The Reserve Bank of India (RBI) has increased the repo rate 5 times at consecutive intervals in the last 9 months. After this increase in repo rate, most of the big government and private banks of the country have increased their lending rates. In this sequence, private sector lender Federal Bank has increased its savings accounts rate. According to the information received from the official website of the bank, the increased new interest rates are applicable from today i.e. 23 January.
Federal Bank increased savings account rates
After this increase in the interest rate, Federal Bank is paying 3.20% interest on savings accounts with an amount of less than Rs 5 lakh. At the same time, the bank is giving 3.20% interest to its savings account customers on the amount between Rs 5 lakh to less than Rs 50 lakh and 3.15% to its customers on the amount above Rs 5 lakh.
At the same time, the bank is paying 3.20% interest on the amount ranging from Rs 50 lakh to less than Rs 2 crore, 3.15% on the amount ranging from Rs 5 lakh to less than Rs 50 lakh and 2.50% on the amount above Rs 50 lakh.
Getting 3.20% interest here
On the other hand, banks will pay 3.20% for amounts between Rs 2 crore and less than Rs 5 crore, 3.15% for amounts less than Rs 5 lakh, 3.15% for amounts between Rs 5 lakh and less than Rs 50 lakh, 50 2.50% interest is being given on the amount ranging from Rs 1 lakh to less than Rs 2 crore and 2.25% on the amount of Rs 2 crore and above.