5%. On balances above Rs 1 lakh up to Rs 5 lakh the bank will now offer a 4.5% interest rate, which is 100 basis points lower than the earlier interest rate of 5.5%.
How is the interest rate in a savings account calculated?
According to RBL Bank website as of February 10, 2025, here are the details:Interest will be calculated and accrued daily based on the end of day balance in the accountThe interest is paid / credited to the customer’s account on a quarterly basis on 30th June 30th September, 31st December and 31st March each year. #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
