| 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.