Federal Bank latest savings account interest rates
Source: Bank website
According to the above-mentioned formula, those with savings account balances below Rs 5 crore will now earn 3 percent interest rate, up from 2.5 percent before the hike.
RBI rate hike
The new rate hike cycle started on May 04, 2022, when the RBI increased the repo rate by 40 bps. This was the first hike in repo rate after almost a gap of 4 years. Before this the repo rate was hike on June 06, 2018. The May 2022 hike was soon followed up by another rate hike by the central bank during its June 8 monetary policy review where it increased the repo rate by 50 bps. As a result, within last 93 days, the central bank has increased the repo rate by a total 140 bps (50+90).