Actual meaning of 7% interest on above 1 lakh in savings account!

Example : if my account balance is 100001 .
Then 7% interest calculated over whole 100001 rupees or only on 1 rupee ? ANS ME …

It is calculated only on the amount above 1 lakh I,e 1


Hello @Harshit_Parmar . Firstly, welcome to Niyo Community! The interest rate is calculated as follows:
a) 0 to 1,00,000 at 3.5% p.a
b) 1,00,000 to 1,00,00,000 at 7.0% p.a
c) 1,00,00,000 to 50,00,00,000 at 6.0% p.a
d) For anything above 50 Crs, kindly contact Equitas Bank

Hope this helps! If you have any other queries, feel free to reach out again!


If i have 150000 rupees in my account, then effectively rate of interest is less than 7 on whole amount (combined) ?

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In this case, the first 1 lac will earn 3.5% interest p.a and the 50,000 will earn 7.0% interest p.a.


You may refer here for detailed information:


What code they ask to get rewards about when opening new niyox account?

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Hi All,

Kindly refer this for better understanding as to how the interest is calculated.

We’re here to make banking smarter, safer and simpler for you. And while we’re at it, here’s breaking down some basics for you.

Ever wondered how your savings account interest rate is calculated? The answer is here:
At present, your bank calculates interest rate on a daily basis on your closing amount. The interest accumulated is paid quarterly or half-yearly depending on your bank. Ideally, the RBI expects banks to credit savings bank interest rates on a quarterly basis.

So here’s the calculation. Assume (just assume :wink:) that your bank provides you with an interest rate of a whopping 7% above ₹1 Lakh in your savings account. (And below ₹1 Lakh, you’re getting an interest of 3.5%)

So, for a balance <= ₹1Lac, 3.5% interest rate is provided on the whole balance.
For a balance > ₹1 Lac, 3.5% interest rate is provided on the ₹1 Lac, and 7% interest rate is provided on the remaining balance.

Interest is calculated daily on EoD balance: (EoD Balance) * (3.5% or 7% interest) * (Number of days in quarter/365)

Interest is accrued on daily basis and is credited to the customer’s savings account at the end of the quarter.

Hope this helps!


But you guys promised 6% interest rate if amount is less than one lakh. So that’s fake??


@KOUSHIK_MAMILLAPALLI In this thread we are referring to the NiyoX 2 in 1 savings account partnered by Equitas Small Finance bank, hope you are referring the same.


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@Bansari I’m Referring to the same. I have opened A/c in your Bank hoping atleast I’ll get 6% as told by your campaign somewhere and now i feel cheated, after getting to know that it’s just like any other bank.


You have read the terms and conditions then understand it and read again if you have so many confusion and after that if you think they have cheated the contact them.



Kindly help us with the screenshot of the campaign you are referring to.

In NiyoX you will be earning 3.5% of interest p.a. on your first 1 lakh balance. On amounts above ₹1 lakh, you will be earning an interest of 7% p.a.

Hope that clear your doubts.


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What is rate % and intreste of zero Balance account and when it come on account months or years

Hey @Suraj_Maurya! Welcome to Niyo community.

Hope this helps! If you have any other concerns, feel free to reach out again!

Posting you a screen shot saying that niyo idfc is offering 6 percent. Kindly confirm at least whether this is true or not.

Hey @KOUSHIK_MAMILLAPALLI ! It’s good to see you back in the community! We request you to check offical IDFC FIRST Bank website to know the interest rates offered for IDFC FIRST SA.
Refer here: Best Savings Account Interest Rates 2021 | IDFC FIRST Bank

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Hi Bansari,

I’ve been with the bank for 4 months but haven’t received any interest yet. The account was opened on June 30th (I received Re 1), post then I’ve done multiple transactions/deposits.

Whom should I connect to?


Hey @Vaibhav_Henry ! Welcome to :niyo_community: Community. The interest payouts are paid on quarterly basis. Please wait until the next quarter to get your interest payout.