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IDFC First Bank Revises Savings Account Interest Rate: Details Inside
The private sector lender IDFC First Bank has revised interest rates on savings account deposits. According to the bank's official website, the new rates are effective February 18, 2022, and the bank is now offering a maximum yield of 5.00 percent on savings account deposits. Paperless digital account opening process with Video KYC, monthly interest credit on savings accounts, Rs 6 lakhs purchase limit & Rs 2 lakhs daily ATM withdrawal limit, free & unlimited ATM withdrawals, Rs 35 lakhs free personal accident insurance cover, Rs 1 Cr free air accident insurance cover are some of the unique benefits offered by IDFC First Bank to its customers on savings accounts.
IDFC First Bank Savings Account Interest Rate
The bank is currently giving a 4.00 percent interest rate on savings account balances up to Rs 1 lakh. On savings account balances of more than Rs 1 lakh and up to Rs 10 lakh, IDFC First Bank is currently giving a 4.50 percent interest rate. On savings account balances of more than Rs 10 lakh and up to Rs 100 crore, the bank is now paying a 5.00 percent interest rate. IDFC First Bank is giving interest rates of 4.50 percent and 3.50 percent on deposit balances of more than Rs 100 crore up to Rs 200 crore and more than Rs 200 crore, respectively.
| Balance (Rupees) | Rate of Interest (% p.a.) (Progressive) |
|---|---|
| Less than or equal to Rs 1 Lac | 4.00% |
| More than Rs 1 lac up to Rs 10 lac | 4.50% |
| More than Rs 10 lac up to Rs 100 Cr | 5.00% |
| More than Rs 100 Cr up to Rs 200 Cr | 4.50% |
| More than Rs 200 Cr | 3.50% |
| Source: Bank Website. (Effective from 18/02/2022) |
Savings Bank account interest will be determined on daily end-of-day balances at the rate set by IDFC FIRST Bank, as per the regulations set by the Reserve Bank of India (RBI). IDFC First Bank has mentioned on its website that "The periodicity of payment of interest on Savings Bank accounts will be on a monthly basis from 1st July 2021. Interest will be calculated on progressive balances in each Interest Rate Slab as applicable."
