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IDFC Savings Interest Rate Again Decreased : 1L - 10L is now 4% Instead of 4.5%

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Sushrut.B

As mentioned in the title, IDFC has reduced the savings interest rates AGAIN…From today, 1L to 10L will also get 4% which used to be 4.5% till yesterday…

Official Site link : https://www.idfcfirstbank.com/personal-banking/...

I was thinking to close this bank anyways due to no offers, reduced interest rates from 7% to 4%, their incompetent customer care & Card transaction dispute system…They just gave me another reason to close/remove all the balances to another bank…And these morons didn’t even bother to let customers know that they are reducing their interest rates again…

I don’t know about you guys but I didn’t get any email from them intimating the same…I was just trying to find the Savings account earnings calculator which they had on the above linked page & found that they silently removed that calculator & reduced their rates for 1L to 10L slab also WITHOUT letting us know…

On Balances (in ₹)

Rate of Interest (% p.a.)

<= 1Lac

4.00%

>1lac <= 10lac

4.00%

>10lac <= 5 Cr

6.00%

>5Cr <= 100Cr

5.00%

>100Cr <=200Cr

4.50%

>200Cr

3.50%


(Effective from 01/05/2022)

Expiring In 4 days
60 Comments  |  
17 Dimers
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Deal Subedar Deal Subedar
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currently which bank gives best int rate

Deal Subedar Deal Subedar
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TEMPER wrote:

currently which bank gives best int rate

Only Small Finance banks…

Deal Lieutenant Deal Lieutenant
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im mainting mab of 25000/- time to close this account.

Deal Lieutenant Deal Lieutenant
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papa_kancha wrote:

im mainting mab of 25000/- time to close this account.

Post the procedure after you close bro. Would be handy for many plus1

Deal Lieutenant Deal Lieutenant
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decideaim wrote:

Post the procedure after you close bro. Would be handy for many plus1

thinking of closing for a long time lol. I will surely post it here if I close it.

Deal Cadet Deal Cadet
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Dont you guys think its time to create a fresh thread where all the banks are reviewed on the basis of pros and cons ?

as most of the changes too place in recent time, like revision in interest rates etc


@Sushrut.B @decideaim

Deal Subedar Deal Subedar
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decideaim wrote:

Post the procedure after you close bro. Would be handy for many plus1

There are three ways…

1)
Remove all the balance from your account to another bank making the balance as zero…The account will be automatically turned into a Dormant account & will be closed after few years & you won’t have to visit branch for this…

2) You can visit your nearest IDFC branch with a valid government ID proof alongwith your debit card & passbook/Chequebook & you will need to submit a letter to the branch manager mentioning the reason of account closure…You can either fill the account closure form after visiting the branch or you can dowload the account closure form from here : https://www.idfcfirstbank.com/content/dam/idfcf...

^^ The account closure form has very few details to fill so shouldn’t take much time…

3) You may also send the account closure form and the documents via courier to the branch address.Send via Registered post only which gives you a proper Tracking…Best to use SpeedPost or BlueDart or DTDC

Deal Subedar Deal Subedar
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chotabaxxa800 wrote:

Dont you guys think its time to create a fresh thread where all the banks are reviewed on the basis of pros and cons ?

as most of the changes too place in recent time, like revision in interest rates etc


@Sushrut.B @decideaim

Yes but if we try to do that, dimers won’t find a specific topic in that easily in that thread as most people only reads last few replies but not the earlier replies or even the main post & if we keep everything in a single thread, it will be like a never ending topic for people to find out a specific info among 100+ pages…

So, in my opinion separate threads are better so that only people who are looking for the related bank can come & find the info easily…

Crowdpuller Crowdpuller
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TEMPER wrote:

currently which bank gives best int rate

Equitas

Deal Cadet Deal Cadet
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Sushrut.B wrote:

Yes but if we try to do that, dimers won’t find a specific topic in that easily in that thread as most people only reads last few replies but not the earlier replies or even the main post & if we keep everything in a single thread, it will be like a never ending topic for people to find out a specific info among 100+ pages…

So, in my opinion separate threads are better so that only people who are looking for the related bank can come & find the info easily…

I agree with your reasoning .

but there should be comparison between services too.

in individual threads , not much comparison takes place and individual threads can be very large often excludes smaller banks with better services getting neglected as not much people knows about their services

Deal Subedar Deal Subedar
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dhinchakrohit wrote:

Equitas

Equitas is stealing customers’ money…

For your convenience, i’m copy pasting a dimer named chotabaxxa800’s comments from another thread here :

You can find his comments in this thread link : https://www.desidime.com/discussions/how-is-ujj...
______________________

seems from the twitter responses and niyox community page, equitas is getting greedier in the deal.

