New generation bank IndusInd Bank has slashed down its interest rates by 1%. On the avings account bank has reduced the rate from 5.5% to 4.5% per annum.
For the daily balance upto rs 1 lakh the interest rate is 4% and for the balance more than Rs 1 lakh the interest is remains same at 6%. Bank has also stated that the rates are applicable from 1st September 2014. Bank has further option to channge the rates. This revision of rates will help the bank to enhance its client base.
Yes bank offers an rate of 7% on the savings account for the balance upto Rs 1 lakh while kotak mahindra offers 6% and Laxmi Vilas bank has increase its rate to 5% for the savings account for the balance upto Rs 1 lakh.