The 1st 1 Lakh amount deposited in savings acc will NEVER get interest @7% ..EVER!

Partnership Banks
1

Hi Niyo Team,

Just wanted to clarify this -
So the 1st 1 Lakh amount will not get interest @7% - even if we maintain it through out the year?

I actually opened account considering the 7% interest rates (on which complete branding of NiyoX and Equitas bank is going on ) and somehow planned and bought together 1 Lakh rs and was just planning to deposit in the NiyoX account!!
And now I get to know that the 1 Lakh will only earn interest rates of 3.5% which is as same as my normal bank rates - great!!

Whats the point of pushing people saying 7% interest and luring them to open accounts?

2

Hi,

This was made clear upfront many times that on 1st 1 lac we will get interest @3.5% pa only and any incremental amount above 1 lac will attract interest @7% .
No fault of Niyo at least on this front.

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