Federal Bank revises savings account interest rates

Federal Bank revises savings account interest rates


Federal Bank has revised the interest rate on savings accounts starting from January 23, 2023. The interest rates on Federal Bank’s savings accounts are linked to the RBI’s repo rate. At present, the RBI repo rate is 6.25%.

According to the Federal Bank website, “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.”

Federal Bank savings account interest rate

For balances below Rs 5 lakh the bank offers 3.20% below RBI’s Repo Rate.
For balances of Rs 5 lakh to less than Rs 50 lakh
For balances up to and including Rs 5 lakh, Federal Bank is now offering an interest rate of 3.20% below the RBI’s repo rate, and 3.15% below the RBI’s repo rate for the remaining balance above five lakh rupees.

For balances of Rs 50 lakhs to less than Rs 2 crores

Federal Bank is now offering an interest rate of 3.20% below the RBI’s repo rate for amounts up to and including Rs 5 Lakh and 3.15% below RBI’s Repo Rate for balance of Rs 5 lakhs to less than Rs 50 lakhs.The bank offers interest rate of 2.50% on balances below RBI’s Repo Rate for balance of Rs 50 lakhs and above.

For balances of Rs2 Crores to less than Rs 5 crores
The bank will now give an interest rate of 3.20% below the RBI’s repo rate for amounts up to and including Rs 5 lakh and 3.15% below RBI’s Repo Rate for balance of Rs 5 lakhs to less than Rs 50 lakhs. The will now offer 2.50% below RBI’s Repo Rate for balance of Rs 50 lakhs to less than Rs 2 crores and 2.25% below RBI’s Repo Rate for balance of Rs 2 Crores and above.

For balances of Rs 5 crores to less than Rs 50 crores
The bank will now give an interest rate of 3.20% below the RBI’s repo rate for amounts up to and including Rs 1 lakh and 0.75% below the RBI’s repo rate for the remaining balance over Rs 1 lakh on savings account.

Latest Federal bank savings account interest rates

federal-savngs-jan23



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Author: Shirley