Once money in savings above 1 L does niyo give 7% return on it
Hi @Profmahavir ! Welcome to Community!
The rate of interest for the NiyoX savings account has been revised by the Equitas Small Finance Bank which will be effective from 15th November 2021. The new rate of interest slabs are as follows:
For balance <=Rs.1 Lac, it’s 3.50% p.a
For balance >Rs.1 Lac <= Rs.5 Lacs, it’s 6% p.a
For balance >Rs.5 Lacs <= Rs.50 Lacs, it’s 7% p.a
For balance >Rs.50 Lacs, it’s 5.50% p.a
What was the reason for the sudden change ?
Hey @Siva_Kumar! Good morning! The bank has solely taken the decision of changing the interest rates. However, the revised interest rates still stand the best in the market.
RBL offers better rates . Bad move Niyox.