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 yo…

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

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: [image] On another topic 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. Interest will be calculated based on your daily EOD balance and credited to your acc…

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

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 i…

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. Cheers! Bansari

@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.

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

Updates

ashrithjain (Ashrith Jain) June 13, 2021, 5:13pm 6

You may refer here for detailed information:

Topic		Replies	Views
#DecodeBanking > How is interest-rate on savings accounts calculated? Banks niyo-equitas	12	2087	July 6, 2021
Savings interest rate payout Banks niyo-equitas	4	1078	July 3, 2021
Interest rates for savings account Banks niyo-equitas	1	473	June 26, 2021
The 1st 1 Lakh amount deposited in savings acc will NEVER get interest @7% ..EVER! Banks niyo-equitas	1	440	April 26, 2021
Interest payout Banks niyo-equitas	1	1077	June 13, 2021

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

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