India Post Payments Bank
If you are also a customer of India Post Payments Bank, then you may get a big setback. The bank has reduced the interest rate available on the savings account. That is, now you will get less interest than before.
There is important news for the customers of India Post Payments Bank. If your savings account is in India Post Payments Bank (IPPB), then you may get a big setback. Actually, India Post Payment Bank, which comes under the post office, has cut interest rates on all savings accounts by 25 bps. The new rates after these deductions have come into effect from today i.e. June 1, 2022.
What is the interest rate now?
According to the information given by India Post, the savings account in India Post Payments Bank will get an interest rate of 2 percent per annum. Let us tell you that earlier the annual interest rate was 2.25 percent. This interest rate is for savings accounts with an amount up to Rs 1 lakh.
According to India Post, savings accounts with an amount above Rs 1 lakh and up to Rs 2 lakh will now get an interest rate of 2.25 percent per annum. Earlier it was getting interested at the rate of 2.50 percent per annum.
Big blow on insurance plans too
The government has also increased the premiums of other schemes amid rising inflation. Significantly, the government has increased the premium of two insurance schemes- Pradhan Mantri Jeevan Jyoti (PMJJBY) and Prime Minister’s Suraksha Bima (PMSBY). The premium rate of PMJJBY has been increased to Rs.1.25 per day. That is, now you will have to pay Rs 456 instead of 342 for both these schemes.
Actually, earlier Prime Minister Jeevan Jyoti had to pay Rs 330 annually, which has now increased to Rs 436. Earlier the annual premium for PMSBY was Rs 12, which has now been increased to Rs 20.