| 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.