The interest rates on the savings accounts of the private lender RBL Bank have increased from 15 basis points to 25 basis points. On October 21, 2022, the new interest rates went into effect. After the Reserve Bank of India (RBI) raised the repo rate by 0.5% to 5.9% in September, the bank raised interest rates. The interest rates charged by the bank on daily balances above Rs 25 lakh have altered. On daily balances over Rs 25 lakh up to Rs 1 crore, daily balances above Rs 1 crore up to Rs 5 crore, and daily balances above Rs 5 crore up to Rs 7.5 crore, the bank increased the interest rate by 25 basis points to 6.50 percent from 6.25 percent.
RBL Bank increased interest rates by 15 basis points to 6.25 percent from 6.10 percent for daily balances of more than Rs 7.5 crore up to Rs 10 crore and more than Rs 10 crore up to Rs 50 crore.
According to the bank, interest payments on savings bank accounts will henceforth be made quarterly starting on April 1, 2016, for daily balances above Rs 1 lakh. As a result, the savings banks will pay out their quarterly interest on June 30, September 30, December 31, and March 31 of each year. This interest is computed on the basis of the daily product.
Mumbai-based RBL Bank, formerly known as Ratnakar Bank, was established in 1943. It offers services via specialised services in five business verticals: retail assets and treasury operations, branch and business banking, corporate and institutional banking, commercial banking, and financial markets. Through a network of 502 branches, 1,302 commercial correspondent branches, and 417 ATMs dispersed over 28 Indian states and Union Territories, it now provides service to more than 11.30 million people.
Both the NSE and the BSE list the bank. This month, RBL Bank and BookMyShow collaborated to launch the “Play” credit card. The “Play” credit card will allow users access to movie transaction deals, live entertainment offers, as well as the option to rent or purchase movies and TV shows on BookMyShow Stream.