Saving Account Rate of Interest Hike: In the festive season, inflation has broken the back of the common people. Retail inflation has remained above 7% due to which people are facing problems even during the festive season. In such a situation, the Reserve Bank of India is trying to control the inflation rate.
In the last 5 months, the bank has increased its interest rates a total of four times. In such a situation, the RBI Repo Rate has increased from 4.00% to 5.90% this year. The continuous increase in the repo rate is directly affecting the customers of the bank. The bank is continuously increasing the interest rates of its loans. Along with this, banks are also continuously increasing the interest rates of their savings account and fixed deposit scheme.
In this episode, two more banks have decided to increase the interest rates of their savings account. The country’s public sector bank Canara Bank and private sector bank RBL Bank have both decided to increase their savings account interest rates. The new interest rates of both the banks have come into effect from October 21, 2022. Let us know that what is the maximum interest rate on the savings account for the customers of both the banks-
Canara Bank customers getting this much interest rate on savings account-
According to the information given on the official website of the big public sector bank Canara Bank (Canara Bank Saving Account Rate of Interest), the bank is offering maximum 4.00% interest rate to its customers on the savings account. The bank is offering 2.90% interest rate on deposits of Rs 50 lakhs, 2.90% on deposits of Rs 5 crores from 50 years, Canara Bank 2.95% on deposits of Rs 5 crores to Rs 10 crores. Whereas 3.05% on deposits of Rs 10 crore to Rs 100 crore, 3.10% on deposits of Rs 100 crore to 300 crore, 3.10% on deposits of Rs 300 crore to 500 crore, 3.40 on deposits of Rs 500 crore to Rs 1,000 crore, deposits of Rs 1,000 crore to Rs 2,000 crore The bank is offering 4.00% interest rate to its customers on deposits of 3.55% and above Rs.2,000 crores.
RBL Bank customers are getting this much interest rate on savings account-
Private sector bank RBL Bank has increased the interest rates of its savings accounts by 25 bps. The bank is offering its customers the maximum interest rate of 6.50% on the savings account. According to the bank’s official website, 4.25% interest rate is being offered to customers on deposits of Rs 1 lakh. 5.50% on deposits of Rs 1 to 10 lakhs, 6.00% on deposits of Rs 10 to 25 lakhs, 6.50% on deposits of Rs 25 lakhs to 1 crores, 6.50% on deposits of Rs 1 to 3 crores and deposits of Rs 3 to 5 crores But the bank is offering 6.50% interest rate.
6.50% on deposits of Rs 5 to 7.5 crores, 6.25% on deposits of Rs 7.5 crores to Rs 10 crores, 6.25% on deposits of Rs 10 crores to 50 crores, 5.25% on deposits of Rs 50 crores to 100 crores, from 100 Interest rates are being offered at 6.00% on deposits of Rs 200 crores, 4.00% on deposits of 200 crores to 500 crores and 4.50% on deposits above 500 crores.
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