Now Get Monthly Interest Credit Facility On Your Savings Account From This Bank: Check Details

Savings account interest rates are usually determined daily based on the average balance or amount of your account. This interest is credited monthly, yearly, or quarterly, depending on the bank and the interest rate may not be credited if the minimum balance limit is not maintained by the account holder. In order to get monthly interest credit on your account, IDFC Bank had recently unveiled a new facility for the savings account holders.

On all savings bank accounts, the bank officially launched a monthly interest credit facility. Interest on savings bank accounts will be credited on a monthly basis commencing July 1, 2021, according to the official website of the bank. Regarding the same, the bank has also stated on its official website that "Monthly interest credit to your savings account. Monthly compound interest. Did you know that our Bank gives you MONTHLY interest credits versus the industry norm of QUARTERLY interest credit?" The bank has listed out the following 4 points for the betterment of savings account holders:

• You are earning Interest on Interest with IDFC FIRST Bank!
• In other words, your savings with IDFC FIRSTBank is compounded monthly.
• Over time, it makes a huge difference to your earnings.
• What's more? You also earn more at our high savings account interest rates of 4-5% for balances less than Rs. 2 crores, as compared to about 3-3.5% at leading banks.
• Industry-best giveaways!

Special Features of IDFC First Savings Accounts With Monthly Interest Credit Facility

Special Features	Average Monthly Balance of Rs 10,000	Average Monthly Balance of Rs 25,000
Personal Accident Insurance	2,00,000	35,00,000
ATM Withdrawal	5 FREE transactions monthly	Unlimited FREE withdrawals
Daily ATM Withdrawal Limit	1,00,000	2,00,000
Daily Purchase Limit (POS)	1,50,000	6,00,000
Air Accident Insurance	NIL	1,00,00,000
Airport Lounge Access	NIL	Complimentary 2 per quarter
Lost Card Liability	50,000	6,00,000
Purchase Protection	NIL	1,00,000
Debit Card	FREE - VISA Classic	FREE - VISA Signature
IMPS	FREE	FREE
Cheque Book	FREE	FREE
Source: IDFC First Bank

IDFC First Bank Savings Account Interest Rates

With effect from 1.05.2021, IDFC First Bank is providing the following interest rates on savings accounts and will be credited on the first date of every month to all savings bank accounts.

On Balances In Rs	Rate of Interest (% p.a.)
1Lac	4.00%
1lac to 10lac	4.50%
10lac to 2Cr	5.00%
2Cr to 10Cr	4.00%
10Cr to 100Cr	3.50%
More than 100 Cr	3.00%
Source: IDFC First Bank