Mumbai: India Post Payment Bank (IPPB) has decided to lower the interest rates on savings accounts by 25 basis points. A basis point is the smallest unit of measurement for interest rates and other financial instruments. One basis point is equal to one-hundredth of 1 percent.
As per the statement issued by IPPB, rate for balances up to Rs 1 lakh will be 2.25%, for balances beyond Rs 1 lakh but up to Rs 2 lakh, the rate will be 2.50%. The new interest rate will come into effect from February 1, 2022. At present, the rates are at 2.50% and 2.75% respectively.
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India Post Payment Bank is owned by the Department of Post, which is part of the Ministry of Communications of the Government of India.
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