IndusInd Bank Cuts Interest Rates By 50 Bps On Savings Accounts (W.e.f. 29th April 2022)

IndusInd Bank, a private sector lender, has slashed interest rates on savings bank accounts by 50 basis points. The bank made the announcement today, April 29, 2022, and as a result of the modification, the bank would give an interest rate of 3.50 per cent on daily balances up to Rs. 10 lakhs, down from 4.00 per cent before. The bank has reduced the interest rate on daily balances of more than Rs.10 lakhs up to Rs.1 crore from 5.00 per cent to 4,50 per cent.

IndusInd Bank Savings Account Interest Rates

The rates are applicable on Domestic/Non-resident (NRE/NRO) Savings Account, the interest on daily balance is calculated as 3.50% for daily balances up to Rs.10 Lakhs and 4.50% for balances above Rs.10 Lakhs, please note 4.50% will be paid on incremental balance above Rs.10 Lakhs, according to the official website of the bank.

Savings Bank Account Interest Rate Domestic / Non Resident (NRO/NRE)	Rate p.a
a. Daily balance Upto Rs. 10 Lakhs	3.50%
b. Daily balance above Rs.10 Lakhs Upto 1 Cr	4.50%
Source: indusind.com

The abovementioned interest rate is payable on the 30th of June, 30th of September, 31st of December, and 31st of March of each calendar quarter.

IndusInd Bank had 2,103 branches/banking outlets and 2,861 ATMs as of December 31, 2021, scattered throughout 769 geographical areas across the country. In addition, the bank maintains offices in London, Dubai, and Abu Dhabi. As per the domestic rating(s), the bank has been rated CRISIL AA + for Infra Bonds program, CRISIL AA for Additional Tier I Bonds program, CRISIL A1+ for certificate of deposit program / short term FD programme, IND AA+ for Senior bonds program by India Ratings and Research, IND AA for Additional Tier I Bonds program by India Ratings and Research and IND A1+ for Short Term Debt Instruments by India Ratings and Research.