As was rumoured, IDFC First bank has officially reduced its savings bank interest rate to 6% from 7% earlier, for account balance upto 1Cr.
https://www.idfcfirstbank.com/banking-products/accounts/savings-account.html
So, at least this party’s over for now.
Party over ☹️
Waah Modi Ji Waah …
Time to go for rbl bank now 😂😂
7% interest on savings account is not sustainable business. It’s obviously a scheme to get more publicity and deposits. One must have little patience to keep shifting money from bank to bank for higher interest.
ULYSSES wrote:7% interest on savings account is not sustainable business. It’s obviously a scheme to get more publicity and deposits. One must have little patience to keep shifting money from bank to bank for higher interest.
next best bank for >6%+ rate?
There is some confusion on this, Over the weekend, i read a news article which reported, they increased the savings a/c interest rates to 7 %.
ULYSSES wrote:7% interest on savings account is not sustainable business. It’s obviously a scheme to get more publicity and deposits. One must have little patience to keep shifting money from bank to bank for higher interest.
Now Equitas Small bank is best for Savings Account interest 
Rate of interest in Utkarsh Bank
Upto 1 lakh- 5%
1 lakh to 25 lakhs – 6%
Above 25 Lakhs -7.25%
https://www.livemint.com/industry/banking/idfc-...
What’s with RBL? I see 4.75 as interest rate – https://drws17a9qx558.cloudfront.net/document/S...
abhishekkjain wrote:https://www.livemint.com/industry/banking/idfc-...
What’s with RBL? I see 4.75 as interest rate – https://drws17a9qx558.cloudfront.net/document/S...
RBL bank offers 6.75% on balances between ₹10 lakh and ₹3 crore, 6% on balances from ₹1 lakh to ₹10 lakh and 4.75% on balances up to ₹1 lakh
ManojSingla wrote:Now Equitas Small bank is best for Savings Account interest
Equitas is OK, but it’s not widely present. It has few branches. Opening an account online gives you access to a limited account where only 2 L max can be kept. To convert to a full KYC account, one needs to submit KYC docs at the nearest branch, which may be difficult since it’s not present in many cities.
<= ₹ 1 Cr 6.00%
> ₹ 1 Cr <= ₹ 5 Cr 5.00%
> ₹ 5 Cr <= ₹ 10 Cr 4.00%
> ₹ 10 Cr 3.50%
caks2006407 wrote:RBL bank offers 6.75% on balances between ₹10 lakh and ₹3 crore, 6% on balances from ₹1 lakh to ₹10 lakh and 4.75% on balances up to ₹1 lakh
Koi aur bank hai jo apne jaise balance valo ko theek thaak rate de?
ManojSingla wrote:Now Equitas Small bank is best for Savings Account interest
How much is MAB? That elite word should mean atleast 50k-1lac.
billubakra wrote:How much is MAB? That elite word should mean atleast 50k-1lac.
Initial funding and Savings AMB is 5L.
billubakra wrote:Koi aur bank hai jo apne jaise balance valo ko theek thaak rate de?
Just stick with idfc, don’t rely too much on savings acc interest income nowadays.
caks2006407 wrote:RBL bank offers 6.75% on balances between ₹10 lakh and ₹3 crore, 6% on balances from ₹1 lakh to ₹10 lakh and 4.75% on balances up to ₹1 lakh
People are dumb to keep more than 5 lakh in these banks.
abhishekkjain wrote:People are dumb to keep more than 5 lakh in these banks.
Then I am also dumb 
Eqitas customer for last 4-5 yrs
billubakra wrote:How much is MAB? That elite word should mean atleast 50k-1lac.
Go with normal savings account which is Zero Bal like SBI
@DimeDime
caks2006407 wrote:Go with normal savings account which is Zero Bal like SBI
@DimeDime
All non-elite acc have 3.5% till 1 lakh & 7% above 1 lakh which I am assuming incrementally, right?
caks2006407 wrote:slabs and interest rates are same for all SB, in elite other benefits like locker discount, debit card offers etc
So for first 1 lakh 3.5% interest rate which means for 2 lakh you get 3500+7000 which is 10500 while in idfc you get 12000 so a difference of 1500.
caks2006407 wrote:Go with normal savings account which is Zero Bal like SBI
@DimeDime
Already have 5 accounts, all mine, in SBI.
guest_999 wrote:So for first 1 lakh 3.5% interest rate which means for 2 lakh you get 3500+7000 which is 10500 while in idfc you get 12000 so a difference of 1500.
@caks2006407
Is that the case?
caks2006407 wrote:Then I am also dumb
Eqitas customer for last 4-5 yrs
Same
DimeDime wrote:@caks2006407
Is that the case?
Yes, useful for those who have balances more than 4lacs
For 4 lacs: Equitas=Rs3500+3x7000=Rs24500
IDFC=Rs4x6000=Rs24000 so equitas better here
Keeping good amount in IDFC has many other benefits like Credit card, etc
caks2006407 wrote:Then I am also dumb
Eqitas customer for last 4-5 yrs
More than 5 lakh in this bank? 
