IDFC First Bank Hikes Interest Rate On Savings Account: Check Details

IDFC First Bank, a private sector lender, has increased the interest rate on savings accounts. Customers can now earn up to 6% (which was earlier 5%) interest on their savings accounts as of April 1, 2022. According to Reserve Bank of India guidelines, interest on savings bank accounts will be determined on daily end-of-day balances at the rate of interest established by IDFC FIRST Bank, and interest will be paid on a monthly basis.

IDFC First Bank New Savings Account Interest Rates

Following the adjustment, the bank will now provide a 4.00 percent interest rate on savings account balances of less than Rs 1 lac, and a 4.50 percent interest rate on savings account balances of more than Rs 1lac but less than Rs 10lac. IDFC First Bank is now offering a 5.00 percent interest rate on savings account balances of more than Rs 10 lakh but less than Rs 25 lakh. Savings account customers will now receive a maximum interest rate of 6% on balances of more than Rs 25 lakh to less than Rs 1 crore.

The interest rate on daily end-of-day balances of more than Rs 1 crore but less than Rs 100 crore will now be 5.00 percent. The interest rate on daily end-of-day balances of more than Rs 100 crore to less than Rs 200 crore will now be 4.50 percent, and on daily end-of-day balances of more than Rs 200 crore, it will be 4.50 percent. IDFC First Bank will give a 3.50 percent interest rate. These rates will take effect on April 1, 2022. "Earn up to 6% interest rates on Savings account effective 1st April 2022," the bank has mentioned on its official website.

Balance (Rupees)	Rate of Interest (% p.a.) (Progressive)
Less than or equal to 1Lac	4.00%
More than 1lac to less than or equal to 10lac	4.50%
More than 10lac to less than or equal to 25lac	5.00%
More than 25lac to less than or equal to 1Cr	6.00%
More than 1Cr to less than or equal to 100Cr	5.00%
More than 100 Cr to less than or equal to 200 Cr	4.50%
More than 200 Cr	3.50%
Source: Bank Website (Effective from 01/04/2022)

IDFC First Bank Old Savings Account Interest Rates

Balance (Rupees)	Rate of Interest (% p.a.) (Progressive)
Less than or equal to 1Lac	4.00%
More than 1lac to less than or equal to 10lac	4.50%
More than 10lac to less than or equal to 100Cr	5.00%
More than 100Cr to less than or equal to 200Cr	4.50%
More than 200 Cr	3.50%
Source: Bank Website (Effective from 18/02/2022)