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Interest Rates for Savings Bank (SB) Accounts
| Present RBI Repo Rate | 4.40% |
Interest rate for Savings Bank Deposits effective from 5th May 2022
|
Slab |
End of the Day Balance |
Rates of Interest (p.a) |
|
1 |
Less than ₹5 Crores |
1.75% below RBI’s Repo Rate |
|
2 |
₹5 Crores and above |
1.75% below RBI’s Repo Rate for amount up to and including ₹1Lakh |
|
0.60% below RBI’s Repo Rate for the remaining balance above ₹1Lakh |
As the interest rates are linked to Repo rates, the interest rates will change as and when the Repo Rate gets revised by RBI on a T+1 basis. The rates as mentioned above will be calculated on the daily End of the Day balances maintained in Savings Bank accounts (Resident/NRE/ONR) and the same will be credited to respective accounts on a quarterly basis.