Federal Bank Revised Saving Account Interest Rates- Check Latest Rates

Federal Bank has raised the savings account interest rate effective January 23, 2023. The interest rate on Federal Bank savings accounts is linked to the RBI's repo rate. The RBI repo rate is currently 6.25%.

Because interest rates are linked to repo rates, interest rates will fluctuate as the RBI revises the repo rate on a T+1 basis, according to the Federal Bank website. The above rates will be calculated based on the balance in the savings bank accounts (resident/NRE/ONR) at the end of the day and credited to the respective accounts quarterly.

Savings Account Interest Rate-

For balances less than Rs.5 lakh, the bank offers 3.20% less than the RBI repo rate.

For balances less than Rs.5 lakh to Rs.50 lakh

Federal Bank is now offering an interest rate of 3.20% below the RBI's repo rate for balances up to Rs 5 lakh and 3.15% below the RBI's repo rate for balances above Rs 5 lakh.

For balance of Rs.50 lakh to Rs.2 crore

For balances up to Rs 5 lakh, Federal Bank now offers an interest rate that is 3.20% lower than the RBI's repo rate, and 3.15% lower than the RBI's repo rate for balances from Rs 5 lakh to less than Rs 50 lakh.

For balances of Rs.50 lakh and above, the bank offers an interest rate of 2.50% on balances less than the RBI's repo rate.

For balance less than Rs.2 crore to Rs.5 crore

The bank will now offer an interest rate that is 3.20% lower than the RBI's repo rate for balances up to Rs 5 lakh and 3.15% lower than the RBI's repo rate for balances between Rs 5 lakh and less than Rs 50 lakh. Will now offer 2.50% below the RBI repo rate for balances between Rs 50 lakh and Rs 2 crore, and 2.25% below the RBI repo rate for balances above Rs 2 crore.

For balance less than Rs.5 crore to Rs.50 crore

On savings accounts, the bank will now offer an interest rate that is 3.20% lower than the RBI's repo rate for balances up to Rs 1 lakh and 0.75% lower than the RBI's repo rate for balances above Rs 1 lakh.