RBL Bank Slashes Savings Account Interest Rates: Big Shock for Many Customers

• RBL Bank has reduced interest rates on savings accounts, effective January 15, impacting customers with balances between ₹25 lakh and ₹3 crore.
• The interest rate for this slab has been cut by 50 basis points, from a maximum of 6.5% to 6%.
• Small account holders (below ₹25 lakh) and those with very large balances (above ₹3 crore) are unaffected by this change.
• This move aligns with a broader trend, as IDFC First Bank also recently cut interest rates, indicating potential similar actions by other private banks.
• Customers are advised to re-evaluate financial plans and consider alternative investment avenues like fixed deposits or mutual funds for better returns.

Why It Matters: RBL Bank cut savings account interest rates for mid-to-large balances, signaling a wider banking trend.