DBS Digibank Savings Interest Reduced
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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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Other alternatives will take your money and run away .
lol. true
Time to get money out of bank and invest in equity
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…
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…
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” ??
Keep your total value of investment in a particular bank (across all branches) restricted to less than 5 Lakhs.
What about investing in NBFC ? Like Koshamattam finance . Invest in NCD. You will get 9% interest for your deposit .
naah. no Deposit insurance bro. Park your money in Scheduled Commercial Banks only
Waiting for IDFC FIRST move.