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RBL Bank has slashed interest rates on savings account deposits. The Mumbai-based bank has announced a 50 basis point reduction in savings deposits on balances between ₹25 lakh and ₹3 crore.
As per details available on the Mumbai-based private lender's website, the peak SA (savings account) rates are now reduced to 6% versus 6.5% earlier.
The new rate will be effective from January 15.
Also Read: IDFC First Bank cuts savings account rates by up to 200 bps on certain balance slab s
The interest rates on slabs less than ₹25 lakh and above ₹3 crore have been left unchanged by the lender.
Earlier this month, in a similar exercise, IDFC First Bank reduced interest rates on savings account deposits across several balance slabs by up to 200 basis points.
Shares of RBL Bank are trading 1.3% higher at ₹309.65. The stock is trading close to its 52-week high of ₹332, having doubled in value over the last 12 months with gains of 101%.
As per details available on the Mumbai-based private lender's website, the peak SA (savings account) rates are now reduced to 6% versus 6.5% earlier.
The new rate will be effective from January 15.
Also Read: IDFC First Bank cuts savings account rates by up to 200 bps on certain balance slab s
The interest rates on slabs less than ₹25 lakh and above ₹3 crore have been left unchanged by the lender.
Earlier this month, in a similar exercise, IDFC First Bank reduced interest rates on savings account deposits across several balance slabs by up to 200 basis points.
Shares of RBL Bank are trading 1.3% higher at ₹309.65. The stock is trading close to its 52-week high of ₹332, having doubled in value over the last 12 months with gains of 101%.
