AThough Kotak came to the fore through marketing the 6% interest rate on its savings accounts, it’s RBL Bank which provides the best interest rate for its savings account holders. RBL Bank, astonishingly is one of the oldest private sector banks of the country. Having been established in 1943, RBL Bank is headquartered at Mumbai. It has a total market capitalisation of INR 64,000 crores and caters to more than 3.15 million customers. The bank was originally established way back in 1943 to look after the needs of SMEs in Kolhapur-Sangli region and came up with its very first two branches in Kolhapur and Sangli. In 1959, RBL Bank was recognised as ‘Scheduled Commercial Bank’ by the Reserve Bank of India.
In 2010, after Mr Vishwavir Ahuja was instated at the helm as the CEO, RBl Bank began to shed its age old image and the perception was quickly transformed to one being a vibrant, professional modern bank. There was a shuffle in its upper and middle management as well with people from banking, management finance and other varied fields hired. The interest rates for the RBL Bank savings accounts are calculated on a daily basis depending on the end of the day balance in the account. The interest will be credited on half yearly intervals.
The interest rates offered are different depending on the money in the bank accounts. RBL Bank offers an interest rate of 7.1% for money in the savings bank account more than INR 10 lakh. For balance in the savings account more than INR 1 lakh but less than INR 10 lakh, the interest rate is 6.1%. If the account holder has less than INR 1 lakh in the savings account, the interest rate is 5.1%. RBL Bank has four different types of savings accounts – Advantage savings account, Prime Edge savings account, Executive Salary account and Prime savings account.