IDFC First Bank hikes savings account interest rates, now earn as high as 6.75%
2 min read . Updated: 09 Mar 2023, 03:23 PM IST
Premium- One of the top lenders in the private sector, IDFC First Bank, announced a hike in interest rates on savings bank accounts.
One of the top lenders in the private sector, IDFC First Bank, announced a hike in interest rates on savings bank accounts. In order to serve customers seeking savings accounts with higher interest rates, the bank issued this announcement today, 09/03/2023. The bank is now giving a maximum interest rate of 6.75% on savings accounts as a result of the modification, and IDFC First Bank savings account interest rates will be applicable to domestic, NRE, and NRO savings deposits. The bank has stated that interest on savings accounts would be determined on a progressive basis.
IDFC First Bank Savings Account Interest Rates
The bank now offers an interest rate of 4.00% on savings account balances up to ₹10 Lac, while IDFC First Bank now offers a maximum interest rate of 6.75% on savings account balances over ₹10 Lac but below ₹50 Cr. For savings accounts with balances of more than ₹50 crore but less than ₹100 crore, IDFC First Bank is currently offering an interest rate of 5.00%, and for accounts with balances of more than ₹100 crore but less than ₹200 crore, the bank is presently offering a 4.50% interest rate. The current interest rate offered by IDFC First Bank on savings account balances of more than ₹200 Cr is 3.50%.
On its website, IDFC First Bank mentioned the examples below to describe how interest on savings accounts will be calculated on a progressive basis.
1. In case your account balance with us is Rs. 25,000, the interest payable to you will be 4% on the entire Rs. 25,000.
2. In case your account balance with us is Rs. 5 lacs, the interest payable to you will be 4% on the entire amount of Rs. 5 lacs.
3. In case your account balance with us is Rs. 50 lacs, the interest payable to you will be 4% on Rs. 10 lacs and 6.75% on Rs. 40 lacs.
4. In case your account balance with us is Rs. 5.3 crores, the interest payable to you will be 4% on Rs. 10 lacs and 6.75% on Rs. 5.2 crores.
Savings bank account interest is determined on daily end-of-day balances in accordance with Reserve Bank of India guidelines. The interest on savings bank accounts is paid out on a monthly basis and the appropriate interest rate slab's progressive balances will be utilized by IDFC First Bank to determine interest.
Higher POS limits, free and unlimited ATM transactions, and other advantages are examples of numerous features and advantages of the IDFC FIRST Bank savings account. To create a savings account online with IDFC FIRST Bank, a minimum of ₹25,000 or ₹10,000 is required based on the account type. IDFC FIRST Bank offers one of the highest interest rates in the industry, up to 6.75% for savings account customers.