IDFC First Bank Revises Savings Account & FD Interest Rates: Check Details Here

The interest rates on savings account deposits and fixed deposits (FDs) of less than Rs 2 Cr. have been modified by private sector lender IDFC First Bank. The bank now offers a maximum return of 7.00% on savings accounts, while IDFC First Bank also offers a maximum return of 7.50% on FDs with a term of 1 year, 1 day to 2 years. The new rates for savings accounts and fixed deposits are effective as of October 1, 2023, according to the bank's official website.

IDFC First Bank Savings Account Interest Rates

The bank is promising an interest rate of 3.00% on savings account balances up to Rs 1 lac, and IDFC First Bank is promising an interest rate of 4.00% on savings account deposits between Rs 1 lac and Rs 5 lakh. For savings account balances between Rs 5 lakh and Rs 25 crore, IDFC First Bank guarantees an interest rate of 7.00%, and for deposits between Rs 25 crore and Rs 50 crore, the bank provides a 6.75% interest rate.

The bank offers a 5.00% interest rate on balances between Rs 50 Cr and Rs 100 Cr on savings accounts and a 4.50% return on savings account deposits between Rs 100 Cr and Rs 200 Cr.On a savings account balance of more than Rs 200 Cr, IDFC First Bank is now promising an interest rate of 3.50%.

IDFC First Bank FD Rates

The bank is providing an interest rate of 3.00% on fixed deposits maturing in the next 7 days to 45 days, and 4.50% on those maturing in the next 46 days to 180 days, according to IDFC First Bank. The interest rate that IDFC First Bank is guaranteeing is 5.75% for deposits held for 181 days to less (less than a year), and 6.50% for deposits held for a full year.

Deposits with maturities between one year and two years will earn interest at a rate of 7.50%, while those with maturities between two years and three years will earn interest at a rate of 7.25%. IDFC First Bank offers a 7% return on deposits with a term of three years, one day to ten years.

"The incentive for Senior Citizens will be at an additional spread of 0.50% over the above rate and will not be available for NRE or NRO Fixed Deposits," said IDFC First Bank on its website.