RBL Bank revises interest rates for Savings Accounts and Fixed Deposits

RBL Bank has recently announced a revision in its interest rates for savings accounts and fixed deposits (FDs), effective from July 1, 2024. This move aims to benefit customers by providing them with better opportunities to enhance their returns on savings and investment products.

Savings Account Rates:

1. The new savings account rates offer a range of returns based on the daily balance.

2. For balances up to INR 1 lakh, the rate decreases from 4.25% to 3.75%.

3. Balances between INR 1 lakh and INR 2 crore will continue to earn between 5.50% and 7.50%.

4. Higher balances will maintain steady rates, with the maximum rate of 7.75% offered for amounts between INR 75 crore and INR 125 crore.

Fixed Deposit Rates:

1. RBL Bank's fixed deposit (FD) rates for deposits below INR 3 crore have also been updated.

2. Interest rates vary depending on the tenure and whether the depositor is a senior citizen.

3. Rates start at 3.50% for a 7 to 14-day period and go up to 8.00% for deposits ranging from 18 to 24 months.

4. Senior citizens enjoy an additional 0.50% interest across all tenures, with the highest rate being 8.50% for deposits between 18 and 24 months.

RBL Bank's revised interest rates on savings accounts and fixed deposits are a welcome development for customers seeking better returns on their investments. With rates of up to 8.50% for FDs and 7.75% for savings accounts, RBL Bank continues to position itself as a strong contender in the competitive banking sector, offering valuable options for savers and investors alike.