IDFC First Bank Revises Savings Account, FD Rates Effective From Today

The private sector lender IDFC First Bank has announced revision in savings accounts and fixed deposits (FD) on Saturday. Following the revision the bank is now offering a maximum return of 7% on savings bank deposits and 7.50% on fixed deposit accounts. As per the official website of IDFC First Bank the new interest rates are effective as of 01/07/2023.

IDFC First Bank Savings Account Rates

On a savings account balance of up to Rs 10 lac, the bank is offering an interest rate of 4.00% and on savings bank deposits of Rs 10 Lac to Rs 5 Cr, IDFC First Bank is promising an interest rate of 7%. IDFC First Bank is promising an interest rate of 6.75% on savings account balance of Rs 5 Cr to Rs 50 Cr and an interest rate of 5.00% on savings account balance of Rs 50 Cr to Rs 100 Cr. In case your account balance with IDFC First Bank is Rs 100 Cr to Rs 200 Cr, then the interest payable to you will be 4.50% and in case your savings account balance with the bank is Rs 200 Cr, then the interest rate charged will be 3.50%.

IDFC First Bank FD Rates

On deposits maturing in 7 - 29 days, the bank is offering an interest rate of 3.50% and on those maturing in 30 - 45 days, IDFC First Bank is offering an interest rate of 4.00%. IDFC First Bank is offering an interest rate of 4.50% on a fixed deposit tenor of 46 - 90 days and an interest rate of 5.00% on a fixed deposit tenor of 91 - 180 days. Deposits maturing in 181 days - 1 Year will fetch an interest rate of 6.50% and those maturing in 1 year 1 day - 550 days will now fetch an interest rate of 7.50%. On deposits maturing in 551 days - 3 years, the bank is offering an interest rate of 7.25% and on those maturing in 3 years 1 day to 10 years, IDFC First Bank will now offer an interest rate of 7.00%.

"The incentive for Senior Citizens will be at an additional spread of 0.50% over the above rate and will not be available for NRE or NRO Fixed Deposits," said IDFC First Bank on its website.