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

[ashrithjain]

You may refer here for detailed information:

@Lucky

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 account on a quarterly basis.