- Date : 27/01/2023
- Read: 3 mins
RBL Bank will now offer up to a 6.50% interest rate on savings accounts
RBL Bank has announced it will offer up to a 6.50% interest rate on its savings accounts. It is much higher than the country's inflation, which stood at 5.72% till last December. RBL Bank customers can now enjoy interests higher than inflation.
Interest Rates Offered By RBL Bank
The revised interest rates offered by RBL Bank will come into effect from January 25, 2023, onwards. Its customers will receive interest rates on savings accounts up to 4.25% and a daily balance of up to Rs. 1 lakh. It gives savings accounts a 5.50% interest rate with Rs. 1 lakh to 10 lakh daily balances. It offers 6% interest rates on daily balances over Rs. 10 lakhs and below Rs. 25 lakhs. The maximum interest rate it now offers is 6.50% on daily balances of over Rs. 25 lakh to less than Rs. 7.5 crores.
RBL Bank will offer a 6.25% interest rate on daily balances between Rs. 7.5 crores up to Rs. 50 crores. It will offer a 5.25% interest rate to savings account holders with balances between Rs. Fifty crores and less than Rs. 100 crores. It will provide a 6% interest on above Rs. 100 crores and less than Rs. 200 crores daily balance and 4% above Rs. 200 crore and less than Rs. 400 crores. RBL Bank will now offer 5.25% rather than 4% on savings accounts with over Rs. 400 crores and less than Rs. 500 crores daily balance.
The RBL Bank will pay the savings interest at the end of each quarter after calculating it at the end of the daily balance. Its website says that savings account with up to Rs. 1 lakh will have a 4.25% interest.
The Reported Numbers
The bank showed a net profit for the December quarter of Rs. 208.97 crores. It has increased from Rs. 156.1 crores at the same time last year. Its NII (net interest income) increased by 14% during the third quarter of 2023 to Rs. 1,148 crores from Rs. 1,010 crores at the same time last year. RBL Bank reported a 6% increase in its other income to Rs. 618 crores.
The third quarter of 2023 saw net advance rise to Rs. 66,684 crores by 15% from Rs. 58,141 during the same time last year. Its retail advances have increased from Rs. 30,900 crores to Rs. 34,977 crores by 13% in Dec 2021 quarter.
RBL Bank reports that it has 1,168 correspondent branches and 516 bank branches. It has 298 banking outlets out of 1,168 branches. These are the numbers till the quarter ending December 2022.