Private sector lender Federal Bank has revised interest rates on savings bank accounts. According to the bank’s official website, the new rates will be effective from October 29, 2022. Federal Bank’s savings account interest rates are linked to the repo rate which now stands at 5.90%. Since the interest rates are linked to the repo rates, they fluctuate whenever the RBI revises the repo rate.
Federal Bank Savings Account Interest Rates
At the end of the day, the balance on the savings bank deposit is less than 5 lakh, the bank offers an interest rate of 2.90% above the RBI repo rate and interest rate on savings bank deposits with the end of the day less than 5 lakhs 50 lakhs, 2.90% lower than the repo rate of Federal Bank RBI and includes 1 lakh and 2.85% less than RBI repo rate for balance above 1 Lac.
On savings bank deposits with the end of the day less than 50 lakhs 5 crore, the bank provides 2.90% below RBI repo rate and for the amount involved 1 lakh and 2.80% less than RBI repo rate for balance above 1 Lac. Federal Bank offers an interest rate of 2.90% above the RBI’s repo rate, amounting to and including 1 lakh for the above balance and 0.40% less than the repo rate of RBI 1 lakh on savings account balance less than 5 crore 50 crores.
The bank offers an interest rate of 2.90% lower than the RBI’s repo rate, which includes and 1 lakh and 0.10% above RBI repo rate for balance above 1 lakh on savings account with the end of balance of less than 50 crores 150 crores. end of balance in savings account 150 crore and above, the bank will now offer an interest rate of 2.90% lower than the repo rate of RBI and includes 1 lakh for balance balance above and 1.15% lower than RBI repo rate 1 Lac.
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Federal Bank has mentioned on its website that “Since the interest rates are linked to the repo rates, the interest rates will change when the repo rate is revised by RBI on a T+1 basis. The rates mentioned above are calculated on the savings bank accounts ( Resident/NRE/ONR) at the end of the day and credited to the respective accounts on quarterly basis.
On the other hand, Indian Bank hike in interest rates on fixed deposits under 2 crore on Saturday, 29 October. The bank increased the interest rates on deposits of 1 year to 5 years or more after adjustment by 90 bps. As a result of today’s revision on deposits maturing in 2 years to less than 3 years, Indian Bank will now attract a maximum interest rate of 6.50%.
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