RBL Bank has made changes to the interest rates on savings accounts. This private bank in the country has reduced the interest rate on savings accounts by 50 basis points or 0.50 percent. This change in interest rate has been implemented for savings deposits ranging from 25 lakh rupees to 3 crore rupees. A few days earlier, IDFC First Bank had also reduced interest rates on savings accounts.
Which deposit slabs are affected by the rate cut?
RBL Bank used to offer 6.5 percent annual interest on savings account deposits. Going forward, this will be reduced to 6 percent. This new interest rate will be effective from Thursday, January 15.
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The change in interest rates on RBL Bank's savings accounts applies to balances ranging from more than 25 lakh rupees to 3 crore rupees. No changes have been made to interest rates in slabs below 25 lakh rupees or above 3 crore rupees.
IDFC First Bank has made changes to its savings account interest rates from January 9. This private bank has made changes to interest rates across various slabs. This private bank has reduced the interest rate from 7 percent to 6.5 percent.
