Savings account

is it fixed interest of 7% on savings account

No it seems we have to maintain a certain amount in the account to get the interest up to 7% per annum.

Yes, you get up to 7% interest on Savings if you maintain 1 Lakh!

Hey Devi! The Niyo IDFC First bank account loaded with the benefits like 0% Forex Markup, 0% commission on your Mutual Fund Investments & upto 7% interest on your savings account. For further information, please visit our T&C’s page:https://bit.ly/2X4QtLP. ∞VS
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Yes, you get up to 7% interest on your Savings account if you maintain a minimum of 1 Lakh!

It is not fixed 7%. It is up to 7%. I had seen this on company website www.goniyo.com

7% is not fixed i believe it is upto 7% you can check on the website once

But there is no mention about how upto 7% works, it just says above a balance of 1,00,000
does that mean if i maintain a balance of 100,000 i will 7 % interest ?

Hey Saket! The calculation is standard as all the banks follow. You’ll earn 7% interest p.a. on pro-rata basis for every quarter if you have maintained average balance of Rs.100,000. ∞VS

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What’s the interest rate when the account balance is below 1L?

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Hi Ayush!

Interest is calculated quarterly based on the financial year.

For savings less than or equal to 1 lakh, the rate is 6%. For savings of more than 1 lakh, the rate is 7%.

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6% PA if balance bellow 100k

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Should we have to mantain the MAB of 10,000/- now?