Interest Rate confirmation after the quarterly results of IDFC First Bank cut to 6%

[Akshay_Shinde]

Can we confirm that the interest rates for the Niyo accounts will remain unchanged even after IDFC first Bank has cut the rates to 6%( Source: For those looking for a source on the 6% p.a., taken from their investor presentation, page 42.

“Thus, with effect from 1 Feb 2021, the Bank is reducing the highest Savings Account rate offered from 7% to 6% for deposits upto Rs. 1 crore with the intention of draining out the excess liquidity and to save negative carry cost currently incurred by the bank on excess liquidity.”

Can someone from the Mod team confirm what the rates are and how will it affect the existing rates?

[justinjudefrancis]

That is for deposits and not CASA customers holding funds in savings account.

[goneo]

Saving bank interest has been reduced to 6% from today.

[Lucky]

Please note that for Niyo IDFC FIRST Savings Bank Account holders, the applicable interest rate would be 6% only-for savings above 1 lac too. LK

[vaibzi]

Well, that’s a bummer. It should be transparently conveyed to the current account holders about the reduction. I see that on Niyo website too the savings rate is changed from 7% to 6%

Great find @Akshay_Shinde !

[goneo]

I remember IDFC emailing us when they upped their interest to 7% well in advance but they changed it to 6% so silently. Not even a word on it by IDFC or Niyo.

[Akshay_Shinde]

Thanks for getting back on this. I hoped you’d convey the lowering of the rates with same measures as you upped them. Hoping there are no more cuts
Cheers.

[parvezshk]

Why the existing customers not made aware of these changes in interest rates? This is a very shady practice. Thanks to @Akshay_Shinde for highlighting this.

The experience with Niyo IDFC has been below par since past few months.

[Akshay_Shinde]

Yes, they should send out a notification to the users on the app. How unfair would be it people who are keeping 1 lakh plus balance in the and getting 1% lower interest rate than.was promised!
Quite unprofessional.

[Alan_Abraham]

These people, Niyo, is moving far away from the initial promises & offerings day by day. Their app is a junk since November. Only good to waste phone’s memory. No reply in WhatsApp, no customer care number which works, no proper informations are shared to customers Regarding changes, updates etc. Never ending resolution time. And the list goes and goes.

I was hoping 2021 will be a better with Niyo. But i was mistaken. Now I don’t find any good reason to recommend Niyo to anyone.