FirstRand Bank offers 7.25% interest on savings accounts

FirstRand Bank India has announced to offer an interest rate of 7.25 per cent on savings accounts.

FirstRand Bank India (FRB),a division of South African based FirstRand,has announced to offer an interest rate of 7.25 per cent on savings accounts,a bank release said.

This interest rate will be offered on its savings accounts with a minimum balance of Rs 1 lakh,it added.

“The deregulation of the savings rate by RBI late last year has benefited the Indian consumers and we would like to ensure our customers benefit by offering a savings rate at 7.25 per cent.

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“This highly attractive rate,coupled with world-class technology,very well located branch and personalised service will enable FRB to deliver comprehensive solutions to our customers,” Chief Executive Officer,Commercial and Retail Banking of FirstRand Bank India,Bobby Madhav said.

FirstRand Bank has recently opened its first retail branch in Mumbai,thereby becoming the first bank from the African continent to open a retail branch in the country.

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