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 lakh | 5.00% | 5.00% |
| Deposits up to Rs. 1 crore | 6.00% | 6.00% |
| Balance above Rs. 1 crore | 5.50% | 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 lakh | 3.50% (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 lakh | 3.50% |
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.
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