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Interest Rates for Savings Bank (SB) Accounts
Interest rate for Savings Bank Deposits effective from 05th October 2019
| Slab | End of the Day Balance | Rates of Interest (p.a) |
| 1 | Upto and including ₹1Lakh | 1.90% below RBI's Repo Rate |
| 2 | ₹1Lakh to less than ₹10 Crores | 1.90% below RBI's Repo Rate for amount up to and including ₹1Lakh |
| 2.15% below RBI's Repo Rate for remaining balance above ₹1Lakh to less than ₹50L | ||
| 1.65% below RBI's Repo Rate for remaining balance above ₹50L to less than ₹10Cr | ||
| 3 | ₹10 Crores to less than ₹150 Crores | 1.90% below RBI's Repo Rate for amount up to and including ₹1Lakh |
| 0.90% above RBI's Repo Rate for the remaining balance above ₹1Lakh | ||
| 4 | ₹150 Crores and above | 1.90% below RBI's Repo Rate for amount up to and including ₹1Lakh |
| 2.10% above 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.
