Interest Rates for Savings Bank (SB) Accounts

Present RBI Repo Rate 6.50%

 

Interest rate for Savings Bank Deposits effective from 16th August 2023

Slab

End of the Day Balance

Rates of Interest (p.a)

1

Less than ₹5Lakhs

3.45% below RBI's Repo Rate

2

₹5Lakhs to less than ₹50Lakhs

3.45% below RBI’s Repo Rate for balance below ₹5L

3.40% below RBI's Repo Rate for balance of ₹5L and above

3

₹50Lakhs to less than ₹2Crores

3.45% below RBI’s Repo Rate for balance below ₹5L

3.40% below RBI's Repo Rate for balance of ₹5L to less than ₹50L

2.75% below RBI’s Repo Rate for balance of ₹50L and above

4

₹2Crores to less than ₹5Crores

3.45% below RBI’s Repo Rate for balance below ₹5L

3.40% below RBI's Repo Rate for balance of ₹5L to less than ₹50L

2.75% below RBI’s Repo Rate for balance of ₹50L to less than ₹2Cr

2.50% below RBI’s Repo Rate for balance of ₹2Cr and above

5

₹5Crores to less than ₹50Crores

3.45% below RBI’s Repo Rate for balance up to and including ₹1L

1.00% below RBI’s Repo Rate for the remaining balance above ₹1L

6

₹50Crores to less than ₹175Crores

3.45% below RBI’s Repo Rate for balance up to and including ₹1L

0.50% below RBI’s Repo Rate for the remaining balance above ₹1L

7

₹175 Crores and above

3.45% below RBI’s Repo Rate for balance up to and including ₹1L

0.65% above RBI’s Repo Rate for the remaining balance above ₹1L

 

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.