IPPB Slashes Interest Rates On Savings Accounts: Check New Rates Here

India Post Payments Bank (IPPB) has reduced interest rates on savings accounts. The interest rates on all customer variants of savings accounts have been lowered by 25 basis points, and are effective as of February 1, 2022. With effect from July 1, 2021, the interest rate for accounts up to Rs 1 lakh was 2.50 percent, while the interest rate for balances beyond Rs 1 lakh but less than Rs 2 lakh was 2.75 percent. Following the most recent modification, the rate for balances up to Rs 1 lakh will be 2.25 percent and for balances exceeding Rs 1 lakh but less than Rs 2 lakh, the rate will be 2.50 percent effective February 1, 2022. According to a notification issued on 25.01.2022, IPPB has said that "This is to inform all the concerned that India Post Payments Bank has revised its interest rate on all the customer variants of Savings Accounts as per the Asset Liability Committee approved policy effective from 1st February 2022."

IPPB Saving Account Interest Rates

The interest rates stated below will be paid to customers on a quarterly basis, based on their daily EOD or end-of-the-day balance.

Savings Bank Deposit Slabs	Current Interest Rate	Revised Interest Rate
Balances up to Rs 1 lakh	2.50% p.a.	2.25% p.a.
Incremental Balances above Rs 1 Lakh & up to Rs 2 Lakh	2.75% p.a.	2.50% p.a.