Private sector lender IDFC First Bank has altered the interest rates on its savings bank accounts. The revised interest rates will take effect for domestic, NRE, and NRO rupee savings bank accounts from October 10, 2022, according to the bank's official website. Following the change, the bank now allows holders of savings accounts to earn interest rates of up to 6.25%. The bank provides interest rates on savings accounts in the 5 daily balance Category.
IDFC First Bank
The bank now offers an interest rate of 4% on savings account daily balances up to Rs 10 lakh. The bank is now providing an interest rate of 6.25% on daily balances above Rs 10 lakh to Rs 50 lakh. This 6.25% interest rate is the highest interest rate offered by the bank on the savings account daily balance.
For balances above Rs 50 lakh to Rs 100 crore, the bank is providing an interest rate of 5%. The bank is now providing an interest rate of 4.50% on daily balances above 100 Crore to Rs 200 crore. The bank is providing 3.50%, the lowest on the savings account for a daily balance above Rs 200 crore. According to the bank, the interest rate will be credited to the savings account on a monthly basis.
According to the bank, the Interest payable on the Savings account will be calculated on a progressive basis.
Savings Account Rate (Domestic, NRE & NRO) w.e.f. 10 October 2022
|Balance (Rupees)||Rate of Interest (% p.a.) (Progressive)|
|> 10 Lac||6.25%|
|> 200 Cr||3.50%|