DBS Digibank Savings Interest Reduced

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Sushrut.B

Balance up to Rs. 1 lakh will get 3.5% interest rates…
Any balances over and above Rs. 1 lakh and up to Rs. 2 lakhs will get 6% on the incremental amount…
Any balances over and above Rs. 2 lakhs and up to Rs. 5 lakhs will get 4% on the incremental amount…

https://www.dbs.com/digibank/in/rates-and-fees....

Means now it will only provide 3.5+6+4 = 13.5/3 = 4.5% interest rates if more than 2 lacs is maintained…For upto 2 lacs, it will only provide, 3.5+6=9.5/2 = 4.75% interest…

I was expecting this after Kotak reduced their interest TWO times within a 3 weeks period…

Time to close Digibank account & find another alternative…

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Deal Lieutenant Deal Lieutenant
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Waiting for IDFC FIRST move.

Generous Generous
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Other alternatives will take your money and run away .

Tech Guru Tech Guru
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lol. true

Deal Cadet Deal Cadet
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Time to get money out of bank and invest in equity

Helpful Helpful
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Those are for professionals…For a layman, investing in stock-markets, mutual funds or any such thing can be quite risky if they don’t know properly what they are doing & where they are investing otherwise they would lose whatever they had too…

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Helpful Helpful
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One advise required from the dimers, Should I move all my savings to IDFC ? But I am not sure if IDFC will start lowering their interest rates soon or not & also keeping more than 5 lacs is not secured in any of these small banks…I don’t trust those small banks either which gives like 8-9% interests…

Or should I do FD in Yes Bank or IndusInd where the FD rate is still 7% ?? But they are not secure banks either… confused

Damn this is getting very bad situation for me & my family because me & my family have to solely depend on the savings in the banks…Already had to cut the broadband & DTH connections at home because of no income due to the lockdown…

P.S. I complained about the TWO times interest rates cut downs in a single month by Kotak on their Facebook page toh they replied “RBI ne ghataya hain toh hum kya kar sakte hain” ?? pensive

Benevolent Benevolent
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Keep your total value of investment in a particular bank (across all branches) restricted to less than 5 Lakhs.

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Deal Cadet Deal Cadet
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What about investing in NBFC ? Like Koshamattam finance . Invest in NCD. You will get 9% interest for your deposit .

Tech Guru Tech Guru
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naah. no Deposit insurance bro. Park your money in Scheduled Commercial Banks only

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