Many people in Niyo community are saying that equitas freeze their account and when they cintacted branch , employees there asked them to open Direct account with the branch "

" apparently reason equitas generally provides for freezing is “transaction pattern different from the initial information provided during the onboarding” aka if you filled that you earn less than 2lpa during onboarding and transactions suprassed the 2lpa ,they freeze account in the name of “irregular transactions ”
________________________

He posted a reply just before this message…

Crowdpuller Crowdpuller
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For 1-10L it’s decreased from 4.5 to 4%
And for 10-25L it’s increased from 5 to 6%.

@Sushrut.B please update topic accordingly.

Deal Subedar Deal Subedar
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dhinchakrohit wrote:

For 1-10L it’s decreased from 4.5 to 4%
And for 10-25L it’s increased from 5 to 6%.

@Sushrut.B please update topic accordingly.

Where did you get this 10-25L slab rates from ?? There is NO such slab mentioned on the official site…

Visit the official link I shared in the main post…

>10lac <= 5 Cr

6.00%



Deal Subedar Deal Subedar
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dhinchakrohit wrote:

Check old slabs :

https://m.economictimes.com/wealth/invest/idfc-...

I won’t provide 3rd party news links here…I have provided the rates directly from IDFC official site…

I have posted the CURRENT rates posted on the IDFC official site so I didn’t understand why should I post an old slab rate which is no longer valid & not found on the official site now?? That old slab no longer exists & not on the official site of the bank now so it’s invalid to include that in this post…

Crowdpuller Crowdpuller
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Sushrut.B wrote:

I won’t provide 3rd party news links here…I have provided the rates directly from IDFC official site…

I have posted the CURRENT rates posted on the IDFC official site so I didn’t understand why should I post an old slab rate which is no longer valid & not found on the official site now?? That old slab no longer exists & not on the official site of the bank now so it’s invalid to include that in this post…

Lol…Why r u fuming bro?

You only posted old slab rates which doesn’t exist now, i just shared more info which is missing here.

Take it or leave it.

Deal Subedar Deal Subedar
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Sushrut.B wrote:

Equitas is stealing customers’ money…

For your convenience, i’m copy pasting a dimer named chotabaxxa800’s comments from another thread here :

You can find his comments in this thread link : https://www.desidime.com/discussions/how-is-ujj...
______________________

seems from the twitter responses and niyox community page, equitas is getting greedier in the deal.

Many people in Niyo community are saying that equitas freeze their account and when they cintacted branch , employees there asked them to open Direct account with the branch "

" apparently reason equitas generally provides for freezing is “transaction pattern different from the initial information provided during the onboarding” aka if you filled that you earn less than 2lpa during onboarding and transactions suprassed the 2lpa ,they freeze account in the name of “irregular transactions ”
________________________

He posted a reply just before this message…

Please share exact comment. Also, do you think RBI will allow that unless there are serious lapses or issues.



I would suggest don’t make statements.

“Equitas is stealing customers’ money…”


The original poster who’s money is being frozen can make it. Lakhs of customers are using Equitas, without any issues.

No Offense to you buddy

Deal Cadet Deal Cadet
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Sushrut.B wrote:

Equitas is stealing customers’ money…

For your convenience, i’m copy pasting a dimer named chotabaxxa800’s comments from another thread here :

You can find his comments in this thread link : https://www.desidime.com/discussions/how-is-ujj...
______________________

seems from the twitter responses and niyox community page, equitas is getting greedier in the deal.

Many people in Niyo community are saying that equitas freeze their account and when they cintacted branch , employees there asked them to open Direct account with the branch "

" apparently reason equitas generally provides for freezing is “transaction pattern different from the initial information provided during the onboarding” aka if you filled that you earn less than 2lpa during onboarding and transactions suprassed the 2lpa ,they freeze account in the name of “irregular transactions ”
________________________

He posted a reply just before this message…

just to clarify I personally Havent dealth with equitas yet. I was planning to but saw all those reviews in Niyo community and twitter so postponed it.

Deal Subedar Deal Subedar
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Manitian wrote:

Please share exact comment. Also, do you think RBI will allow that unless there are serious lapses or issues.



I would suggest don’t make statements.

“Equitas is stealing customers’ money…”


The original poster who’s money is being frozen can make it. Lakhs of customers are using Equitas, without any issues.

No Offense to you buddy

You missed to read my comment properly…So, read it again…THIS IS THE EXACT COMMENT…I clearly wrote that I copy-pasted it & I also gave the link to the original comments…

I would suggest don’t make statements.

“Equitas is stealing customers’ money…”

It was my duty to warn other dimers because after reading his comments & reading a few of the other dimer’s comments also, it’s clear that many customers’ accounts are getting frozen without a valid reason…

It’s upto the dimers now to invest in Equitas…I did what I was supposed to do (because I don’t want them to lose money)…I also mentioned in the linked thread that, if this happens with me, I would be screwed…

Lakhs of customers are using Equitas, without any issues.

