From today, only those who keep money in Savings Account will get more interest than FD of many banks including SBI.

RBL Bank Savings New Interest Rate: The Reserve Bank of India has taken many measures to control the rising inflation in the country. Due to rising inflation, there has been a shortage of cash with the banks, due to which it is becoming difficult for the banks to do their business i.e. to give loans. In the midst of all this, again there is good news for the general public.

Interest on fixed deposits has increased.

Interest rates on fixed deposits have been increased in all major banks and now interest rates of up to 6% are being given by many government and big private banks on fixed deposits. The same many private banks are giving interest up to 7% for a long period. If we talk about small finance banks, then many small finance banks are offering interest up to 8% to the people.

Name of Bank

For General Citizens (pa)

For Senior Citizens (pa)

State Bank of India FD

2.90% to 5.65%

3.40% to 6.45%

HDFC Bank FD

2.75% to 6.10%

3.25% to 6.60%

IDBI Bank FD

2.70% to 5.75%

3.20% to 6.50%

Kotak Mahindra Bank FD

2.50% to 6.10%

3.00% to 6.60%

RBL Bank FD

3.25% to 7.00%

3.75% to 7.50%

Punjab National Bank FD

3.00% to 6.10%

3.50% to 6.60%

Canara Bank FD

2.90% to 6.00%

2.90% to 6.50%

Axis Bank FD

2.75% to 5.75%

2.75% to 6.50%

Bank of Baroda FD

3.00% to 5.50%

3.50% to 6.50%

IDFC First Bank FD

3.50% to 6.90%

4.00% to 7.40%

But TDS is deducted on fixed deposits.

Talking about the return of fixed deposit, it is not tax free and TDS is deducted by the bank on it. Does average around 10% although in some cases it can be as high as 30%. Because of all this, the interest earned on fixed deposits gets further reduced after deducting the tax.

More interest than Fixed Deposit on Savings Account.

In the above table you have seen that many big banks including State Bank of India provide less than 6% interest on fixed deposits in which TDS will be deducted separately. Overall, the money in hand will be very less.

RBL Bank Q2 Results: Net Profit Falls 79% On Higher Provisions

Today from October 21, RBL Bank has changed the interest rates on its savings account and these interest rates are more than the normal fixed deposit. Along with this, the interest received on the savings account remains in your account, due to which you start getting interest again on the entire money next month. Also, this interest is TDS free, due to which you get the full interest rate money.

RBL BANK Daily balances in Savings Account wef October 21, 2022
Daily balance in Rs. Applicable to balances Revised Interest rates on
Upto 1 lakh Entire Balance 4.25%
> Rs.1 lakh upto Rs. 10 lakhs Balance > 1 lakh 5.50%
> Rs.10 lakhs upto Rs. 25 lakhs Balance > 1 lakh 6.00%
> Rs.25 lakhs and upto Rs. 7.5 Crore Balance > 1 lakh 6.50%
> Rs.7.5 Crore upto Rs. 50 Crore Balance > 1 lakh 6.25%
> Rs.50 Crore upto Rs. 100 Crore Balance > 1 lakh 5.25%
> Rs.100 Crore upto Rs. 200 Crore Balance > 1 lakh 6.00%
> Rs.200 Crore upto Rs. 500 Crore Balance > 1 lakh 4.00%
> Rs.500 Crore Balance > 1 lakh 4.50%

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