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Wednesday 27 March 2019

Savings Deposit Rate After New RBI Ruling By Different Banks

In a move that is likely to impact nearly all bank customers maintaining a bank savings account, here's detailed the impact of RBI's advise asking banks to link loan and savings account interest with an external benchmark from the new financial year i.e. April 1, 2019. And here below is given the likely comparison of interest rate offering on savings deposit by different public and private sector banks.

All of the banks have linked their rate on savings deposit with that of the key policy repo rate, but for a different slab of deposits.

So, leading the return criteria on deposits stand Kotak Bank and all the others follow:
Kotak Mahindra Bank saving account interest rate:

Deposits up to Rs. 1 lakh5.00%5.00%
Deposits up to Rs. 1 crore6.00%6.00%
Balance above Rs. 1 crore5.50%5.50%

SBI saving account interest rate:
Herein it is noteworthy that for deposits below Rs. 1 lakh, the interest rate is not linked to key policy rate. But for deposits over Rs. 1 lakh, the interest is pegged with that of repo rate.

Deposits above Rs. 1 lakh3.50% (lower by 2.75% in comparison to the repo rate of 6.25%
Also, as a reverse move, while RBI's further rate cut may mean lesser earnings for depositors as the rate of return. Borrowers will be able to secure funds at a lower cost.

ICICI Bank saving account interest rate:
Deposits below Rs. 50 lakh3.50%
At ICICI Bank, interest is calculated on a daily basis on the daily closing balance in the Account, at the rate specified by the bank in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee.


Parag Patil is a technical analyst and trading system designer with stock excel programmer. I hope the articles and live chart of nse future and mcx on this Website will be as helpful and profitable to you . I try to update and post new articles tips everyday. My motto is to encourage the traders, so that they should able to understand the technique views behind the moment of stocks. I have deeply analyzed with many technical indicator with parameter and added to my amibroker afl. And even taken backtest report which is never being implemented. Any of the analyst expect me. Seeing all this you may understand that my views is more technical than commercial. If you are profited by my views I fill happy.

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