How long will 7% interest stay?

I see that IDFC First Bank has reduced their FD rates significantly. This makes me wonder how long will Niyo stand by their 007 promise and if the savings rate will drop to below 7% (for 1 lakh+ depositors) anytime soon. There is no other bank paying this much and I wonder if it is sustainable even in the short term.

Basically, this bank account will stop making sense if they drop it below 7% and there’s no point opening or maintaining so many bank accounts without any tangible benefits.

Am I the only one concerned about this or are others bothered?

Probably you’re the only one for now :stuck_out_tongue_winking_eye: Higher interest rates is one of the USP of IDFC First bank to capture the market so I believe it’s here to stay for a longer time until they have a good customer base. But it would drop down for sure in near future so reap the benefits until it lasts.

Hey there! We understand your concern, however, we would like to assure you that there is no plan of dropping the interest rate that we have promised to offer you. We hope to serve you to the best of what we have! LK

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