This private bank is offering 7% interest rate on Savings account

A savings account is a deposit account that anyone can open with a bank and post office. Savings accounts earn interest on deposits depending upon the nature of the account as defined by the financial institutions. Savings accounts earn interest as long as the account holder keeps money in the account. Usually, the interest rates on savings accounts range from 2.5 per cent to 5-6 per cent. Today, we will tell you about a bank that s providing 7 per cent return on the savings account.

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RBL Bank, formerly known as Ratnakar Bank, has revised the interest rates on Savings accounts. According to the Mumbai headquartered bank's website, the interest rate on a Savings account has been increased by 75 basis points. One basis point is equivalent to 0.01 per cent. The bank is now guaranteeing up to 7 per cent return on Savings account to its customers.

Th new rates will be applicable to domestic Savings accounts, including NRE/NRO and applicable from Wednesday, March 1, according to the bank's website.

RBL Bank Savings Account Interest Rate 2023

Account holders with a daily balance of up to Rs 1 lakh will continue to get a return of 4.25 per cent. For those maintaining a balance of more than Rs 1 lakh and up to Rs 10 lakh, the bank will provide 5.5 per cent return.

According to the bank's website, customers maintaining a daily balance of more than Rs 10 lakh and up to Rs 25 lakh will get a return of 6 per cent. For those maintaining a balance above Rs 25 lakh and up to Rs 7.5 crore, the bank has hiked the interest rate by 50 bps, from 6.5 per cent to 7 per cent.

Account holders with a daily balance of above Rs 7.5 crore up to Rs 25 crore will get an additional return of 0.75 per cent. Such accounts will attract 7 per cent return as against 6.25 per cent earlier. For those maintaining a daily balance of above Rs 25 crore and up to Rs 50 crore, the bank will continue to offer an interest rate of 6.25 per cent.

RBL Bank will provide 5.25 per cent return on accounts with a daily balance of above Rs 50 crore and up to Rs 100 crore. Savings account maintaining a daily balance of more than Rs 100 crore and up to Rs 200 crore will earn 6 per cent return. The bank will continue to provide 4 per cent and 5.25 per cent returns on accounts maintaining a daily balance of more than Rs 200 crore and up to Rs 400 crore and above Rs 400 crore, respectively.

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