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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) |
