The new rates will be applicable from today.
IDFC First Bank has announced a reduction in interest rates on savings accounts. At present, IDFC Bank is the only bank that was giving 6 percent interest even on deposits less than 1 lakh.
New Delhi. In the midst of Corona crisis in India, IDFC First Bank has announced a reduction in interest rates on savings account. At present, IDFC Bank is the only bank that was giving 6 percent interest even on deposits less than 1 lakh. IDFC Bank has decided to reduce the interest rate on the Savings account from May 1, that is today. The new rates will be applicable from today. Know now how much interest rate has been reduced? The bank has said that those who maintain less than 1 lakh balance in their account will get 4% interest rate. Customers who maintain a balance between 1 lakh and 10 lakh will get an interest rate of 4.5 percent while a maximum interest rate of 5 percent will be given if the account balance is maintained more than 10 lakh. Also read- Bank Holidays: Banks will remain closed for 12 days in May, check this complete list before leaving homeWhat are the interest rates in other banks? At present, ICICI banks are offering interest rates between 3-3.5% in private sector banks. SBI is giving a return of 2.7 per cent. Most private and public sector banks are currently giving 3-3.5 per cent returns on savings. Fincare Small Finance Bank is giving 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 account balance up to 1 lakh. Small Equitas is offering 7 percent, Ujjivan Small Finance is offering 7 percent for deposits of more than one lakh. Also read- PM Kisan: 4,000 rupees will come to farmers’ account! Just have to do this work, check the details quickly
IndusInd Bank lowered interest rate on FD On the other hand, the private sector IndusInd Bank has made changes in its interest rates on fixed deposits. IndusInd Bank will now pay 2.75% interest on deposits with maturity of 7 to 30 days. IndusInd Bank will get 3% on deposits with maturity of 31 to 45 days, 3.50% on maturity of 46 to 60 days and 3.75% on maturity of 61 to 90 days. New interest rates have come into effect from 26th April.