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Interest Rates for Savings Bank (SB) Accounts

Present RBI Repo Rate 4.00%

 

Interest rate for Savings Bank Deposits effective from 1st October 2020

Slab

End of the Day Balance

Rates of Interest (p.a)

1

Less than ₹5 Crores

1.50% below RBI's Repo Rate

2

₹5 Crores and above

1.50% below RBI's Repo Rate for amount up to and including ₹1Lakh

0.20% 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.

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