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IDFC First Bank Revises Interest Rates On Saving Bank Deposits: Check Details
The interest rate on saving bank deposits has been revised by the private sector lender IDFC First Bank. Following the announcement on May 1, 2022, the bank is now giving a 4.00 per cent interest rate on savings account balances of less than or equal to Rs 1 lac. The interest rate applicable to balances of more than Rs 1 lac to Rs 10 lac is 4.00 per cent. The interest rate on a savings account balance of Rs 10 Lac to Rs 5 Cr would be 6%, which is the highest rate offered by the bank.
IDFC First Bank is currently offering a 5.00 per cent interest rate on savings bank deposits of Rs 5 crore to Rs 100 crore. The interest rate on saving bank deposits of Rs 100 Cr to Rs 200 Cr would be 4.50 per cent, and the interest rate on savings account balances of more than Rs 200 Cr will be 3.50 per cent. Interest on these savings bank accounts will be calculated on daily end-of-day balances at the rate provided by IDFC FIRST Bank and interest will be calculated on progressive balances in each interest rate slab as applicable by the bank.
IDFC First Bank offers unique savings account benefits such as paperless digital A/C opening with Video KYC, Rs 6 lakhs purchase limit & Rs 2 lakhs daily ATM withdrawal limit, free & unlimited ATM withdrawals, Rs 35 lakhs free personal accident insurance cover, and Rs 1 Cr free air accident insurance cover. The bank is one of the few in the sector that provides monthly interest credit on savings accounts, with a rate of 6%.
IDFC First Bank Current 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 | 4.00% |
| More than 10lac to less than or equal to 5 Cr | 6.00% |
| More than 5 Cr to less than or equal to 100 Cr | 5.00% |
| More than 100 Cr to less than or equal to 200 Cr | 4.50% |
| More than 200 Cr | 3.50% |
| (Effective from 01/05/2022). Source: idfcfirstbank.com |
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 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) |
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