The Federal Bank has announced an increase in interest rates of Federal Bank savings account. These new Federal Bank Savings Account Interest Rates are effective from October 1st, 2022.
This announcement comes after the RBI’s meeting on Monetary Policy. In this meeting, RBI increased the REPO rate by 50 basis points. Federal Bank savings account interest rates are linked to the RBI’s Repo Rate.
Currently, RBI’s Repo Rate is 5,90%.
The Interest Rates will be calculated on the daily end of the day balances maintained in savings bank accounts of the Federal Bank.
Let’s Check the Federal Bank Savings Account Interest Rates
| End of the Day Balance | Federal Bank Savings Account Interest Rates (p.a) |
|---|---|
| Less than ₹5 Lakhs | 2.90% below RBI’s Repo Rate |
| ₹5 Lakhs to less than ₹50 Lakhs | 2.90% below RBI’s Repo Rate for amounts up to and including ₹1Lakh |
| 2.85% below RBI’s Repo Rate for the remaining balance above ₹1Lakh | |
| ₹50 Lakhs to Less than ₹5 Crores | 2.90% below RBI’s Repo Rate for amount up to and including ₹1Lakh |
| 2.80% below RBI’s Repo Rate for the remaining balance above ₹1Lakh | |
| ₹5 Crores to less than ₹25 Crores | 2.90% below RBI’s Repo Rate for amount up to and including ₹1Lakh |
| 1.50% below RBI’s Repo Rate for the remaining balance above ₹1Lakh | |
| ₹25 Crores and above | 2.90% below RBI’s Repo Rate for amount up to and including ₹1Lakh |
| 1.15% below RBI’s Repo Rate for the remaining balance above ₹1Lakh |
| Jupiter Bank Digital Savings Account |
| PNB Whatsapp Banking |
Hello friends, I am Jony Baku and a resident of Haryana, India. I took my first step into the blogging world in 2019 and since then I have been trying to contribute in this field. I love writing and reading articles, that's why I try hard to write my articles as best as possible.
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