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Rumor- IDFC GOING TO REDUCE ITS INTREST RATE ON SAVINGS ACCOUNT FROM 7% TO 6%.

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Deal Cadet
SandeepBhaiya

#Just a rumour
One of friends working in IDFC bank told me that he received a mail that Idfc going to reduce its Savings bank account intrest rate from 1st of February.
From 7% to 6% not good news but maybe it’s possible he always provides me true information about idfc bank.

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Deal Lieutenant Deal Lieutenant
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Sooner or later it was bound to happen. Now they have lured much customers with attractive interest rate and offer. Same path followed as kotak.

Like Magnet Like Magnet
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Yesterday I Visited idfc first bank… They Said present 7% interest rate for savings account is running…  Every Year In Financial Budget 7% Might Be Same Or Drop We Can’t Tell ..  https://cdn0.desidime.com/attachments/photos/662525/medium/IMG_20210130_063831.jpg?1611970386

Deal Subedar Deal Subedar
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most of dimers opened IDFC account for 3k vouchers only (including me).

Deal Cadet Deal Cadet
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UnderNation wrote:

Yesterday I Visited idfc first bank… They Said present 7% interest rate for savings account is running…  Every Year In Financial Budget 7% Might Be Same Or Drop We Can’t Tell ..  https://cdn0.desidime.com/attachments/photos/662525/medium/IMG_20210130_063831.jpg?1611970386

This chart doesn’t consider quarter compounding.

Deal Subedar Deal Subedar
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dhinchakrohit wrote:

This chart doesn’t consider quarter compounding.

i think its half yearly.

Entertainer Entertainer
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Rumor hi rehne do, Rumor na felao. Rumar jo fail gai to KLPD ho jayega

Shopping Friend Shopping Friend
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Might be coz of the budget

Deal Cadet Deal Cadet
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It is expected.

Deal Subedar Deal Subedar
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dhinchakrohit wrote:

This chart doesn’t consider quarter compounding.

But in reality then do use compound interest, in a way, right?

Deal Subedar Deal Subedar
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The previous interest rate was 6% and they raised it to 7% from Jan 1,2021.Got an email from bank on Dec 8,2020.
https://cdn0.desidime.com/attachments/photos/662565/medium/7351956unnamed.png?1611993266

Deal Cadet Deal Cadet
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I have confirmed with bank and interest rate reduced to 6 percent for savings account.

Deal Subedar Deal Subedar
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rising_style wrote:

I have confirmed with bank and interest rate reduced to 6 percent for savings account.

Wow…it’s already happened(your statement is past tense )or will happen ?

Deal Cadet Deal Cadet
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Sudarshan61 wrote:

Wow…it’s already happened(your statement is past tense )or will happen ?

Yes, interest rate is updated. Bank officials received the circular today for the same. Interest rate 6 percent applicable from 1 Feb 2021.

Community Angel Community Angel
Moderator
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rising_style wrote:

Yes, interest rate is updated. Bank officials received the circular today for the same. Interest rate 6 percent applicable from 1 Feb 2021.

Is it for a particular slab or the whole amount ?

Analyst Analyst
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Confirmed – Rate changed to 6% upto 1 crore.

Deal Subedar Deal Subedar
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they seem to be very quick in changing
by march they can go down to 2.75 also smile

Talk-Of-The-Town Talk-Of-The-Town
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billubakra wrote:

Is there any other bank which provides good interest rates on saving accounts?

No

Deal Lieutenant Deal Lieutenant
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billubakra wrote:

Is there any other bank which provides good interest rates on saving accounts?

Rbl

Deal Cadet Deal Cadet
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For more than 1cr.

Commentator Commentator
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Just last month they had increased from 6 to 7 percent

This is rare that bank is changing interest rates do quickly for savings account in just 2 months.

I have doubts about this bank now, maybe 0.5 percent reduction every month now onwards and by year end it will reach 3.5 percent

Just few days back I opened an account, total waste of time and energy

Deal Subedar Deal Subedar
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Simbha3 wrote:

Rbl

Can we open online account? How is this bank?
So, this leaves with RBL>IDFC>Indusind. Any other in this list?

Deal Subedar Deal Subedar
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raman12 wrote:

Just last month they had increased from 6 to 7 percent

This is rare that bank is changing interest rates do quickly for savings account in just 2 months.

I have doubts about this bank now, maybe 0.5 percent reduction every month now onwards and by year end it will reach 3.5 percent

Just few days back I opened an account, total waste of time and energy

I guess most people will close the account after getting vouchers. One weird bank it is.

Deal Subedar Deal Subedar
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Simbha3 wrote:

Rbl

RBL has also revised interest rate effective 1st Feb

Deal Subedar Deal Subedar
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Sudarshan61 wrote:

RBL has also revised interest rate effective 1st Feb

LOL how much will they pay from tomorrow?

Deal Subedar Deal Subedar
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billubakra wrote:

LOL how much will they pay from tomorrow?

4.75 upto 1lac
6 for 1-10 lac
6.75 above 10 lac

Deal Subedar Deal Subedar
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Sudarshan61 wrote:

4.75 upto 1lac
6 for 1-10 lac
6.75 above 10 lac

So, that leaves with IDFC/RBL>Indusind. Any other banks providing these kinda rates?

Missing