Change in interest rate by Equitas Bank for savings account balances from 15th November 2021

Hello everyone! :slight_smile:

There has been a change in the interest rates by Equitas bank effective from 15th November, 2021. You would have received an email from the bank too.

We are mentioning the change below for your reference.

Daily closing balance Interest rate till 14th Nov 2021 Interest rate from 15th Nov 2021
Upto Rs 1 lakh 3.5% 3.5%
Above 1 lakh upto Rs 5 lakhs 7% 6%
Above Rs 5 lakhs upto 50 lakhs 7% 7%
Above 50 lakhs upto 1 crore 7% 5.5%
Above 1 crore 6% 5.5%

Banks decide the interest rates they pay out based on multiple factors like RBI rates, industry trends and their own business requirements. Although there is a slight change in the interest rates by Equitas bank, 6-7% per year for balances between 1 lakh to 50 lakhs remains the highest amongst many of the prominent Indian banks today. For the same slabs, most of them are hovering around 3-4.5%. So as far as you are concerned, you are still earning a great interest rate with your NiyoX Equitas savings account!

Note: All other rules of interest calculation remain the same:

  • Interest will be accrued daily on the daily closing balance in the savings account.
  • Interest is calculated by applying the slab-wise interest rate on an incremental basis i.e if you have Rs 1.1 lakhs in your account, you get 3.5% interest on 1 lakh and 6% interest on the Rs 10,000 above 1 lakh.
  • Accrued interest will be paid out on a quarterly basis at the end of every quarter by direct credit to your NiyoX Equitas savings account.

Team Niyo

Very sneaky of Niyox to not inform it’s customers about this change. I’d expected an email from Niyo as well announcing this change and a good notice period in case people want to switch. Specially because Niyo had aggressively marketed the 7% interest rate to attract customers and now reducing it without informing. Thumbs down!

Hey @sanjaykhurana!

Considering various factors, the annual rate of interest is revised solely by the Equitas Small Finance Bank. An email and SMS communication have been sent to all the NiyoX users by the bank with the subject line, “Revised Interest Rates”. You may check your registered email for the same. As a customer, we understand that you weren’t happy with the dip in the interest rate. To let you know, the revised interest rates still stand the best in the market. Also, we at Niyo, working round the clock to bring more exciting offers to deliver the best bank experience to all our users.

Regards,

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