India Post Payments Bank slashes savings account interest rate by 25 bps

Customers will receive quarterly interest calculated on their daily EOD balance.

New Delhi: With effect from February 1, 2022, India Post Payment Bank (IPPB) has lowered interest rates on savings accounts by 25 basis points.

The Department of Post, which is part of the Ministry of Communications of the Government of India, owns India Post Payments Bank, which is a division of India Post.

According to the current statement on the IPPB website, starting February 1, 2022, the rate for balances up to Rs 1 lakh will be 2.25 percent; for balances beyond Rs 1 lakh but up to Rs 2 lakh, the rate will be 2.50 percent.