How is the 7% interest rate calculated?
007 stands for 0% Forex Markup, 0% Commission on your Mutual Fund investments and up to 7%# interest p.a. on your Savings Account balance with Niyo in partnership with IDFC FIRST Bank
Only spend what you need to, with 0% Forex Markup on the real-time exchange rate
With 0% Commission on your Mutual Fund investments, your money only works for you
Enjoy up to 7%# interest p.a. on your Savings Account balance with Niyo in partnership with IDFC FIRST Bank
-> Interest is calculated on the average monthly balance. This is accrued and added
to your account on quarterly basis.
Just to understand this better. If I had an average balance of, say, Rs2L in the Oct, Nov, Dec quarter, then I will get Rs3500 credited on Dec 31st. Is that the correct way of looking at this?
I would also like to know that in case the balance is above Rs1 Lakh, then the entire balance will earn 7% . E.g. if I have a balance of Rs1.5 lakh. will I earn 7% int on Rs1.5 lakh or will I earn 6% interest on Rs1lakh and 7% interest on the remaining Rs0.5 lakh
@ssrivastava You will get 6% for ₹1L & 7% for ₹50K
IDFC Bank changed SB interest rates from 1st Jan 2021 s follows,
Balance in ₹ ===============Rate of Interest (% p.a.)
<= ₹ 1 Cr ==================7.00%
₹ 1 Cr <= ₹ 5 Cr ============5.00%
₹ 5 Cr <= ₹ 10 Cr=========== 4.00%
₹ 10 Cr================== 3.50%
Niyo needs to confirm whether this is applicable to Niyo IDFC Account or not ?