You don’t have any problem with Equitas DOES NOT Mean that Equitas is NOT stealing customer’s money because they AREThosands of customers accounts are getting frozen without any valid reason…Do yourself a favor & visit the Niyo community & their twitter channel to see for yourself…

Deal Subedar Deal Subedar
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chotabaxxa800 wrote:

just to clarify I personally Havent dealth with equitas yet. I was planning to but saw all those reviews in Niyo community and twitter so postponed it.

I didn’t think that even if I try to warn other dimers out of a concern so that they don’t get scammed, it would be also my mistake…Some people here have issues with everything I post don’t know why…

Some people have no issues with Equitas does NOT mean that Equitas is a legit bank…A legit bank do NOT freeze thousands of customers money without a valid reason…Some people only thinks about themselves, I guess… : )

Why so many people here don’t even read the comments properly before they start to ASSUME everything, I don’t have any idea…

Anyways back to topic…I will remove my money from IDFC & maybe will do an FD in ICICI/HDFC for 1 year….

Deal Subedar Deal Subedar
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chotabaxxa800 wrote:

I agree with your reasoning .

but there should be comparison between services too.

in individual threads , not much comparison takes place and individual threads can be very large often excludes smaller banks with better services getting neglected as not much people knows about their services

No issues with that…But the thread should be stickied so that everyone can find what they are looking for easily because if the thread becomes a normal thread, most people won’t know that this thread exists & they will naturally create new new threads for the same thing…

Deal Cadet Deal Cadet
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Sushrut.B wrote:

No issues with that…But the thread should be stickied so that everyone can find what they are looking for easily because if the thread becomes a normal thread, most people won’t know that this thread exists & they will naturally create new new threads for the same thing…

either you or @decideaim can initiate the thread as you guys seems to have experience with quite some banks

Budding Star Budding Star
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TEMPER wrote:

currently which bank gives best int rate

Rbl bank

Pro Blogger Pro Blogger
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Manitian wrote:

Please share exact comment. Also, do you think RBI will allow that unless there are serious lapses or issues.



I would suggest don’t make statements.

“Equitas is stealing customers’ money…”


The original poster who’s money is being frozen can make it. Lakhs of customers are using Equitas, without any issues.

No Offense to you buddy

Yes, infact Equitas is completely different from NiyoX.

One thing always remember Banks dnt like Neo banks but why they partner with fintech companies ? 

Reason is banks want money and customer data and then bank block neo bank accounts, this thing happend is US and European countries too.

My personal advice to everyone never trust Neo banks, Neo banks are not full commercial banks. 

Why This Set Of Fintech Firms Need To Worry About RBI’s New Card Guidelines - https://www.bloombergquint.com/business/why-thi...

Fintechs fear new RBI credit card rules will cut off their data lifeline (this is also apply on Neo banks) - https://www.livemint.com/industry/banking/finte...

Deal Subedar Deal Subedar
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decideaim wrote:

Post the procedure after you close bro. Would be handy for many plus1

You have to go to any nearby idfc branch… Fill the closure form……. A service request will be created…. And will be closed in max 2 working days….. Online closure is not possible… 

Deal Subedar Deal Subedar
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abhishek012 wrote:

Yes, infact Equitas is completely different from NiyoX.

One thing always remember Banks dnt like Neo banks but why they partner with fintech companies ? 

Reason is banks want money and customer data and then bank block neo bank accounts, this thing happend is US and European countries too.

My personal advice to everyone never trust Neo banks, Neo banks are not full commercial banks. 

Why This Set Of Fintech Firms Need To Worry About RBI’s New Card Guidelines - https://www.bloombergquint.com/business/why-thi...

Fintechs fear new RBI credit card rules will cut off their data lifeline (this is also apply on Neo banks) - https://www.livemint.com/industry/banking/finte...

Thanks …. @abhishek012 and @ Sushrut.B. Will try to move from Niyo and Equitas. Will keep minimal balance.

Deal Subedar Deal Subedar
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dhinchakrohit wrote:

Lol…Why r u fuming bro?

You only posted old slab rates which doesn’t exist now, i just shared more info which is missing here.

Take it or leave it.

What’s wrong with you ??  YOU yourself posted an old slab rate from 3rd party news site which is not valid now & not found on the official site…

Many people here seems to have the habit of typing anything without Knowing anything and then accusing the OP without acknowledging their own faults.. It’s funny lol…


Crowdpuller Crowdpuller
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Sushrut.B wrote:

What’s wrong with you ??  YOU yourself posted an old slab rates from 3rd party news site which is not valid now & not found on the official site…

Many people here seems to have the habit of typing anything without Knowing anything and then accusing the OP. without acknowledging their own faults.. It’s funny lol…


Point is limited, IDFC rates are not just decreased. They are increased too.

Kindly post all slabs for better comparison.

Period.

No offence against anyone.

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