The largest increases go to those with the most to deposit
In the quiet arithmetic of savings, RBL Bank has chosen to reward patience and scale, revising its interest rate structure upward across nearly every deposit tier effective September 5, 2022. The move — lifting rates by as much as 100 basis points for the largest depositors — reflects a banking sector navigating competitive pressures while signaling that the value of held capital is once again being contested. For ordinary savers and high-net-worth depositors alike, the revision is a reminder that the terms of trust between a bank and its customers are never truly fixed.
- RBL Bank is reshuffling its savings rate structure across a dozen deposit brackets, with the most significant gains flowing to those who hold the most — a quiet but consequential redistribution of yield.
- The top rate of 6.25% now applies to deposits above Rs. 25 lakh, while the largest single jump — 100 basis points — lands on accounts in the Rs. 100 crore to Rs. 200 crore range, signaling aggressive competition for institutional and ultra-high-net-worth depositors.
- Smaller savers with balances up to Rs. 1 lakh see no change at 4.25%, and mid-range accounts between Rs. 1 lakh and Rs. 10 lakh remain at 5.50%, leaving everyday customers largely untouched by the revision.
- Interest is calculated daily but credited only quarterly — on fixed calendar dates — meaning the benefit is real but arrives on the bank's schedule, not the depositor's.
- The changes apply broadly, reaching NRI accounts in both rupee and foreign currency, widening the competitive signal beyond domestic borders.
RBL Bank, a private sector lender, is raising savings account interest rates starting September 5, 2022, reshaping its rate structure across nearly every deposit bracket — with the steepest gains reserved for its wealthiest customers.
The new ceiling of 6.25% applies to deposits above Rs. 25 lakh, up from 6%. Accounts in the Rs. 10 lakh to Rs. 25 lakh range will earn 6%, while smaller balances up to Rs. 1 lakh remain unchanged at 4.25%, and mid-range deposits between Rs. 1 lakh and Rs. 10 lakh continue at 5.50%.
The increases grow more pronounced at higher tiers. The Rs. 5 crore to Rs. 7.5 crore bracket sees the largest single jump among mid-large accounts — 50 basis points to 6.25%. The most dramatic move, however, belongs to the Rs. 100 crore to Rs. 200 crore range, which climbs a full 100 basis points to 6%, while deposits above Rs. 200 crore earn between 4% and 4.50% depending on size.
Interest accrues daily on each account's closing balance, but is credited only four times a year — at the end of June, September, December, and March. The revised rates apply to all savings deposits, including NRI accounts held in both rupee and foreign currency, extending the bank's competitive repositioning well beyond its domestic base.
RBL Bank, a private sector lender, is raising the interest rates it pays on savings accounts starting September 5, 2022. The move reshapes the bank's rate structure across a dozen different deposit brackets, with the most dramatic increases reserved for its wealthiest customers.
The new top rate of 6.25% applies to deposits above Rs. 25 lakh, a tier that previously earned 6%. But the bank has also lifted rates across nearly every other bracket, with some customers seeing gains of as much as 100 basis points. For those with smaller balances—up to Rs. 1 lakh—the rate holds steady at 4.25%. Deposits between Rs. 1 lakh and Rs. 10 lakh will continue earning 5.50%, unchanged from before.
The increases become more pronounced as deposit sizes climb. Accounts holding Rs. 10 lakh to Rs. 25 lakh will earn 6%, while those between Rs. 25 lakh and Rs. 1 crore jump to 6.25%, up from 6%. The bank has also raised rates on deposits above Rs. 1 crore, with accounts holding between Rs. 1 crore and Rs. 3 crore now earning 6.25% instead of 6%. Similar 25 basis point bumps appear across the Rs. 3 crore to Rs. 5 crore bracket.
The largest single increase comes at the Rs. 5 crore to Rs. 7.5 crore tier, where rates climb 50 basis points to 6.25%. Deposits between Rs. 7.5 crore and Rs. 10 crore see a 35 basis point rise. For accounts holding Rs. 10 crore to Rs. 50 crore, the bank has added 35 basis points, bringing the rate to 6.10%. The very largest depositors—those with balances above Rs. 100 crore—have seen more substantial moves. Accounts in the Rs. 100 crore to Rs. 200 crore range now earn 6%, a jump of 100 basis points from the previous 5%. Deposits above Rs. 200 crore earn 4% to 4.50%, depending on whether they fall below or above the Rs. 500 crore threshold.
The bank calculates interest daily based on the closing balance in each account, though customers receive their earnings only four times a year—on June 30, September 30, December 31, and March 31. This quarterly crediting schedule means that while the daily calculation captures the full value of the deposit, the actual money reaches the account holder's hands only at those fixed intervals. The announcement, posted on RBL Bank's official website, applies to all savings deposits, including those held by non-resident Indians in both rupee and foreign currency accounts.
Citações Notáveis
Interest will be calculated and accrued daily based on the end of day balance in the account. The interest is paid or credited to customer's account on quarterly basis on 30th June, 30th September, 31st December and 31st March each year.— RBL Bank official statement
A Conversa do Hearth Outra perspectiva sobre a história
Why would a bank raise rates across so many brackets at once? That seems expensive.
It does, but the competitive pressure in the savings space is real. Other banks have been raising their own rates as the central bank tightens policy. RBL is signaling to depositors that it's serious about keeping their money.
But look at those very large accounts—above Rs. 500 crore. They're only getting 4.5%. That's lower than the mid-range accounts.
That's the math of scale. Once you're managing hundreds of crores, you have leverage. You can negotiate directly with the bank. The published rate becomes almost academic.
So this move really benefits people with Rs. 25 lakh to Rs. 10 crore?
Exactly. That's the sweet spot where the bank is competing hardest. Below that, rates are still modest. Above that, you're playing a different game entirely.
When does the interest actually hit the account?
Four times a year. June, September, December, March. So even though it's calculated every single day, you wait for the quarterly payout. That's standard practice, but it means your money is working for the bank longer than you might think.
Is 6.25% actually good in September 2022?
It depends on inflation and what other banks are offering. But for a savings account—not a fixed deposit—it's competitive. The real question is whether these rates stick or if they're just a temporary move to attract deposits during a volatile period.