Latest Kannada Business news : Customers with savings account in Federal Bank will now get more interest, the bank has increased interest rates

New Delhi. Federal Bank has increased the interest rates on its savings account. This decision of the bank has come after the increase in the repo rate by the Reserve Bank of India. The bank says that the interest rate on its savings account is related to the repo rate, so the interest has been increased. The increased rates have come into effect from today i.e. 6th August.

This information has been given on the official website of the bank. The bank’s interest rate on savings account of Rs 5 crore or less is 2.40 percent below the repo rate of RBI. According to this, customers will now get an interest of 3 percent on the savings account. At the same time, if there is a savings account of more than Rs 5 crore, interest rate will be 2.40 percent less than the repo rate on the initial Rs 1 lakh, but only 1.15 percent less interest rate will be given on the remaining amount. This means that the remaining amount will get an interest of 3.35 percent. Significantly, the RBI has increased the repo rate by 0.50 percent to 5.40 percent.

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When will interest be paid
The bank has said that interest will be calculated on the amount in the savings account at the end of every day, but interest will be given to the account holder every three months. Federal Bank had earlier increased interest on savings account in June as well. Let us tell you that in May and June, the RBI had increased the repo rate for two consecutive times and increased it by 0.90 fees.

RBI hikes interest rate for the third time in 4 months
Reserve Bank of India has increased the repo rate 3 times from May to August. RBI is taking this measure to keep inflation under control. It is noteworthy that the CPI-based retail inflation rate in India remained outside the limits set by the RBI for the sixth consecutive month in June. RBI aims to keep inflation in the range of 2-6 per cent. RBI Governor Shaktikanta Das says that inflation is gradually coming under control and by the fourth quarter it will come down to below 6 percent. Along with this, RBI has also retained India’s growth rate forecast at 7.2 per cent in the financial year 2022-23.

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Tags: bank interest rate, business news, Business news in hindi, RBI, Savings accounts