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IndusInd Bank revises Interest Rates on Savings Account: See Details Here

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New Delhi : 

The private sector lender IndusInd Bank has altered its savings account interest rates. The new rates are effective as of August 10th, 2022, according to the bank’s official website.

Since the adjustment, the bank has increased its maximum interest rate on savings accounts to 5.50%.

IndusInd Bank Savings Account Rates

The bank will now offer daily savings account balances up to Rs. 1 lakh at an interest rate of 3.50% annually.

Additionally, IndusInd Bank will now pay interest at a rate of 3.50% on daily savings account balances over Rs. 1 lakh and up to Rs. 10 lakhs.

On daily savings account balances over Rs. 10 lakh and up to Rs. 1 crore, the bank will now give an interest rate of 4.50%, and on daily savings account balances above Rs. 1 crore and up to Rs. 100 crore, IndusInd Bank will now offer a maximum interest rate of 5.50%.

These interest rates, according to the bank, are applicable for domestic and non-resident (NRO/NRE) savings accounts.

The savings account interest rates are payable on a quarterly basis.

IndusInd Bank has mentioned on its website that “The rates are applicable on Domestic/Non-resident (NRE/NRO) Savings Account, the interest on daily balance is calculated as below:

a. 3.50% for daily balances up to Rs.10 Lakhs

b. 4.50% for balances above Rs.10 Lakhs and up to Rs.1 Crore, please note 4.50% will be paid on incremental balance above Rs.10 Lakhs up to Rs.1 Crore.

c. 5.50% for balances above Rs.1 Crore and up to Rs.100 Crores, please note 5.50% will be paid on incremental balance above Rs.1 Crore up to Rs.100 Crores.”

Meanwhile, Yes Bank has announced interest rate hike on fixed deposits of less than 2 Cr.

The bank has hiked its interest rates on multiple tenors and the new interest rates are in force from 10th August 2022.

Yes Bank is now offering an interest rate ranging from 3.25% – 6.75% for the general public and 3.75% – 7.50% for senior citizens on fixed deposits maturing in 7 days to 10 years.

On fixed deposits maturing in 3 years to 10 years, Yes Bank will now offer a maximum interest rate of 6.75% for the general public and 7.50% for senior citizens.

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