This 102-years-old private sector bank revises savings account interest rates
Premium- The oldest private sector bank in Kerala is CSB Bank Limited, which was founded in 1920 as The Catholic Syrian Bank Limited.
The oldest private sector bank in Kerala is CSB Bank Limited, which was founded in 1920 as The Catholic Syrian Bank Limited. According to the bank's official website, the bank has altered its interest rates for savings accounts, and the new rates are effective as of September 1, 2022. After the adjustment, the bank is now committing to a maximum interest rate of 5.50% on deposits made into savings accounts.
CSB Bank Savings Account Rates
The bank is now giving a 2.10% interest rate on savings account end-of-day balances up to and including ₹1 lakh. Currently, the bank is giving 2.10% for amounts up to ₹1 Lakh and 2.75% for amounts above ₹1 Lakh and up to ₹25 Lakh. As of right now, CSB Bank is offering a 3.50% interest rate for amounts above ₹25 lakh and up to ₹50 lakh.
The bank is now giving an interest rate of 4.00% on savings account balances over ₹50 Lakh and up to ₹1 Crore, while CSB Bank will now give 4.25% on savings account balances above ₹1 Crore and up to ₹2 Crore. The bank is now giving an interest rate of 4.50% for savings account balances over ₹2 crore and up to ₹5 crore, and an interest rate of 5.00% for balances above ₹5 crore and up to ₹25 crore.
The bank would pay an interest rate of 2.10% for amounts up to ₹1 Lakh and 5.50% for amounts above ₹1 Lakh for savings account deposits over ₹25 Crore.
View Full Image
“INTEREST RATES (P.A.) ON DOMESTIC SAVINGS BANK DEPOSITS (W.E.F. 01-09-2022)," said CSB Bank on its website.
Individuals who want to register a savings account should be aware that RBL Bank, a private sector lender, has also modified the interest rates on savings accounts. RBL Bank has said on its website that “Attention of customers/public is invited on the changes in interest rates Saving Deposits w.e.f. September 05, 2022. Interest rates on Savings Deposit (including NRE/NRO Savings)." Following the modification, RBL Bank is now providing a maximum interest rate of 6.25% on deposits made into savings accounts that are above Rs. 25 lakh and up to Rs. 7.5 crore.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less