Federal Bank Hikes Interest on Saving Account: The Reserve Bank of India has decided to increase the repo rate for the third time within 3 months. In such a situation, now the burden of increased EMI will be on the customers. Along with this, more returns will now be available on bank’s deposit schemes like Fixed Deposit Scheme and Savings Account. In such a situation, now there is news of work for the customers of Federal Bank. The bank has increased the interest rates of its savings bank account. These new rates have come into effect from tomorrow i.e. 6 August 2022.
Federal Bank is giving such interest rate-
Federal Bank (Federal Bank Saving Account Interest Rate) while sharing information about the increased interest rates said that in a savings account of less than 5 crores, it is offering 2.40% less interest rate than the Reserve Bank’s repo rate. That is, the bank is currently offering 3% interest rate on deposits of less than Rs 5 crore. On the other hand, if the bank has deposits of more than Rs 5 crore, then the repo rate of more than Rs 1 lakh gets 2.40% lower interest rate. That is, the bank is currently offering 3.00% interest rate to the customers. At the same time, the remaining amount will get 3.35% interest rate. At present, the repo rate of RBI is 5.40%.
When will customers get interest
Let us tell you that the bank has told that the calculation of interest on the total amount deposited in the account of the customers will be done at the end of every month. Even before this, the bank had increased the interest rates of its savings accounts. Earlier, RBI has increased the repo rate by 1.40% in a total of three months.
Steps taken to control rising inflation
At present, the Reserve Bank is making continuous efforts to control inflation in India. So far the bank has increased the repo rate 3 times in a total of four months. Inflation rate has increased very much in the country. CPI-based retail inflation has been increasing in the country for six consecutive months. RBI’s target remains that the retail inflation rate should remain between 2 to 6 percent. RBI Governor Shaktikanta Das has said that due to the steps being taken by the RBI, the retail inflation rate in India will soon come down below 6 percent.