IDFC First Bank announced a cut in interest rates on savings accounts. Currently, IDFC Bank is the only bank that has paid 6 percent interest even on deposits of less than 1 lakh.
In the midst of the corona crisis in India, IDFC First Bank announced a reduction in interest rates on savings accounts. IDFC Bank is currently the only bank that has paid 6 percent interest even on deposits of less than 1 lakh. The bank has decided to lower the interest rate on the savings account from May 1st, i.e. today. The new tariffs apply from today. Do you now know how much the interest rate was lowered?
The bank has said that those who have less than 1 lakh on their account will receive an interest rate of 4%. Customers who hold a balance between 1 lakh and 10 lakh receive an interest rate of 4.5 percent, while a maximum interest rate of 5 percent. It is indicated when the account balance is more than 10 lakh.
Currently, ICICI banks offer interest rates between 3% and 3.5% on private sector banks, IBI has a return of 2.7%, and most public and private sector banks offer between 3% and 3.5% of the savings. The bank gives 5%, RBL Bank 4.75%, Sunrise Small Finance Bank 4%, Ujjivan Small Finance Bank 4%, Equitas Small Finance 3.5% and Bandhan Bank 3% on an account balance of up to 1 lakh. Small Equitas offers 7 percent and Ujjivan Small Finance 7 percent for deposits over a lakh.
IndusInd Bank cut the interest rate on FD
On the other hand, the IndusInd private sector bank has changed its interest rates on time deposits. IndusInd Bank now pays 2.75% interest on deposits with a term of 7 to 30 days. The annual interest rate for deposits with a maturity of 31 to 45 days is 3%, the interest rate for a maturity of 46 to 60 days is 3.50%, and the interest rate for a maturity of 61 to 90 days is 3.75%. The new interest rate will take effect on April 26.