Interest Rates for Savings Bank (SB) Accounts

Present RBI Repo Rate 5.90%

 

Interest rate for Savings Bank Deposits effective from 29th October 2022

Slab

End of the Day Balance

Rates of Interest (p.a)

1

Less than ₹5 Lakhs

2.90% below RBI's Repo Rate

2

₹5 Lakhs to less than ₹50 Lakhs

2.90% below RBI’s Repo Rate for amount up to and including ₹1Lakh

2.85% below RBI's Repo Rate for the remaining balance above ₹1Lakh

3

₹50 Lakhs to less than ₹5 Crores

2.90% below RBI’s Repo Rate for amount up to and including ₹1Lakh

2.80% below RBI’s Repo Rate for the remaining balance above ₹1Lakh

4

₹5 Crores to less than ₹50 Crores

2.90% below RBI’s Repo Rate for amount up to and including ₹1Lakh

0.40% below RBI’s Repo Rate for the remaining balance above ₹1Lakh

5

₹50 Crores to less than ₹150 Crores

2.90% below RBI’s Repo Rate for amount up to and including ₹1Lakh

0.10% above RBI’s Repo Rate for the remaining balance above ₹1Lakh

6

₹150 Crores and above

2.90% below RBI’s Repo Rate for amount up to and including ₹1Lakh

1.15% 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.